With the present IT 1.0 version on the decline due to massive digitalisation and automation, the Chief Minister of Andhra Pradesh, N. Chandrababu Naidu has started four new initiatives to address the opportunities in the upcoming areas of technologies under India IT 2.0.
As the man behind Hi Tech city in Hyderabad, Naidu had brought the city to the global map by encouraging IT initiatives. Now, he is focussing on Visakhapatnam.
J.A. Chowdhary, IT advisor and special chief secretary to Naidu says, "Most of the bank branches are being closed but banking will still continue. This will give enormous opportunity for the Fintech companies to provide digital banking services. Big time banks are shutting down all over the globe and it will happen in India too very soon, but banking work has to be done". According to him, there soon will be a tsunami of people being laid off because of automation.
With the coastal city of Visakhapatnam being declared the business capital of Andhra Pradesh, a Fintech valley is being created. Earlier, New York and London were considered the top cities for handling banking business. But with Brexit, London has lost the opportunity and Singapore has taken its place. But due to lack of man power, Singapore has signed an MoU with the AP government so that the job will be done here.
"Bitcoin is the order of the day to keep your money safe, since banks and financial institutions have become the target of cyber terrorists," says Chowdary. "The ledger will be split and kept in various servers with time stamping making it very difficult for a hacker. The Global Block chain Technology Institute is in association with UC Berkeley and it will be set up in Vizag."
With cyber crimes on the rise there are many opportunities in cyber security and related services. Bank accounts being hacked through smartphones will become the order of the day and Chowdary predicts that unless the devices are protected, cyber crimes will can only increase.
The Cyber Security Academy coming up at Tirupathi is a big opportunity for India as it will produce thousands of jobs. The International Institution of Digital Technologies (IIDT) coming up at Tirupati is an upgrade in technology and technical expertise. "A deeper knowledge is needed for a job here," says Chowdary. The students at IIDT will be learning hands on with mentors from Silicon Valley.