Centre to announce new policy on fab cities : YSR

Hyderabad, Nov 6 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today said the Centre would announce a new policy for establishing FAB cities in the country in a few weeks.

Participating in the second 'Global Forum on Business: Empowering Economy through ICT, Innovation and Entrepreneurship', organised by the DST and Information for Development Programme (InfoDev) of the World Bank, he said the IT revolution and unprecedented growth of the internet had completely changed the nature of business organisations.

Stating that the focus had shifted from materials and territory to ideas and technology in the present world, he said, ''we need business incubators to nurture development and boost economic growth by providing new jobs and technology'.

Expressing concern over institutions like DRDO, NIN, SISI and BHEL losing their spirit, Dr Reddy said there was an immediate need to transform them into business centres by using new technology tools.

The state government had taken the incubator concept to rural areas by creating Self Help Groups for women who made different products, which found good market support in urban areas, the Chief Minister said and called on participants to suggest new concepts for promoting enterprises to create maximum employment and economic growth.

State Major Industries Minister J Geeta Reddy said the incubator helped grandfather ideas into sustainable businesses by providing expert guidance and offering shared, specialized services.

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