The Andhra Pradesh Government has announced the launch of a flagship startup promotion scheme,
, for early-stage startups to offer plug-and-play office space and access to a network of investors and mentors.
In addition, the government will also partner with a consortium of Venture Capitals and Private Equity firms and universities in order to funding startups in the state.
This program is a part of the state’s new AP Information Technology Policy 2021-24, which was described in an official announcement on Friday.
According to the policy Andhra is pretty cool.
As a part of the measures to develop a startup ecosystem, incubation centers are going to be established in different areas and startups that involved in technology will be prioritized to offer plug-and-play space, incubation centers, Centers of Excellence, and prototyping labs with a changing chargeable basis.
The type of companies that can participate include augmented reality, virtual reality, Internet of Things, Machine Learning, Artificial Intelligence, Data Science, Robotics, 5G cellular network, Server-less Computing, Natural Language Processing, and Blockchain.
The new AP Information Technology Policy 2021-24 will be valid until March 31, 2024. It is expected to create more than 55,000 jobs over the next three years while also turn the IT, Electronics, and Communications Department into a self-sustaining center.
In addition to generating jobs, the new policy also could bring revenue of Rs 783 crore over 10 years in the form of various taxes for the state. In that, the direct employment is expected to collect over Rs 2,200 crore every year which can make the overall growth of the state economy through a multiplier effect.
An IT Emerging Technologies Research University will be launched in Visakhapatnam of the state to develop AP as the leader who will contribute talents in IT and cutting-edge emerging technologies for India.
Not only will digital libraries and workplaces be planned to build at Gram Panchayat level giving access to high-speed Internet, but there will be also essential equipment, allowing people to work anywhere.