Enhancing the technology absorption capability and its ability to tap into the global technology pool is an important mechanism for accelerating industrial development and increasing economic growth for any region. Foreign direct investment (FDI), research and development (R&D), workforce mobility and training are widely accepted as key mechanisms for knowledge absorption.
Chief Minister Sri. Nara Chandrababu, who once turned around Hyderabad from a city known for its biryani and rich history into India’s Silicon Valley, is now planning Andhra Pradesh to be India’s centre for disruptive technology and attract investment in the transformed IT world. He turned around a legacy corporation, Hyderabad, the capital of United Andhra Pradesh, where as, he donned the hat of a startup CEO for Amaravati, the New Capital.
Andhra Pradesh, which had to start from scratch in information technology after losing tech hub Hyderabad to Telangana, wants to ride on these new technologies to create a niche for itself. Government of Andhra Pradesh has identified a set of futuristic skills and creating labs and curriculum in universities to build skill set and resources for the same. State is attracting new-age industries namely in Fintech, robotics, Cloud and IoT, which are seeing the maximum growth and will help in employment generation.
“Data is the new oil” : Looking for the hot sectors that will impact the world of technology in the biggest way, State Government evaluated that the top spots were held by Cybersecurity, Blockchain technology, Artificial Intelligence Machine Learning and Data Analytics.
The FinTech Valley Vizag aims to create 5 lakh jobs by 2020. As of 2017, the Valley Vizag has created over 5,500 jobs and has attracted $900 million in investment.“I want to make Visakhapatnam not only India’s capital for FinTech or blockchain technologies, it will be centre of excellence for the global community,” Naidu said at a blockchain business conference
With traditional IT no longer relevant, Chief Minister is focusing on technologies which are expected to drive growth in the future. Valley has attracted nine Fintech companies while 19 others are in the pipeline. It has also roped in 20 partners, including the country's top banks and ports, to create a repository of use cases in blockchain technology.
At the blockchain business conference , ICICI and Mahindra Finance announced setting up of two accelerators in Fintech Valley. Tata Capital, SBI, HDFC and others too will be starting their accelerators. Broadridge Capital and Thomson Reuters announced the setting up of centres of excellence. Conduent has set up a development centre in Vizag to create 5,000 jobs with an investment of Rs 649 crore. Wipro, NSE, MAS and many others are setting up their accelerators, Data center, etc.
As several countries set ambitious targets to increase their electric car adoption as a means to reduce their carbon footprint, Government of Andhra Pradesh is aggressively working towards emerging as a hub for the electric mobility ecosystem in the country with a comprehensive electric vehicle policy. Energy Efficiency Services Ltd (EESL) has agreed in principle to invest a capital cost of Rs 10,250 crore in the state. The move will generate employment of over 1.05 lakh in state. As a State which has been ranked #1 in Ease of Doing Business (EoDB), the encouragement of renewable energy and usage of EVs would compliment well.
Tech Adoption in Governance: Chief Minister Sri. Nara Chandrababu Naidu inaugurated Asia’s number one command control room, a seamless and frictionless real time governance which acts as a place where chief minister and his team can take decisions driven by data and ensure the right decision making impacting the lives of the citizen with the motto of 'People First' leading to happiness index of 80 percent- the larger objective of the Government.