"ITIRs were conceptualised keeping in view the need to boost the growth of both IT/IT enabled services (ITeS) and Electronic Hardware Manufacturing (EHM) units," an official statement said. These regions would become major magnets for investment, creating employment opportunities and economic growth in the area while reducing the pressure on existing urban centres by enabling growth of new townships, it added. The ITIRs will be much larger than IT SEZs.
Foxconn's business in India has grown to over $10 billion till 2024.
The IT Investment Region (ITIR) proposed to be developed in Hyderabad in two phases over a period of 25 years, will create an employment potential of 1.5 million, according to state information and communication technology (ICT) minister Ponnala Lakshmaiah.
Taking the supporters of Telangana supporters by surprise the Union government has given its nod to the ambitious Information Technology Investment Region proposal for Hyderabad which envisions an investment of Rs 2.19 lakh crore in and around the city over the next 25 years.
Measures are also on the anvil to develop the remaining five districts of the state.
Andhra Pradesh Chief Minister N Chandrababu Naidu, who was instrumental in developing Hyderabad as a key information technology services destination in the country, is now embarking upon a mission to establish the state as an electronics manufacturing hub.
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