Hopes have remained alive to make Visakhapatnam a prominent IT hub with the State focusing its attention on showcasing the city as a hotspot for financial technology (fintech).
The recent visit of Microsoft co-founder Bill Gates has already given a shot in the arm to promote Brand Vizag. Conduent, a US$6 billion company and Lalith Ahuja’s ANSR Consulting have signed MoUs to set up facilities with a total investment of ₹1,000 crore. While ANSR has been allotted 10 acres at Rushikonda for its global in-house centre, Conduent will set up a development centre. Each of them will employ 5,000 in phases.
After encouraging response to Fintech Tower developed at Rushikonda, where Paytm and other leading players have launched their operations, Thomson Reuters, Visa and Franklin Templeton have inked MoUs to launch their operations in the city. The inauguration of Tech Hub with plug and play facilities under the designated technology park (DTP) policy at the new building taken on lease from Tech Mahindra, WNS and Patra India, leading BPOs have announced to locate their new units.
The construction of Millennium Tower being built by the government at Rushikonda with a built-up space of three lakh square feet with an investment of about ₹190 crore is nearing completion. It will be New Year’s gift to the city.
“Compared to Vijayawada, Tirupati and other places, Visakhapatnam has been attracting huge investment proposals because of connectivity, infrastructure and only cosmopolitan city status,” IT Minister Nara Lokesh said during his recent visit. In a significant development, Google X has also agreed to establish its first development centre outside America in Visakhapatnam.
“Fintech ecosystem is being strengthened in a big way by bringing startups from all over the world, creating used case repository and offering a slew of incentives to investors. Our overall focus has remained on cutting edge technologies so as to put Andhra Pradesh in the driver’s seat in making use of Blockchain and other latest technologies,” Special Chief Secretary and IT Advisor to Chief Minister J.A. Chowdary has said.
After several years of struggle, those who set up units at Madhurawada IT Special Economic Zone are now happy with the Ministry of Commerce de-notifying it after getting clearance from the State government. “The de-notification of IT SEZ on Hill No. 2 will now offer a five lakh built-up space for plug and play operators. We are confident of realising our dream of making the city the IT capital of Sunrise Andhra Pradesh,” O. Naresh Kumar, vice-president of Rushikonda IT Park Association, has said.
Approach road
The approach road for a world-class IT township is under development at Kapulapada where the government has earmarked 400 acres for a new layout.
Under the Government of India’s BPO Promotion Scheme, the city has bagged highest number of seats in first phase. The second phase allotment is under process.
On the flipside, the IT tower at Visakhapatnam Special Economic Zone-Duvvada has been shelved for non-release of funds from Centre. There is no progress on new Boeing-shaped tower at Siripuram by VUDA and Software Technology Parks of India (STPI) for allotment to domain-specific companies in petroleum, marine and power due to procedural wrangles.
The iconic Signature Tower proposed at Rushikonda on 20 acres has also been dropped due to poor response from developers.
IT entrepreneurs say creation of social infrastructure, release of incentives promised in the IT policy on time, reduction of power tariff from ₹9.50 per unit, establishment of skill development institutes and affordable housing colonies/educational facilities will go a long way in attracting more investments to the city.
