AHMEDABAD: The new IT/ITes Policy 2022-27 launched by Gujarat CM Bhupendra Patel on Tuesday will drive new investments into the state’s IT sector, according to industry players. Promoters of home-grown IT companies and industry representatives have termed it a bold policy which will be ‘hard to ignore’ for IT companies looking to make fresh investments in India.
Tejinder Oberoi, chairman, GESIA IT Association, said: “The IT/ITes Policy 2022-27 is a bold policy with a 360-degree approach.” Oberoi added: “It will assist companies willing to make fresh investments through expansion or fresh forays with both capital expenditure and operational expenditure support.” He went on to say: “The government has also laid out a long-term vision to build skilled manpower capital.”
The policy promises to generate about 1 lakh new direct jobs over the next five years and propel India’s IT exports to grow eightfold from the current Rs 3,000 crore to Rs 25,000 crore.
Amid higher rate of attrition, IT companies are losing their profitability while serving manpower costs. “The unique capex-opex model will definitely help industries meet a huge chunk of their overheads and enable them to comfortably meet manpower requirements,” said Jaimin Shah, managing director, Dev IT Limited. “Therefore, companies will be able to increase their profitability.”
Shah added: “Subsidies for setting up data centres and cable landing stations will also strengthen the IT infrastructure in Gujarat.” Industry players have also indicated that the policy will accelerate new investments into the GIFT City. Tapan Ray, managing director and group CEO, GIFT City, said: “This will further accelerate the presence of technology-related companies in GIFT City, which is fast becoming a hub for leading IT/ITes companies in the state.” He added: “It will also boost fintech and startup activities, giving rise to quality employment opportunities, leading to overall prosperity of the region.”
