The state government will also announce policies for four specific sectors - innovation, rural technology, electronics and GAME (gaming, animation, media and entertainment).
Chief Minister K. Chandrasekhar Rao will unveil the policies in the presence of Infosys co-founder N.R. Narayana Murthy and several IT industry luminaries from India and abroad.
The state government expects some MoUs to be signed with various companies, planning to invest in the state.
Talking to reporters on the sidelines of an event where he laid foundation stone for global e-commerce giant Amazon's India campus here, IT minister K.T. Rama Rao said the IT policy will be most progressive and best in the country.
This will be Amazon's biggest campus outside the US.
Rama Rao said the policy will provide all necessary support and incentives required to give impetus to the sector to not only sustain the growth in Hyderabad but tap the next wave of growth.
He pointed out that during last one year Hyderabad registered rapid growth in IT exports, which stood at Rs. 65,000 crores. He said Hyderabad grew at 16 percent against the national average of 13 percent.
Rama Rao, who is son of the chief minister, said Hyderabad attracted investment by many companies last year. More than 50,000 jobs were added in the sector while there was indirect employment for 2.5 lakh people.
He said Google will lay the foundation stone in May for its campus in Hyderabad, which will also be the biggest outside the US.
He pointed out that Microsoft and Facebook also have their largest operations outside the US in Hyderabad. "It's an indication of the bright future the city has in IT," he said.
On proposed Information Technology Investment Region (ITIR), he said the state sought Rs. 3,000 crores from the Centre for building basic infrastructure for the new cluster but the latter offered only Rs. 165 crores.
He said the state was still waiting for final word from the Centre, which is reconsidering ITIR policy. The previous UPA government had sanctioned ITIRs for Hyderabad, Bengaluru and Bhubaneswar but the states have not received expected support from the present government.
"Irrespective of whether the Centre provides funds or not, the state government is committed to further develop and strengthen the IT sector," he added.