In view of the challenges thrown by COVID19 outbreak and consequent lockdown, the Government today took a major decision to provide relief from payment of rental to the small IT units operating out of the Software Technology Parks of India (STPI). Most of these units are either Tech MSMEs or startups.
- Software Technology Parks of India (STPI) is an autonomous society under Ministry of Electronics & Information Technology, Government of India and it has 60 centers across the country. The initiative to provide rental waiver to the units located in these centers will provide relief to the industry in this crisis situation emerged due to COVID19 pandemic.
- The STP Scheme is a 100 per cent Export Oriented Scheme for the development and export of computer software, including export of professional services using communication links or physical media.
- This scheme is unique in its nature as it focuses on one product/sector, i.e. computer software.
- The scheme integrates the government concept of 100 per cent Export Oriented Units (EOU) and Export Processing Zones (EPZ) and the concept of Science Parks / Technology Parks, as operating elsewhere in the world.