Latest news with #APLandIncentiveforTechHub
New Indian Express
a day ago
- Business
- New Indian Express
AP offers land at Rs 0.99 per acre to woo IT giants under new LIFT Policy
VIJAYAWADA: In a bid to emerge as a major IT hub, the Andhra Pradesh government is offering an attractive incentive - land at a mere 0.99 rupees per acre across the state. The State Cabinet, under the chairmanship of Chief Minister N Chandrababu Naidu, approved the AP Land Incentive for Tech Hub (LIFT) Policy (4.0) 2024-2029, leveraging the state's land bank to attract prominent companies. This policy was formulated to utilise the infrastructure and talent in Andhra Pradesh, keeping in mind the need for new economic centres after the loss of Hyderabad city following the state's bifurcation. Given the increasing congestion and costs in Tier-1 cities like Bangalore, Hyderabad, and Gurgaon, this cost-based attraction strategy aims to attract prominent companies by choosing land as a development driver, eliminating relocation costs and associated risks. The policy outlines specific rules for financial investment institutions. GCCs need to create 500 jobs per acre For IT/ITeS companies, the criteria include having Fortune/Forbes rankings listing in the past 3 years or at least USD 1 billion market capitalization or annual revenue, creating at least 3,000 jobs in 3 years, and 500 jobs per acre. For Global Capability Centers (GCCs), the criteria include creating at least 2,000 jobs in 3 years and 500 jobs per acre. For IT Park Developers, the requirements include having already developed at least 10,00,000 commercial office space, constructing at least 1,00,000 per acre, and having a total of 10,00,000 built space. For GCC Developers, the requirements include an anchor tenant agreement (20% built-up space) and at least 50% of the IT office space must be sold to eligible companies. The construction period requires legal licenses and construction commencement within 6 months from the sale agreement.
Hans India
2 days ago
- Business
- Hans India
Cabinet nod for free bus travel for women
Vijayawada: The state Cabinet on Wednesday approved free bus travel for women across the state from August 15. Under the 'Stree Shakti' scheme, the government will provide free travel for women in nearly 75 per cent of the APSRTC's total operational fleet of 11,449 buses. The Cabinet also okayed the privatisation of 22 hotels and resorts of the AP Tourism Development Corporation (APTDC) 'to improve service quality, operational efficiency, and revenue'. Other major decisions taken by the Cabinet, at its 27th e-meeting on Wednesday, chaired by Chief Minister Nara Chandrababu Naidu at the Secretariat, included approval of the AP Land Incentive for Tech Hub (LIFT) Policy (4.0) for 2024-2029, aimed at attracting major IT companies by offering them land at a subsidised rate of Rs 0.99 per acre across the state. Information & Public Relations, and Housing Minister Kolusu Parthasarathy announced the decisions made by the Cabinet approving important proposals, with focus on fulfilling the coalition government's promises. Parthasarathy said that contrary to reports that 'Stree Shakti' would be implemented only in select districts with limited fleet, women will be allowed to travel free in a total of 8,456 buses. The scheme is expected to cost the government Rs 1,942 crore annually, or approximately Rs 162 crore per month. Services such as Palle Velugu, Ultra Palle Velugu, City Ordinary, Metro Express, and Express will offer free travel to women, benefiting approximately 2.62 crore women, girls, and transgender individuals annually. Each family could save up to Rs 1,000 per month through this initiative, the Minister said. Passengers will need to show an Aadhar, voter, or ration card as ID. The approval of the free bus travel scheme for women, aside from other significant schemes like NTR Bharosa and Thalliki Vandanam demonstrates the government's commitment to its promises, he observed. The Cabinet approved a proposal to select agencies to manage and operate 22 hotels and resorts of the APTDC. The corporation's properties will be divided into six clusters and handed over to private operators. The Cabinet also approved the cancellation of the land allotment to the Oberoi Group in Tirupati, following a request to this effect from the Tirumala Tirupati Devasthanams Board and concerns expressed by locals about the need to maintain the sanctity of Tirumala. The government will now facilitate a land swap with TTD for the AP Tourism Authority (APTA) land. The Cabinet has also given its nod for an amendment to the AP Excise (Grant of Licences) Rules to allow "permit rooms" (in-shop drinking facilities) at A4 liquor shops for the 2024-26 licence period. The new policy will allow these rooms for a licence fee of Rs 5-7.5 lakh, generating estimated additional revenue of Rs 256 crore annually.
