Sighting fintech, IT and electronics as catalysing verticals among all, the Andhra Pradesh state government intends to create three lakh jobs in both these sectors. This include around one lakh jobs in IT while two lakh jobs in the electronics sector, in the next five years. The announcement was made by IT Minister Nara Lokesh during the Vizag Blockchain conference, a two-day event that concluded on October 10, 2017.
He also announced that Tirupati which is being promoted as the state’s electronics hub has already attracted some $154 Mn investments. Also, electronics companies like Zoho, Dickson (LCD manufacturer), Celkon, Karbon, Lava, and Munoth (Lithium Batteries manufacturer) have planned to set up their manufacturing plants in the city.
While nine companies have already started their operations and invested around $100 Mn in Amaravati, the new capital of Andhra Pradesh, nearly 27 companies are in the process of setting up of operations, claimed Nara. Nearly 10K-11K jobs will be created in the city in the next few years.
Nara further said that while aiming to make Vizag the fintech and IT hub of India, the government is also focussing on its cleanliness, hygiene and waste management, socio-economic fabrics and infrastructure. This will help sustain the investments in the long run
J.A Chowdary, Advisor to the Andhra Pradesh CM and IT Minister further added, “The government has received many proposals from SMEs during this fintech Vizag Valley event. 60% of the participating companies have come for the first time to Vizag. Chennai, Bengaluru and Mumbai based startup SME companies are willing to start operations in Vizag. The government is in talks with 19 companies; out of which six companies have already committed for opening offices in Vizag.”
Vizag Blockchain Conference, Day Two: Sofocle, Easter Egg and Belfrics Win The Fintech Startup Challenges
As a precursor to the Blockchain conference, the Andhra Pradesh government in partnership with KPMG, IDFC and Fullerton had initiated a fintech startup challenge spanning three categories in August 2017 to sensitise fintech vertical and blockchain platform among the startups. The competition received 80 entries collectively.