India News | Guj Govt Launches New IT Policy with Aim to Create 1 Lakh Jobs in Five Years
Get latest articles and stories on India at LatestLY. Gujarat Chief Minister Bhupendra Patel on Tuesday launched a new Information Technology and IT-enabled services (IT/ITeS) policy, with an aim to generate one lakh "high-skilled jobs" in the sector in the next five years.
Ahmedabad, Feb 8 (PTI) Gujarat Chief Minister Bhupendra Patel on Tuesday launched a new Information Technology and IT-enabled services (IT/ITeS) policy, with an aim to generate one lakh "high-skilled jobs" in the sector in the next five years.
The new policy, which will remain in force till 2027, offers a range of financial incentives to new investors wanting to set up IT or ITeS units in the state, a government release stated.
The chief minister unveiled the policy document at a function held in GIFT City near Gandhinagar.
Apart from generating one lakh jobs in the sector, the new IT/ITeS policy also aims to increase Gujarat's IT-ITeS exports from the current Rs 3,000 crore annually to Rs 25,000 crore over the next five years, an eight-fold growth, it was stated.
As per the release, the policy proposes a separate incentive structure for both capital expenditure (CAPEX) and operational expenditures (OPEX).
For an IT/ITeS project, the state government will provide CAPEX support of 25 per cent, in the limit of Rs 50 crore, which can go up to Rs 200 crore for a "mega project", it said.
The OPEX support will range between Rs 20 crore and Rs 40 crore per year, depending on the size of the project.
The state government will provide CAPEX support of up to Rs 150 crore to set up a new data centre, and such centres will be eligible to get a power tariff subsidy of Rs 1 per unit for five years.
Other key incentives include interest subsidy of 7 per cent for five years on the term-loan of up to Rs 5 crore and 100 per cent waiver on electricity duty for five years to all the eligible IT and ITeS units, the release said.
Under the Employment Generation Incentive (EGI) component of the policy, the government will provide to the employer unit a special annual incentive of up to Rs 50,000 for men and Rs 60,000 for women employees, it said.
Similarly, employers will get 100 per cent refund for EPF contribution for women employees, while the ratio will be 75 per cent for men, it was stated.
As per the policy document, the state government will set up an AI school or an AI Centre of Excellence to prepare skilled manpower for the IT sector.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)