Experts want Telangana Blockchain policies to be emulated by other states

ST Correspondent
Friday, 31 May 2019

Following the draft Blockchain policy released by the Telangana government which offers several benefits to startups in the field and also promotes research and innovation in the field, cyber experts have prompted that other states leading in technology should also emulate the policies.

Pune: Following the draft Blockchain policy released by the Telangana government which offers several benefits to startups in the field and also promotes research and innovation in the field, cyber experts have prompted that other states leading in technology should also emulate the policies. The draft policy states the intention of creating the world’s best Blockchain technology ecosystem in Hyderabad. The policy takes care of the research, innovation, incentives to start ups and enterprises, skill development in Blockchain technologies and various other initiatives. 

Speaking about the policies promoting Blockchain technology, Pankajj P Ghode is Founder and Chairman of Global Blockchain Foundation, said that southern states have frequently taken initiatives to promote technology and this time too, they are leading. “The state is aware of the importance of Blockchain technology and hence, they have chosen to take this step. Maharashtra too is leading in terms of adopting the technology but such policies are yet to be set up in the state,” added Ghode. The cyber expert added that states should invest in innovation labs. “If the state provides a back up then start up companies can take risks for venturing in new technologies,” added Ghode.

Cyber expert Anil Raj, Managing Director of CyberVault Securities Solutions Private Limited said that states like Telangana, Tamil Nadu, Karnataka has always been in forefront for promoting technology. “While Hyderabad is known as Cyberabad, Bengaluru is known as Silicon Valley. Maharashtra too has a large number of IT companies but government is yet to focus on promoting technology. May be, government is worried about returns of investment and other factors and is hesitating to declare such benefits for enterprises working in Block chain and other disrupting technologies,” he added.

Some incentives for enterprises in the policy

  • 1.25% subsidy on lease rentals up to Rs 5,00,000 per annum for the first 3 years of operations Incentives for start ups.
  • 1.100% reimbursement of State Goods and Services Tax (SGST) for a period of three years to startups with revenues less than Rs 5 crore.
  • 2. 75% reimbursement for travel and ticket costs for selected Blockchain conferences across the globe subject to a maximum of Rs 2 lakh per year per start-up in the first two years of operation for selected start-ups.
​ ​

Related News