Punjab eyes 100% rise in investment in IT sector

Vijay C Roy

Tribune News Service

Chandigarh, October 23

Imagine this. A technology based on artificial intelligence to determine the quality of agri-commodity and tools to monitor mobile networks and their performance.

If you are think these technologies are being developed in the US or in Bengaluru and Hyderabad, then think again! A near-perfect work-life balance, better infrastructure and nascent startup culture have persuaded many established players and startups in the IT sector to set up their base at Mohali .

Mohali is fast catching up the fancy of IT companies, according to Software Technology Parks of India (STPI).  

“The companies — both in product development space (mainly startups) and ITeS sector — are coming up. The product development companies will bring quality jobs, thus absorbing the local talent,” said STPI-Mohali additional director Ajay P Srivastava.

The STPI, a Central government undertaking, provides regulatory support to all IT export units. Currently, around 150 units are registered with the STPI, Mohali. In 2017-18, the software exports were to the tune of Rs 4,400 crore.

The software companies are coming up in different fields such as drone technology, healthcare services, education and agriculture in Mohali.

He said the setting up Centre of Excellence in Data Analytics (Big Data), Artificial Intelligence (AI), Internet of Things (IoT) and Audio Visual Gaming (AVG) at STPI centre in Mohali will go a long way in promoting product development companies.

“Buoyed by the response from IT companies, we are expecting a 100% increase in investment in the IT sector in Mohali in the current fiscal,” said Rajat Aggarwal, CEO, Invest Punjab.

Last year, the state government had attracted Rs 369-crore investment in the IT/ITeS sector, which was around 200% increase as compared to the previous year. This is expected to generate employment for 7,200 IT professionals. Some of the major companies who have invested during the financial year 2018-19 are CRM, Meritech, Kindlebit Solutions, Netsmartz, Click Labs and Bajaj Electronics.