Indian State Wants to Become a New Silicon Valley

India's southern state of Telangana unveiled its new policy which will help to make the state the “most preferred destination for any IT company” in the world.

Telangana's government on Monday announced a new information and communications technology (ICT) policy along with four other policies to support innovation, gaming and animation, rural technology centers and the growth of electronics.

The state government hopes to attract investments worth $3 billion in the electronics sector by 2020 and to enhance production from the existing $1 billion to $7.5 billion.

On the occasion, the Telangana government signed 28 deals with firms and organizations including the Development Bank of Singapore, University of Cambridge, Cisco, The Indus Entrepreneurs and Microsoft India.

Telangana Chief Minister K. Chandrasekhar Rao announced the main ICT policy 2016 alongside Governor E.S.L. Narasimhan and leaders of the IT industry. According to the statement, Telangana will be transformed into the most desirable destination for any IT company planning a new facility and will enable it to become a global hub for technology entrepreneurship and innovation in the country.

The Chief Minister said, "Hyderabad as the Telangana's crown jewel is already a magnet which attracts the best in the world. And our government intends to embellish its even further to standout as the most preferred destination for IT companies." Mr. Rao also promised a hassle-free and corruption-free environment to do business in the state.

"The State needs to benchmark against the best in the world like Silicon Valley, Cambridge Science Park, Beijing, Tokyo and work towards achieving the goal as the State deserves to be the best," Narayana Murthy, Infosys's Chairman Emeritus, suggested.

Telangana was awarded separate statehood on June 2, 2014. It was a part of Andhra Pradesh state before that. Hyderabad is now a joint capital city for both Andhra Pradesh and Telangana.