Visakhapatnam Urban Development Authority (VUDA) and Software Technology Parks of India (STPI) will soon be setting up an IT Tower in the heart of Visakhapatnam. The project was signed in February 2016 in the presence of Andhra Pradesh Chief Minister Nara Chandrababu Naidu and Union Minister of Electronics and Information Technology Ravi Shankar Prasad. Even though the project was supposed to hit the tracks two years ago, invariable reasons and uncertainties caused it to be delayed. However, with the concerned software firm responding on the same, the much-awaited Tower will soon be adorning the city of destiny.
It has been learned that the IT Tower will be built with an estimated cost of Rs 62 crore. While VUDA will have to allocate land worth 16 crores, STPI will have to bear the remaining cost of Rs 46 crores. The tower will be constructed at Siripuram near the VUDA office.The eight-storeyed IT Tower will be working on the technologies related to the fields of marine, petrol, and electricity, it has been reported.
Visakhapatnam as an IT hub
The city of Visakhapatnam has been deemed to emerge as the IT hub of Andhra Pradesh. The state government has inked pacts with multiple firms to equip the city with an ecosystem that promotes new age technologies like blockchain among others.
The city’s Fintech valley, which is approaching completion, will be housing several technology firms that would facilitate in making Visakhapatnam smarter.
Recognising the efforts being made in regard to the same, the World Economic Forum has recently come out hailing Andhra Pradesh and Vizag for the smart and disruptive utilization of blockchain.
“Vizag is ready to embrace the wave of technology, and become a valley to reckon with along the lines of Silicon Valley. The positioning will mark the city as a promising global Fintech destination.To achieve this, competitions are being run across places like London, Singapore, New York, Tel Aviv. The shortlisted companies will come in September for a demonstration, which will be part of the flagship programme. Winners will be granted one million USD. This event will garner global visibility for the city and it will become a destination for the next generation of start-ups and technologies. The start of real-time governance, which hasn’t happened anywhere else and the beginning of Google’s development center are other promising developments.” Dr. J A Chowdary, Co-founder, Fintech Valley, Visakhapatnam and Advisor IT & Special Chief Secretary to Chief Minister Chandrababu Naidu, Andhra Pradesh, said in an interview with Yo! Vizag.