Current Affairs

Telangana to set up Country's First 'Blockchain District'

Telangana released a draft blockchain policy to set up country's first 'Blockchain District' in Hyderabad.
Telangana to set up Country's First 'Blockchain District'

Details:

  • It is aimed to create an ecosystem for major blockchain companies, start-ups for promoting research, innovation and industry collaboration.
  • Earlier, the Telangana Government signed an agreement with Tech Mahindra to set up the Blockchain district in 2018.
  • The draft was released by Information Technology, Electronics and Communications (IT E&C) Department.
  • The main focus will be given to the sectors such as banking, financial services and insurance, pharmaceuticals and healthcare, government institutions and departments, logistics and supply chains.
  • The incentives like access to investments, subsidies, tax credits will be rolled out to attract large enterprises, Small and Medium Enterprises and startups.
  • Other incentives include 25% subsidy on lease rentals up to Rs. 5 lakh per annum for the first three years of operations.
  • 100% reimbursement of State Goods and Services Tax (SGST ) for the first three years for startups with revenue less than Rs. 5 crore and along with one-time grant of Rs. 10 lakh, 75% subsidy in travel fare when the founders attend global conferences and 25% reimbursement on Internet charges would be provided.

Question:

Q. Where will be India's first 'Blockchain District' set up?
a. Chennai
b. Hyderabad
c. Bengaluru
d. Pune
Telangana to set up Country's First 'Blockchain District' Telangana to set up Country's First 'Blockchain District' Reviewed by Neha Verma on May 30, 2019 Rating: 5

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