London Tech City rings India

NEW DELHI, INDIA: As India's IT industry is poised to surpass $200 billion in the course of few years, the East London-based Tech City sees potential in the country's startups and large entities.

Speaking on the sidelines of TiEcon 2012, Dr Chris Moore, specialist at Tech City Investment Organization (TCIO) said that Tech City has become a digital capital of Europe.

''It's not just for entrepreneurs but it's an attractive destination for large corporations and investors,'' he said. Tech City is a cluster of 1,000 IT, digital and creative companies.

''To nurture the tech community, the UK government is facilitating a dynamic and creative environment,'' Moore said. The country, he said, has favorable environment for Angels, VCs and corporate.

''The Tech City is affordable and accessible and there are many colleges and universities to offer to the talent pool that includes software developers, designers and technologists,'' he informed.

Advocating the flexible regime, Moore said that they have special entrepreneurs' capital gain tax rate which is just 10 per cent for first 10 million pounds. He also said that R&D tax credits are up to 225 per cent.

Companies such as Cisco, Intel, Google, Facebook, Doppler and Mind Candy have their presence in Tech City. Amazon also plans to open up design and development centre. The UK government is also setting up Olympic Park in Tech City by mid 2013.