Established on 5th June 1991, Software Technology Parks of India (STPI), an autonomous society under the Ministry of Electronics & Information Technology (MeitY), Government of India, has since emerged as the growth driver of Indian IT/ITeS/ESDM industry. With a mandate to promote software and electronic hardware exports from the country by implementing Software Technology Park (STP) & Electronic Hardware Technology Park (EHTP) Schemes, STPI pioneered the ease of doing business for policy governance in India by building a robust ecosystem to provide single window clearance services, world-class internet connectivity, state-of-the-art incubation facilities and other infrastructure services to encourage, promote and boost software exports.
STPI’s main objective has been the promotion of software exports from the country. STPI acts as single-window in providing services to the software exporters. The services rendered by STPI for the software exporting community have been statutory services, data communications services, incubation facilities, training and value added services. STPI has played a key developmental role in the promotion of software exports with a special focus on SMEs and start up units.
STPI has been implementing the Software Technology Park (STP) scheme and the Electronics Hardware Technology Park (EHTP) scheme for the promotion of IT/ITES industry. The phenomenal success of the IT-ITES industry has been possible, inter-alia, due to pivotal role played by the STP Scheme. STP Scheme is a unique scheme, designed to promote the software industry and growth of startups and SMEs without any locational constraints
Visakhapatnam (also known as Vizag ) is the most populated and largest city of Andhra Pradesh. It lies between the Eastern Ghats and the coast of the Bay of Bengal. It is the third largest city in the east coast of India after Chennai and Kolkata and the fourth largest city in South India. It is one of the four smart cities of Andhra Pradesh selected under Smart Cities Mission. Serving as the headquarters of its eponymous district, it is the most populous city in the state. With an estimated output of $43.5billion, the city is the ninth largest contributor to India's overall gross domestic product as of 2016.
Visakhapatnam's history stretches back to the 6th century BCE, when it was considered a part of the Kalinga Kingdom, and later ruled by the Vengi, the Pallava and Eastern Ganga dynasties. Archaeological records suggest that the present city was built around the 11th and 12th centuries with control over the city fluctuating between the Chola Dynasty and the Gajapati Kingdom, until its conquest by the Vijayanagara Empire in the 15th century. Conquered by the Mughals in the 16th century, European powers eventually set up trading interests in the city, and by the end of the 18th century it had come under French rule. Control passed to the British Raj in 1804 and it remained under British colonial rule until India's independence in 1947.
The city is home to the oldest shipyard and the only natural harbour on the east coast of India. Visakhapatnam Port is the fifth-busiest cargo port in India, and the city is home to the headquarters of the Indian Navy's Eastern Command and South Coast Railway zone. Visakhapatnam is a major tourist destination and is particularly known for its beaches. It has been nicknamed the "City of Destiny" and the "Jewel of the East Coast". It has been selected as one of the Indian cities to be developed as a smart city under the Smart Cities Mission. As per the Swachhta Sarvekshan rankings of 2017, it was the third cleanest city in India in 2017.
Visakhapatnam is one of the 100 fastest growing cities in the world, which has a GDP of $43.5 billion. It is the 10th richest city in India. The usual seafood exporting capacity of the harbour is 115,000 tonnes (127,000 short tons) and during the FY 2015, it topped seafood exports in terms of value among other ports. Visakhapatnam Port and Gangavaram Port are the two ports of the city and the former one topped charts which handled 60,000,000 tonnes (66,000,000 short tons) of cargo during the financial year 2016–17. The Hindustan Shipyard undertakes building and repairing of Naval fleet and has future orders of ₹20 billion (US$280 million).
Information technology The growth in the IT sector in the recent times boosting the local economy In 2016–17, the IT industry in Vizag witnessed an increase in its turnover which recorded as ₹54 billion (US$760 million) with more than 350 firms, in contrast to 2013–14 figures of ₹14.5 billion (US$200 million). Sunrise Startup Village, an incubation centre; Fintech Valley Vizag were established to promote visakhapatnam as Global Financial-Tech (Fintech) Capital in the Andhra Pradesh state.
There are many national and multi–national IT/ITes and fintech firms such as IBM, Wipro, TechMahindra, Kenexa, Cyient, Conduent, Paytm, Concentrix, Sutherland, HSBC, etc. Some more investments are in line, like Google x, Lalith Ahuja's ANSR Consulting, Franklin Templeton, Innova Solutions, etc. at Fintech Valley in the city. The Brandix India Apparel City is the largest textile park in the country and holds the record for employing more than 15,000 women employees at a single location.