The State Cabinet on Thursday cleared a new information technology policy to attract investment from Fortune list of companies and exploit the job potential in the IT sector.

Addressing presspersons here after a Cabinet meeting, Minister for Law and Parliamentary Affairs T.B. Jayachandra said that the new policy set the target to make Bangalore the largest exporter of IT services in the world in the next seven years.

Exports from the State stand at Rs. 1.65 lakh crore. In terms of exports among cities, Bangalore ranked second after Silicon Valley in the U.S., he said.

A single window agency would be established for catering to investment requirements of companies keen on investing in the State. The policy encourages investment in tier-II cities such as Mysore, Mangalore, Hubli-Dharwad, and Belgaum, he said.

Many companies in the Fortune list have not set up business in Bangalore or elsewhere in the State. The policy envisages bringing in more investment from major players in the IT industry, he said.

The policy estimates nine lakh job potential in the next seven years.

Textile policy

The Cabinet has approved a new textile policy (2013-18) envisaging an investment of Rs. 1,000 crore in the next five years.

The 2008-2013 policy of the BJP government envisaged investment of Rs. 500 crore but that government spent only Rs. 145 crore, Mr. Jayachandra said.

The new policy would provide more employment in the garment sector. The policy would give a boost to spinning mills and would provide a package to reviving them, the Minister said.

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