India launches third IT corridor in China

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Mains Paper 3: Economy| Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.

From UPSC perspective, the following things are important:

Prelims level:  Xuzhou IT Corridor Project

Mains level:  India’s IT Sector


News

  • India has launched its third IT corridor in China that will facilitate partnerships between Indian and Chinese companies.

Xuzhou IT Corridor Project

  • China being a dominant manufacturing country requires software, IT and IT enabled services to transform towards smart manufacturing.
  • The National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.
  • The IT industry body has already launched such corridors at Dalian and Guiyang cities to cash in on the burgeoning Chinese IT industry market.
  • These have already sprung up opportunities to the tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively, it said.

Benefits

  • The first two corridors have paved the way for cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market.
  • Xuzhou is the geographic and economic center of over 20 cities and in China’s regional economic layout, the city has slowly established itself as an industrial powerhouse.
  • Xuzhou is an important comprehensive national transportation hub and its proximity from major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.
  • This will facilitate match-making between Indian companies wanting to collaborate with companies in Huai Hai economic zone looking.
  • This partnership will help create more jobs in Xuzhou and India and facilitating talent transfer between the two countries.

About NASSCOM

  • The National Association of Software and Services Companies (NASSCOM) is a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.
  • Established in 1988, NASSCOM is a non-profit organisation.
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