Rajasthan Government to develop Fintech City in Jaipur
An estimated cost of INR 106 crores the project involves the construction of infrastructures including, road, parking, street-lights, water, electricity, community facility, parks etc. The Fintech Park will be a combined developmental project for both IT and Finance, with huge work-spaces for both the departments.
In major industrial developmental plans in Rajasthan rolled out during the state budget for industrial development in Rajasthan, Chief Minister Ashok Gehlot announced rolling out of a FinTech City in Jaipur. In his budget speech, the CM mentioned that Rajasthan has always been the highest producer of Chartered Accountants to the nation and a hub of service delivery for key IT players. In view of these facts, the proposed FinTech City is to be rolled out in the FY 21-22.
The project proposed by Rajasthan State Industrial Development and Investment Corporation (RIICO) is worth Rs 106 crore that includes developing basic infrastructure like road, parking, street lights, water, electricity, parks, community facilities, public utility area, etc. The Fintech Park will be a combined developmental project for both IT and Finance, with huge work-spaces for both the departments.
In a survey organized, India was managed to secure itself among the top 15 top fintech countries and among the world’s 100 leading FinTech cities, 6 are from India. The development of the IT industry in Rajasthan is long overdue. FinTech cities of India, face several issues like traffic jams, distant locations, poor connectivity, lack of facilities, weak law and order, location far away from the heartland, etc.
Gehlot said, “Many chartered accountants and IT professionals belonging to the state are working across the country with their base in other cities like Noida, Mumbai, Hyderabad, Bangalore, Kolkata, etc. Rajasthan is willing to provide them a base in home-state with an affordable cost and with the best of the governance, in the heart of the city and just beside the international airport.”
A total of 408,590.85 sqm of land area is allocated for the FinTech city development just beside the Dravyavati river and very close to the international airport in the city. Nearly 55 percent of the land area under the project is dedicated to commercial plots and flatted factory and the rest of the area is for common facilities like a food-court, rivers, park, and community facilities. The expected investment capacity of the project is Rs 3,000 crore that includes land, construction, and other infrastructure, the government said.