In a boost to entrepreneurship in the country, the southern state of Telangana in India announced in its new IT policy that the government will develop 1 million square feet of infrastructure space in tandem with the private sector, which will be dedicated to startups and entrepreneurship-related activities, over five years, reports Zdnet. The Telangana IT Policy 2016 will also work with international financial institutions to raise and deploy $300 million to aid entrepreneurship and accelerate innovation in the coming years disclosed the state’s Chief Minister K. Chandrashekar Rao.
Hyderabad, the capital city of Telangana, has been on the world IT map since the last two decades with over 1,200 IT companies that employ 400,000 professionals directly, besides supporting another 650,000 indirectly.
In 2014-15, the total value of software and IT product exports accounted for over $10 billion constituting 11 percent of the total exports from the country. The sector has registered year-on-year growth of 16 percent in 2014-15, which was 3 percent higher than the national average growth.