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TS working on financial instrument for IT SMEs
With a majority of small and medium (SME) information technology (IT) companies in the state struggling to access adequate financing, which is hampering their growth, the Telangana government is contemplating coming to their rescue by formulating a new financial instrument.
Behemoths (like Google, Microsoft and Amazon) make up less than 10 per cent of the 1,300 IT and IT-enabled services companies in Hyderabad, while the remaining are SMEs, who literally need a handholding - IT Minister K T Rama Rao
Hyderabad: With a majority of small and medium (SME) information technology (IT) companies in the state struggling to access adequate financing, which is hampering their growth, the Telangana government is contemplating coming to their rescue by formulating a new financial instrument.
“Behemoths (like Google, Microsoft and Amazon) make up less than 10 per cent of the 1,300 IT and IT-enabled services companies in Hyderabad, while the remaining are SMEs, who literally need a handholding. We are working on designing a financial instrument and are already in active talks with several government and private financial institutions,” Telangana IT Minister K T Rama Rao said on Friday.
This will largely be a private sector initiative with the government’s role being a facilitator. The intent is to help IT SME companies get soft loans sans any collateral … work is in progress, the Minister said, while declining to comment further.
Upbeat about the growth of the IT sector in India and Hyderabad being labeled as the preferred ‘go-to-destination’ for a lot of global companies, Rao said Hyderabad was currently on the threshold of a new wave of growth. “A lot more is in store for the IT sector in the State,” he added.
Stating that the State government was mulling setting up an SME Tower in the Gachibowli area to help them compete with global majors, the Minister said his Ministry had already signed an MoU with pure-play analytics company Fractal Analytics, which will be the anchor company at the proposed Data Analytics Park in Hyderabad.
Replying to a query on the government’s proposal to set up an exclusive data centre campus, Rao said: “We are scouting for 50 acre of land for establishing the data centre campus. The idea is to bring in a large telecom player and make it an anchor company”.
Rao, who was given the additional charge of industries, said his Ministry had identified 1,234 polluting-industries falling under the ‘Red and Orange’ category, which will be shifted to the periphery (outside the Outer Ring Road limits). “We are also looking at co-locating the workers to the new premises,” he said.
