TS moots India’s first Blockchain District in a draft policy

It is also planning on doling out incentives such as access to investments, subsidies, tax credits, and so on, to attract enterprises, SMEs and startups.

Published: 26th May 2019 05:12 AM  |   Last Updated: 26th May 2019 08:34 AM   |  A+A-

By Express News Service

HYDERABAD: Making a giant leap towards realising its dream of becoming the national blockchain capital, Telangana has released a draft blockchain policy, conceptualising India’s first ‘Blockchain District’—‘a physical area within Hyderabad aimed at creating the world’s best blockchain technology ecosystem’. This ‘Blockchain District’ will not only house all the major blockchain companies, but also a massive incubator for startups, and a facility for promoting research, innovation and industry collaboration.

The draft, released by the Information Technology, Electronics and Communications (IT E&C) department, says that the focus will remain on adoption of Blockchain in sectors such as banking, financial services and insurance (BFSI), pharmaceuticals and healthcare, government institutions and departments, and logistics and supply chains.

It is also planning on doling out incentives such as access to investments, subsidies, tax credits, and so on, to attract enterprises, SMEs and startups. The incentives include 25 per cent subsidy on lease rentals up to `5 lakh per annum for the first three years of operations, and so on. For startups with revenues less than `5 crore, the State government will be reimbursing a 100 per cent of State Goods and Services Tax (SGST ) for the first three years. It also proposes a grant of `10 lakh for 10 blockchain startups every year for the next three years.

To support the Blockchain infrastructure, it has proposed cloud-hosted computing and storage, through T-Cloud, at subsidised rates. Apart from that the ITE&C Department, with help from the Telangana Academy for Skill and Knowledge (TASK), will train engineering students in blockchain courses. In a bid to nurture talent, the government will encourage technical institutions to adopt blockchain as a subject in their curriculum. It also plans on encouraging its industry partners to offer internships to students, who may also secure a pre-placement offer after internship.

‘Hyderabad could enter top 10 blockchain cities in the world’

Hyderabad: Once adopted, Telangana will be the first State in the country to have its own Blockchain policy. Let alone other states in India, as of now, only a few countries have adopted blockchain policies. Speaking to Express, Jayesh Ranjan, principal secretary of the Information Technology, Electronics and Communication (ITE&C) Department, said the draft policy aims to introduce Hyderabad in the top 10 Blockchain cities of the world. “The policy will ensure more accountability and transparency, attract major blockchain companies, and generate employment”, he said. Switzerland is heralded as one of the top destinations for blockchain. It is estimated that by 2030, blockchain could generate $3 trillion per year in business value

Stay up to date on all the latest Telangana news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp