Telangana is at the forefront of emerging technology, and seems to want to maintain its position. After catching nationwide attention for the creation of a ‘blockchain district the state is wooing various companies and startups to set up shop in the state with incentives.
The state is looking to cement its position as the ‘blockchain capital’ of India. The goal is to attract as many blockchain companies as possible and make the state a hub for DLT-related technologies in the country.
They recently published a draft blockchain policy that is aimed squarely at incentivizing the development of blockchain companies in the state. The government is also looking at creating a ‘Blockchain District’ within Hyderabad that will be a huge incubator for startups.
The incentives offered by the government include land offered at subsidized rates, creation of a shared infrastructure facility and 100% reimbursement of state GST for startups.
The state is also preparing an R&D grant of up to 10%, with a one-time grant of 10 Lakhs to 10 blockchain startups for 3 years. This combination of factors will allow companies based in Telangana to have a significant advantage over their counterparts globally.
One outcome of the draft is that talent in the state will be upskilled and developed in conjunction with the homegrown industries. Moreover, there is also the fact that jobs will be created and the economy of the state will grow.
Blockchain is set to be the next big disruptor in many fields, and analysts estimate that the industry could generate up to $3 trillion per year in business by 2030. The World Economic Forum also estimates that 10% of the Global GDP will be stored on the blockchain by 2025.
With the promise of better regulation, along with more accessible infrastructure, Telangana seems to be coming out on top as a place to create blockchain companies.