The Government policies play a pivotal role in shaping the economic landscape of the state as well as the nation. Whether it’s fiscal, monetary, or from investment and consumption to employment. While the debate over the appropriate role of government in the economy persists, there’s a consensus on the positive impact well-designed policies can have on fostering economic growth. Here we will discuss government’s policy contributing to economic growth and creating opportunities of employment.
It is usually seen that the government policy gathers a lot of dust in Mantralaya due to rigid regulations and bureaucracy that hinder decision making and ultimately slows down the process. In this particular case it was a slightly different picture. Almost a year ago in a significant move to boost the state’s digital infrastructure, the Maharashtra government has approved the establishment of Green Integrated Data Centre Parks, with an expected investment of Rs 1.60 lakh crore. With this decision Maharashtra became the first state in India to introduce a special policy for Green Integrated Data Centre Parks, a sector that is attracting multinational corporations and global leaders. The project is expected to solidify the State’s position as a key player in the data centre industry. The initiative will not only strengthen Maharashtra’s data infrastructure, but also generate long-term revenue through direct and indirect taxes, following the completion of the promotion period. Furthermore, the project is set to create many jobs in both the categories, high-skilled jobs directly indirect jobs, especially in high-tech sectors.
Under this new policy, IT companies will have the freedom to establish tech parks anywhere within the state of Maharashtra. Additionally, the companies have been granted substantial subsidies, ranging from 50 to 100 percent on stamp duty, and electricity charges will be waived for a period of 10 to 15 years. So far, a total five projects have been given approval and five projects are under consideration before the Cabinet sub-committee. Through these projects, an investment of Rs 1.79 lakh crore will be made in the state and 60,000 jobs will be created. To provide additional support to the Green Integrated Data Centre Park initiative, the government has made amendments to the Information Technology and Information Technology Enabled Services (ITES) Policy, 2023. The policy allows special incentives, alongside regular benefits, for setting up three Green Integrated Data Centre Parks, subject to the conditions outlined in the proposal.
With the rapid rise of Artificial Intelligence (AI), the demand for data storage and processing has surged, leading to increased energy consumption by data centres. This has raised concerns over global warming. In light of India’s goal to achieve carbon neutrality by 2070, green technology has become crucial for the future. Maharashtra’s Green Integrated Data Centre Park will address these concerns by promoting eco-friendly practices in the sector. The special policy aims to create a conducive ecosystem for the data centre industry by encouraging global companies to establish a presence.
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