Business excellence awards for new businesses are being awarded across India and abroad, marking a major milestone for the country’s economic growth.
The National Centre for Business Innovation and Entrepreneurship has awarded a $5.5 billion business excellence award to Vision City, the countrys first high-tech venture, to be developed in partnership with the government.
The award is in recognition of the success of the project.
The Indian government has set aside nearly $5 trillion for high-speed connectivity in the country, which will be vital to its economic growth, according to Prime Minister Narendra Modi.
He recently launched a $2 billion investment in high-end tech and education in the nation, the first of its kind.
“I am pleased that this award will help build the next generation of entrepreneurs,” Modi said at the inauguration ceremony.
“Vision City is a unique concept for India, where the focus on business excellence is a top priority,” the PMO said in a statement.
The $5bn project aims to harness the talents of 1.5 million young entrepreneurs and create 500,000 jobs by 2022.
The project is a partnership between Indian software company Infosys, the government and the government of Karnataka, with the aim of connecting 3 million people in the first phase.
“The Vision City project will help create jobs and create prosperity in the states and cities of India,” Karnataka Chief Minister Siddaramaiah said in his inauguration speech.
“We will be bringing jobs and prosperity to the people of the states,” he said.
The government said the initiative would be a catalyst for entrepreneurship, with 500,00 jobs created, bringing the total number of new jobs created to 1.2 million.
The technology incubator will work with a number of the top universities in the world to build partnerships with local talent and local start-ups.
“This is a huge project for the states, cities and the country,” said Ram Vilas Paswan, co-founder of Infosy India, a division of the venture capital firm Kleiner Perkins Caufield & Byers.
“This is what the government is trying to do and it will give people jobs and opportunity.”
The $2.3 billion project will create 2,500 jobs over five years, with an initial investment of $1 billion, the prime minister said in the speech.
The federal government also launched a high-level innovation initiative to bring $1 trillion of investments to India by 2020, and said it would be funded through the India’s first new tax initiative to be unveiled in a year.