With an aim of incubating and promoting the startup ecosystem and entrepreneurship in India, Software Technology Park of India (STPI), is now building massive infrastructure across tier I, II cities all across the country.
According to the strategy, the autonomous body under the Ministry of Communications and IT, is building a huge 1.5 million square feet of space across almost 53 cities in the country.
Currently, 65,000 square feet of space being developed in Gurgaon and ready to be handed over to STPI, 1.4 lakh sq ft building area at Mohali, Chandigarh is under construction and moreover around 1.25 lakh sq ft of space is coming up in Bengaluru, 40,000 sq ft in Mysore and around 1.95 lakh sq ft is coming up in Kolkata.
Speaking on the plans, Omkar Rai, Director at STPI said, “Budding entrepreneurs aspiring to start their entrepreneurial journey can use the plug-in-play infrastructure at a ‘promotional rate’ and incubate their ventures, enjoying the various schemes and other support mechanism that the government is planning to come out with.”
“Within three years, the entire infrastructure as we have planned would be ready and our plan is to promote at least 1,000 startups out of these facilities over the next five years. Over and above physical infrastructure, we are also coming out with various schemes, programmes and incentives which are required to support the entrepreneurs,” he added.
STPI, formed as an autonomous society in 1991, played a key role in promoting and boosting software exports from India in the initial days. Even though the tax holiday under section 10A and 10B of the Income Tax Act for most of the software units located in various STPI units is already over, still they account for almost 65% of the overall software services exports in the country.