IT hubs and co-working spaces to get sops from Karnataka Govt

IT hubs and co-working spaces to get sops from Karnataka Govt

The Karnataka government has dispensed a slew of standard operating procedures (SOP) for IT companies, encouraging them to set up shops outside the city. The sops are a part of the government’s endeavour to develop a robust IT ecosystem beyond Bengaluru.

As part of the sops, the government will offer financial support to IT hubs and clusters of up to Rs 3 crore outside Zone 3. Co-working and plug and play infrastructure players will also be eligible for a financial support of Rs 2 crore outside Zone 3.

IT, BT, Science and Technology Minister C.N. Ashwath Narayan shared that the government aims to further strengthen the ecosystem and boost growth in Tier 2 and Tier 3 cities of the state. “We project that over 60 lakh plus new jobs will be created in this sector", he said.


Image Courtesy: SurfacesReporter.com

The minister also announced stamp duty exemptions. The government will also offer quality certification cost reimbursement of up to Rs 6 lakh outside Zone 3, including marketing cost reimbursement of Rs 5 lakh.

Stamp duty exemptions as announced are—75 per cent in Mysuru, Hubballi, Dharwad and Mangaluru, and 100 per cent for all other zones except Zone 3.

Companies outside the zone will also be eligible for provident fund and ESI reimbursement of up to Rs 10 lakh.

As part of the other major initiatives, the government will consider incentives for mega projects above Rs 250 crore on a case by case basis.

The state offered these attractions as part of its new IT policy for the period 2020- 25.

Information Courtesy: Indiatimes.com

Cover Image Courtesy: coworker.com

 

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