BANGALORE: The Information Technology Investment Region (ITIR) project will soon be started in a phased manner, Science and Technology Minister S R Patil said here on Saturday.
He was speaking at the grand finale of Manthan-2014, an award ceremony organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI). Patil said the first phase of the project, which will come up on 10,500 acres near the Kempegowda International Airport, will be completed by 2020 and the second phase by 2030.
“Bangalore’s IT industry employs six times as much workforce as the government. It has huge potential and this project is expected to generate more than 20 lakh direct jobs,” he said.
Patil said India is heavily dependent on electronic imports like microchips and processors. “As a result, the import bill on electronics is more than $400 billion which is higher than oil imports. We need to increase our IT export revenues to `4 lakh crore by 2020. We are trying to achieve this by liberalising our IT-BT policies,” he said. Winners of the business plan presentation contest were announced at the event.