Lucknow will soon be home to an artificial intelligence city thanks to an expression of interest (EoI) released by UP Electronics Corporation Ltd. The project’s nodal agency, UP Electronics Corporation Ltd., stated in the EoI that AI City should feature a mix of inexpensive and luxury housing complexes to implement a walk-to-work paradigm.
Uttar Pradesh, the biggest State in India, is leading the way in exploring AI applications; the State’s capital, Lucknow, will serve as the site of India’s inaugural AI city. According to a Grand View Research analysis, the global artificial intelligence market was valued at $137 billion in 2022. From 2023 to 2030, the market is expected to increase at a CAGR of 37.3%.
The city of Lucknow is home to several prestigious research institutes, including those that focus on artificial intelligence and medical technology (which involves substantial AI integration). The AI COE (located at IIIT Lucknow) has helped launch over fifteen artificial intelligence and machine learning startups, fostering an entrepreneurial spirit.
An Expression of Interest (EoI) is issued:
An Expression of Interest (EoI) was issued by UP Electronics Corporation Ltd., the project’s nodal agency, inviting a real estate developer to build and run the AI city. The city aims to be a place where ideas thrive, and the next generation of workers is fostered by combining state-of-the-art technology with research centers and educational institutions.
The developer will construct a tower with” A-class office space for incubators, startups, and corporations” and plug-and-play office infrastructure.
Financial backing from the State:
The government has offered the project 40 acres in the “Nadarganj Industrial Area.” This site is completely cleared of any encumbrances and complies with all zoning restrictions, legislation about land acquisition, and other applicable permissions.
The IT and ITeS Policy, 2022 states that the developer will receive financial support in the form of appealing financial incentives, such as a one-time capital expenditure support of 25% “up to ₹20 crore for IT Park and ₹100 crore for IT City”, and a complete exemption of stamp duty as much as 100%, according to the EoI document.
The project’s nodal agency, UP Electronics Corporation Ltd., stated in the EoI that AI City should feature a walk-to-work concept in addition to a mix of inexpensive and premium residential complexes. To foster collaboration between industry and academia, a specific area will be set aside for prestigious management and engineering institutes. Internal transportation systems that AI powers will also be available.
To achieve its goal of becoming “a $1 trillion economy in the next five years”, the UP government has chosen information technology (IT) and information technology-enabled services (ITeS) as key industries. With one of the greatest concentrations of new businesses in India, UP ranks sixth among India’s states when it comes to the information technology (IT) ecosystem.
The State of Uttar Pradesh is actively working to promote Tier 2 cities like Lucknow, which have also been recognized as growing technological hubs by prominent IT industry associations, to strengthen the IT and ITeS sector, which is rapidly expanding in Noida. The State aims to capitalize on artificial intelligence, which is regarded as a major development driver for “the IT and ITeS sectors “worldwide, according to the EoI document.
Notable information technology companies like HCL and TCS are also based in the city. The EoI states that the trained workforce contributes to the robust tech ecosystem. There are “over 75,000 tech professionals, 23,000 STEM graduates, and 300+ schools “in the area, including prestigious institutions like IIM-Lucknow, IIIT-Lucknow, BBDU, and Amity. For more AI News, visit our website on daily basis.
