Suggestions Pile in on Draft Policy to Boost Investment in IT in Madhya Pradesh

More than 100 suggestions have been received on the draft of the Madhya Pradesh IT, ITeS, and ESDM Investment Promotion Policy 2023. The state's science and technology department plans to incorporate the best suggestions and ideas into the final draft of the policy.

Objectives of the Proposed Policy

The primary objective of the proposed policy is to attract investments and enhance the flow of funds into the Information Technology Industry, ITeS, and ESDM sectors. The policy aims to create two lakh new jobs in IT, ITeS, and ESDM in Madhya Pradesh and attract investments worth Rs 10,000 crores in the sector.

Overwhelming Response

The draft policy has received an overwhelming response, with more than 100 suggestions pouring in from various stakeholders. These suggestions reflect the diverse perspectives and ideas to boost investment in the IT sector in Madhya Pradesh.

The Madhya Pradesh Science and technology department recognizes the importance of incorporating valuable suggestions into the final draft of the policy. The team is carefully reviewing each suggestion to ensure that the best ideas are included, making the policy robust and effective.

Job Creation and Promoting R&D

One of the key targets of the policy is the creation of two lakh new jobs in the IT, ITeS, and ESDM sectors within the next five years. Additionally, the policy aims to attract investments worth Rs 10,000 crores, boosting the economic growth of the state.

The proposed policy emphasizes the promotion of research and development activities in the IT sector. By encouraging innovation and technology-driven solutions, Madhya Pradesh aims to position itself as a hub for cutting-edge IT advancements.

To facilitate investment in the IT sector, the policy envisions the creation of ready-to-use IT and ITeS workspaces. Plug-and-play infrastructure will be developed to provide a seamless setup for businesses, reducing the initial investment and time required for companies to establish their operations.

Land Parcels at Reasonable Rates and State-of-the-Art Infrastructure

The policy also aims to ensure the availability of land parcels at reasonable rates for IT, ITeS, and ESDM units. This will enable businesses to acquire suitable spaces for their operations without facing exorbitant costs.

To further attract investments, the policy targets the creation of 10 million sqft of state-of-the-art IT parks, buildings, and plug-and-play spaces across the state. These modern infrastructure facilities will provide an ideal ecosystem for IT companies to thrive.

Facilitating Industries and Upskilling Workforce

The policy strategy includes facilitating industries by providing an industry-ready workforce. It also emphasizes the importance of upskilling programs to enhance the capabilities of the existing workforce, aligning them with the evolving needs of the IT sector.

Once approved, the policy will remain valid for a period of five years. The Madhya Pradesh government aims to expedite the approval process and expects the draft policy to receive official approval by the end of the month.

Assistance and Incentive Models

The proposed policy introduces various assistance and incentive models to support IT, ITeS, and ESDM units. These models include capital assistance for units starting operations in the IT/ITeS sector, rental assistance, CAPEX assistance, interest assistance, and more.

Nikunj Shrivastava, Principal Secretary for the Science and Technology Department, expresses confidence in the policy's effectiveness. He believes that with the increased capital subsidy and inclusion of a rental model, it will become one of the best policies in the country.

The Madhya Pradesh government has received an overwhelming response with over 100 suggestions on its draft policy to boost investment in the IT sector. The incorporation of the best ideas into the final policy draft will help create a favourable investment climate, promote innovation, and generate employment opportunities in the state. The government remains committed to finalizing and implementing this policy, envisioning a thriving IT sector in Madhya Pradesh.