Andhra Pradesh Launches New Policy to Boost IT Investments
Vijayawada: The Andhra Pradesh government is rolling out a new initiative aimed at attracting significant investments in the Information Technology (IT) sector. This initiative, named the “Andhra Pradesh Land Incentive For Tech Hubs (LIFT) Policy,” seeks to offer favorable land pricing to tech companies.
The IT and Electronics department of the state has held multiple discussions with various stakeholders, including IT firms, Global Capability Centers (GCCs), industry associations, and campus developers, to shape this policy effectively. A key aspect of the LIFT policy is to address misconceptions regarding land allocation prices for IT businesses. Companies of global repute will now be able to secure land at a very nominal rate of just 0.99 paise per acre.
The government has also introduced the “Andhra Pradesh Information Technology & GCC Policy 2024-2029,” aimed at generating substantial employment in both the IT and GCC sectors, fostering a knowledge-driven economy.
Interest from investors appears to be growing, as evidenced by active participation in investor roadshows organized by the state in locations such as Pune, Bengaluru, and Singapore. To make Andhra Pradesh an attractive alternative to larger cities, the government plans to offer competitive advantages to tech firms and GCCs.
IT Minister Nara Lokesh emphasized the importance of strategic land pricing to translate cost realities into investment opportunities. He believes that attractive incentives for land allocation, along with other benefits, can keep Andhra Pradesh competitive against other states.
With the LIFT policy, the government aims not only to attract major IT companies to Vizag but also to promote balanced development across the state, especially in tier-2 and tier-3 cities. Lokesh remains committed to ensuring that growth is not concentrated in one area, thus supporting overall economic development throughout Andhra Pradesh.
