The state government will promote setting up of 10 IoT hubs with active participation of the private sector and create 50,000 direct employment in different IoT verticals.
“Our aim is to attract at least 100 IoT companies/entities to set up their operations and development centres in AP. We want to create a world-class ecosystem through the proposed hubs for the growth of IoT entities,” minister for information technology Palle Raghunadha Reddy said.
Briefing reporters about the cabinet decisions today, the IT minister said the Centre was currently drafting a policy to create an IoT industry worth $15 billion by 2020.
“We want to position AP as the IoT Hub in the country and accordingly approved the IoT Policy 2016-20 to grab a market share of $1.5 billion by 2020. We will develop state-of-the-art IoT infrastructure — both physical and technical — that matches to international standards in all major towns of the state,” the IT minister added.
Research and development, lab/assembly/systems integration, device and hardware manufacturing, software applications and analytics have been identified as different IoT segments.
Under the policy, the state government would also endeavour to set up IoT centres of excellence and create an innovation fund. Incentives, both financial and non-financial, would be extended to eligible companies and would be granted by the Consultative Committee of IT Industry, he said.