The government of Andhra Pradesh today approved a policy on internet of things or IoT with the aim of making the state an IoT hub. The state also looks at grabbing at least 10% market share of the Indian IoT space 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 USD 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,” IT minister of Andhra Pradesh Palle Raghunadha reddy said.
He said at present the Indian government is drafting a policy on the same lines to create a market in that sector worth $15 billion.
This makes Andhra Pradesh the first state to have a special policy on this new phenomenon.
In the policy, the Andhra government looks at setting up of 10 IoT hubs and create 50,000 jobs in various industrial verticals using the new technology.
“Our aim is to attract at least 100 IoT companies or entities to set up their operations and development centres in AP. We want to create a world-class eco-system through the proposed hubs for the growth of IoT entities,” the minister added.
Under the policy, the state government would create an innovation fund and would set up IoT centers of excellence. Eligible IoT firms will get various helps including financial from the state. Besides, the state would also guide and mentor the startups in this field.
The minister also informed that Federation of Andhra Pradesh Chambers of Commerce and Industry and IC2 Institute of University of Texas, US, have joined hands together to set up IT incubation center in Tirupati and would work closely with AP Innovation Society.