GS 3: Economy| Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.

Why in News?

India has launched its third IT corridor in China that will facilitate partnerships between Indian and Chinese companies.

Xuzhou IT Corridor Project:

• China being a dominant manufacturing country requires software, IT and IT enabled services to transform towards smart manufacturing.
• The National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.
• The IT industry body has already launched such corridors at Dalian and Guiyang cities to cash in on the burgeoning Chinese IT industry market.
• These have already sprung up opportunities to the tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively, it said.

Significance:

• The first two corridors have paved the way for cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market.
• Xuzhou is the geographic and economic center of over 20 cities and in China’s regional economic layout, the city has slowly established itself as an industrial powerhouse.
• Xuzhou is an important comprehensive national transportation hub and its proximity from major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.
• This will facilitate match-making between Indian companies wanting to collaborate with companies in Huai Hai economic zone looking.
• This partnership will help create more jobs in Xuzhou and India and facilitating talent transfer between the two countries.

NASSCOM:

• The National Association of Software and Services Companies (NASSCOM) is a trade association of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.
• Established in 1988, NASSCOM is a non-profit organisation.