BANGALORE: With the Global Investors Meet coming up, the state government is going full throttle on the proposed Information Technology Investment Region (ITIR) near the Bangalore airport.
If a feasibility study by the government is to be believed, Karnataka will attract a mammoth Rs 1 lakh crore in investment in the next 25 years and generate jobs for over 40 lakh people.
Consultants for the state government are giving finishing touches to a ‘techno economic pre-feasibility survey’ of the ITIR. The survey estimates that over 12 lakh direct jobs and 28 lakh indirect jobs will be created if the project is implemented.
The state has chalked out a plan to develop about 50 square km of land near the Bangalore International Airport as the ITIR. The region will be developed as an integrated township through public private partnership. The township will have residential areas, schools and other public utilities, and will include environmental protection mechanisms.
The project, after obtaining the Centre’s sanction, will be implemented by the state government.
The Centre will provide external infrastructure like road, rail, telecommunication links and so on.
The entire project will be divided into two phases. In the first phase which is expected to be complete in five years, 20 per cent of the total area will be developed. The rest of the area will be developed in the second phase over a time frame of 15 to 20 years.
The draft proposal which is in its final stages will be sent to the Centre for its nod after Cabinet approval.
Simultaneously, the ITIR Bill will be tabled in the state legislature.
Sources told Express that the state government is likely to submit the application to the Centre by this month-end and approval is expected within a month from then.