The government on Thursday gave in-principle approval for the Information Technology Investment Area (ITIR) to come up near the Bengaluru International Airport.
The state cabinet gave the nod for the ambitious ITIR project which hopes to bring in an investment of Rs 1 lakh crore in the next 25 years, besides generating jobs for over 40 lakh people — over 12 lakh direct and 28 lakh indirect employment opportunities.
ITIR is the brainchild of the union government and the state government only has to provide the land required for the project, besides being the implementing agency.
Basic infrastructure like road, rail and telecommunication links among others will be provided by the Centre, Law and Parliamentary Affairs Minister Sureshkumar told reporters about the Cabinet decisions.
Though the Centre had asked for 10,000 acres of land for the purpose, the Cabinet has decided to set up a committee under Chief Minister B S Yeddyurappa to decide on the extent of land to be given for the project, Sureshkumar said.
The ITIR will be developed as an integrated township through public private partnership. The township will have residential areas, schools and other public utilities. It will also include environmental protection mechanisms.
In two phases
The entire project will be divided into two phases. In the first phase, which is expected to be complete in five years, 20 per cent of the total area will be developed.
The rest of the area will be developed in the second phase over a timeframe of 15 to 20 years.
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