State government may set up a financial instrument to help IT SMEs

Published: 09th July 2016 06:14 AM  |   Last Updated: 09th July 2016 06:14 AM   |  A+A-

HYDERABAD: The state government is thinking of setting up a financial instrument to help IT companies, especially small and medium enterprises (SMEs), get some easy soft loans. 

Speaking at the inauguration of Jade Global Software here on Friday, IT minister KT Rama Rao said nurturing the existing companies was as important as getting new ones for future expansion of the IT sector.

“Today, Hyderabad has more than 4 lakh direct employees working in IT sector, of whom a majority are working with SMEs which need a bit of hand-holding so as to grow to the next stage. Realising this, we have decided to set up a financial instrument, which would help them get a soft loan without collateral security. Apart from this, we are trying to set up an IT SME park or tower so that every SME has an address or platform where they can deliberate, hold meetings or conferences.

“Besides bringing in some foreign investments, nurturing the guys who are already here, expanding the existing ways, and giving them all the support we can will make a huge difference. The three-fold dimension I see for IT expansion is: Revive sick enterprises, nurture existing ones and attract new ones.”

On shifting of polluting industries situated within the Outer Ring Road, he said, “In all, 1,234 industries have been identified to be in the red and orange categories within ORR. We have decided to shift them in phases and want to make sure that they are not going to pollute new areas they will move into. We want to build for them the necessary infrastructure and provide employees with all necessary facilities.


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