Silicon Valley played the pivotal role in American success in Information Technology (IT). Now, India is planning a similar thing. In fact, this idea has not come from Indian government but from Sabeer Bhatia, co- founder of the Hotmail. He is trying to raise enough money to set up ‘Nano City’ in India where local and foreign companies will invest. IHT has reported about it:
“Sabeer Bhatia, co- founder of the Hotmail e-mail service, plans to raise $550 million to start a high-technology project in India modeled on Silicon Valley.
Project Nano City, located in northern India, expects as much as $20 billion of investments, with a potential to generate a fourfold return, Bhatia said in an interview Friday, without specifying a time frame. The park will attract companies developing drugs, computer software, nanotechnology and energy.
India is offering tax breaks to encourage companies to set up in zones to spur exports and help meet its goal of more than 8 percent economic growth a year. Still, local authorities are stalling approval for the land until the government shows how they will be compensated for the potential loss of tax revenue, making it harder for promoters of the projects to raise funds.”
Well, this is a great project- no doubt about that. However, I am only concerned about its implementation. No one- not even Sabeer Bhatia knows when this Nano City will come into existence. If it can be built in the next few years then it will be a great project. However, if the implementation of the project takes a long time then India would not be benefited that much as other countries in Asia would come up with similar projects.
Am I wrong?
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