| This initiative provides an exemplary model of innovative partnering to achieve community benefits. The R&D Park will deliver a substantial return on investment to all public and private partners because it builds on existing synergies. With an estimated 10,000 employees and $8-10 billion in anticipated economic impact, the R&D Park will become home to a large group of employers. This will mean increased employment levels and tax revenues for the State and the Central government, as well as an improved ability to compete internationally. The R&D Park will strengthen the reputation of the Bangalore and Karnataka as truly one of the best places in which to invest, to work and to live.
The Park will enhance the local economy through the creation of jobs and knowledge transfer—already one of the cornerstones of this community, and a natural direction of its development. The information technology sector, which includes significant portions of advanced manufacturing, is the fastest growing sector in India, representing significant per cent of all employment. The quality of life of current residents of the region will also be improved, since the R&D Park will help the region retain business activity, jobs and high-tech talent, and will improve local transportation corridors.
The R&D Park will also have national impact, as the burgeoning high-tech community continues to increase in diversity and strength. Industry leading innovators are growing tomorrow’s technology today, and strengthening India’s international competitiveness as they do so.
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