After hanging fire for nearly four years, the much-awaited Hyderabad IT Investment Region (ITIR) is all set to become a reality with high-powered committee headed by the Union cabinet secretary finally giving in-principal approval to the mega project.
Straddling 202 sq kms or 50,000 acres (nearly five times the 10,000-acre ITIR projects cleared for Karnataka and Orissa), the Hyderabad ITIR is slated to catapult the city into India’s largest knowledge hub in the coming years and could well be the biggest booster kick that a T-struck Hyderabad has been desperately waiting for.
Estimated to suck in investments of over Rs 15,000 crore in just internal and external infrastructure over the next 25 years, the mega project is expected to send Andhra Pradesh’s IT, ITeS revenues soaring to a whopping Rs 2,35,000 crore, a fivefold jump over the existing Rs 50,000 crore, and boost 10 times the state’s fledgling electronic hardware manufacturing industry from Rs 8,000 crore revenue to over Rs 80,000 crore. The Andhra Pradesh government also hopes the project will create lakhs of direct and indirect jobs, taking up the total direct employment number in the sector to 15 lakh from existing 3 lakh and send indirect employment figure zooming from 12 lakh to 50 lakh, an official said.
The ITIR will primarily comprise areas falling under Cyberabad Develoment Authority including Gachibowli and Madhapur, Hyderabad Airport Development Authority areas including Mamidipalli, Raviryal, Adibatla and Maheshwaram as well as the new growth areas in Uppal-Pocharam belt.
It will be a combination of production units, public utilities, logistics, environment protection mechanism, residential areas and administrative services and will include special economic zones, industrial parks, free trade zones, warehousing zones, export oriented units, growth centres and existing industrial estates.
IT Investment Region's Spread: 50,000 acres
Estimated Investments Over 25 Years: 15,000 Cr
Expected Revenues Over 25 Years: 2,35,000 Cr
Direct Employment: 15 Lakh
Indirect Employment: 50 lakh
The ITIR is expected to see the addition of another 90 million sq.ft of built-up space to the existing 40 million sq.ft, taking the total built up area under IT, ITeS and electronics sector to 130 million sq.f.
Needless to say the state government is elated at the crucial hurdle being cleared as it feels the final approval from the cabinet committee on economic affairs (CCEA) is just a mere formality, as IT&C ministry officials pointed out.
The IT/ITeS industry, too, is certain that the proposed ITIR will pave the way for big-ticket investments into the state and result in a tremendous improvement in the overall quality of life making the city a preferred destination for knowledge industry.