‘Vacant space in Visakhapatnam could be used to attract fintech, gaming firms’

Visakhapatnam: The demand is turning louder for using the vacant space in the private IT companies and Millennium Tower-A and B in the city for accommodating fintech and gaming companies.

Visakhapatnam is the ninth richest city in GDP in the country and it is ideally suited for development of fintech, animation, gaming hubs in Andhra Pradesh. Minister for IT, Electronics and Education Nara Lokesh, during his recent visit to Visakhapatnam mentioned that the city will be transformed into a $100 billion economy as part of plans mooted under the Vikasit AP Vision. The document will be released on October 2.

The Fintech Valley project was launched in a big way during the earlier stint of Chief Minister N Chandrababu Naidu. However, due to lack of patronage, the majority among 25 companies which set up their offices here backed out subsequently.

Many fintech units established companies in Hill No 2 of Rushikonda IT Park attracted by the promises of incentives and proactive support of the government. More than 10 companies including Federal Bank have started their operations here. “Subsequently change of government, shutting down the startup village, withdrawal of DTP (Designated Technology Park) Scheme where 50 per cent rental subsidy was offered along with power at industry tariff, led to withdrawal of about 100 medium IT companies from city, disrupting the ecosystem,” O Naresh Kumar, vice-president of Rushikonda IT Park Association (RITPA) told Bizz Buzz on Thursday.

Non-release of employment incentives since six years turned into a damping factor to the companies who created jobs for locals. “We can use the idle space in Millenium Towers to invite the top 10 gaming companies in India and offer free bandwidth and rental support for two years to spur the skill and talent here,” he said. Millennium Tower A and B together can provide a vacant space of three million sqft to new operators.

Naresh Kumar, who is the CEO of Symbiosys Technologies, said the AP State Skill Development Corporation can train job aspirants with real-time guidance of the top 20 companies who can each be offered 10,000 sqft at Visakhapatnam as an incentive to attract new investments.

He said when the State offers free skilling and infra support, companies will come and talent can flourish. The startup village can also be used to support 40 new startups in gaming, with guidance from one established company, hand holding two startups. High creativity and low cost will benefit the big companies. Similarly 20 new fintech startups can be supported with guidance from already established fintech firms.

Naresh Kumar opined that a combination of Skill Development Center, Startup Village, space at Millenium Towers and available at Hill No. 2, Rushikonda buildings which were earlier allotted combined with the data centre, high-end computing machines at the incubation centre of Software Technology Parks of India (STPI) and timely release of government incentives can spur growth of both fintech, gaming and animation industry in Visakhapatnam. High-speed bandwidth at low-cost and reliable quality uninterrupted power will go as an added advantage, he said.