Vizag is A. P.’s Silicon Valley

The city has everything comparable with the hi-tech hub of the U.S. But what it needs is an USP to market its potential and attract investors and techies. Mooting SME model for pushing forward investment in Visakhapatnam, he said the SME sector was growing at 50 to 60 per cent.

September 28, 2014 08:37 pm | Updated November 17, 2021 05:26 am IST - Visakhapatnam:

An aerial view of Rushikonda IT Park, which will become part of IT Investment Region proposed with an investment of Rs.50,000 to Rs.60,000 crore. Photo: K.R. Deepak

An aerial view of Rushikonda IT Park, which will become part of IT Investment Region proposed with an investment of Rs.50,000 to Rs.60,000 crore. Photo: K.R. Deepak

Though Visakhapatnam is endowed with immense potential to emerge a beehive of IT business, it has remained neglected for a variety of reasons for a long time, says J.A. Chowdary, noted IT expert and one of the key players in transforming Madhapur into Cyberabad.

“Hyderabad had attracted big players when N. Chandrababu Naidu was the Chief Minister. The visit of Bill Gates and Bill Clinton brought a lot of investment to Hyderabad. Now, the scenario has changed. There is IT in every city. The number of people has gone up manifold. Complexities have gone up with everything getting digitised. Our plus point today is that Mr. Naidu is at the helm again,” he says.

Mr. Chowdary, who is the co-chairman of FICCI for A. P. and Telangana, told The Hindu that the Hyderabad formula would not work in Visakhapatnam.

“The need of the hour is aggressive marketing by creating local entrepreneurship and attracting those who migrated to various countries to make a home-coming and invest here,” he said.

He opined that Visakhapatnam had a bright future because of its scenic beauty, sun-kissed beaches, and lush green valley.

“It has everything comparable with the Silicon Valley to attract IT investors and techies,” he added.

Apart from showcasing its brand name, Visakhapatnam needs an USP to market its potential. As IT is not a standalone sector, along with it, there is wide scope for investment in pharma, manufacturing, shipbuilding, and fishing sectors in the region.

Mooting SME model for pushing forward investment in Visakhapatnam, he said the SME sector was growing at 50 to 60 per cent. The strategy of the Naidu government was also to encourage mid-sized and start-up companies.

Mr. Chowdary said, as part of the new innovation and start-up policy, there would not be much requirement for anchor companies. To create a critical mass or level-playing field, SMEs should be given loans at 5 to 6 per cent interest.

“Once oxygen (cash flow) is provided to them, they will get the critical mass,” he said.

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