CCEA approves setting up of ITIR near Hyderabad

HYDERABAD, INDIA: The Cabinet Committee on Economic Affairs (CCEA) has approved setting up of the Information Technology Investment Region (ITIR) near Hyderabad.

V. Laxmikanth, MD, Broadridge Financial Solutions (India) Pvt Ltd, said: "The development comes at the right time and is very welcome. Brand Hyderabad will get a boost and this will improve the sentiment further. The investments that are earmarked for this initiative are expected to have a tremendous impact on employment generation both direct and indirect. With an expanded area for IT, investment over the next five years in the first phase itself will help the city's overall growth."

Ramesh Loganathan, VP and Centre head, Progress Software, noted: "This is a tremendous development for the IT industry. An integrated hardware and software investment region is a great boost to the already strong industry presence that we already have. The ITIR is an integrated policy that enables and supports the growth on multiple levels. From industrial infrastructure for hardware parks to software parks, to city infrastructure around transportation and other support infrastructure and beyond. All will make Hyderabad an extremely compelling destination for hardware and software industry.

"I am sure this will also give a boost to the innovation ecosystem with hardware and software industry co-located, and enabling new products that can service the technology needs of the country around interesting appliances and smart devices. Further, these may also in a few years drive towards import substitution in the electronic products space. Personally I am very excited about this and look forward to the rapid strides the industry will make in Hyderabad and get us on the global tech map."

BVR Mohan Reddy, CMD, Infotech Enterprises Ltd, added: "The CCEA's approval for setting up of Information Technology Investment Region (ITIR) near Hyderabad is extremely welcoming. Hyderabad has world-class software and engineering talent and infrastructure for the IT industry. By further encouraging major investments in the form of public-private partnerships, the Government of India will help further accelerate growth of IT industry in Hyderabad."