UP’s new IT policy to achieve One trillion-dollar economy goal

Lucknow: In its endeavor to turn Uttar Pradesh into a 1 trillion-dollar economy the state government led by Chief Minister Yogi Adityanath has set an ambitious target of increasing the contribution of Information Technology (IT) and Information Technology Enabled Services (ITES) sector from the Gross State Domestic Product (GSDP) of Rs 56,548.40 crore (6.93 billion dollar) to a whopping Rs 6,03,840 crore (74 billion dollar) in the next 5 years.
Special Secretary IT and Electronics Department Akshay Tripathi on Wednesday said, “We are going to make IT and ITES the growth engine of the state’s economy. For this, IT City, IT Park and Center of Excellence will be set up through private developers. With this, the IT graduates of the state will not have to go to any other state to find a job, as it would be available within the state.”
The Yogi Government is gearing up to bring a new IT and ITES Policy-2022, as part of its initiative to adopt department wise strategies to achieve the larger goal of a 1 trillion-dollar economy, which is likely to be approved in the forthcoming Cabinet meeting.
Under the new policy, 4 IT cities, 18 IT parks and three Centers of Excellence will be developed in the state through private developers. In this context, the Government will invite major IT companies such as the IBM, Exchanger and Tata Consultancy to the Global Investors Summit (GIS-2023) to be held in February, next year.
With this, the contribution of the IT and ITES sector to the state’s GSDP is expected to increase from 2.3 percent to 7.4 percent by 2027. At the same time, the growth rate is expected to increase from 23 percent to 61 percent, revealed a presentation made before the Chief Secretary recently.
IT cities will be set up in four districts of the state namely Paschimanchal, Madhyaanchal, Purvanchal and Bundelkhand. These IT cities will be developed by private developers in an area of 100 acres. For this, the government will give 25 percent subsidy on capital investment, with a maximum limit of Rs 100 crore.
Similarly, IT Park will be developed over five acres with 25 percent subsidy to be given on the investment of Rs 20 crore. Besides, 100 percent rebate in stamp duty will be given on purchase of land in both these schemes.
In addition to this. Three Centers of Excellence will be set up to promote research, innovation and entrepreneurship in the IT and ITES sectors. Up to 50 percent subsidy will be given on the total project cost following the installation of the centers with the maximum limit not to exceed Rs 10 crore. (UNI)