In the recently announced state budget for the upcoming financial year, Rajasthan Government has focused its attention on propelling industrial growth and expansion. Aligning with this, the Chief Minister announced plans to set up a FinTech city in Jaipur, as stated by reports. This new complex is expected to facilitate progress for the two sectors of IT and Finance, by integrating their progression routes and amplifying connectivity.
Project to usher in significant investments
Reportedly, the scheme put forward by Rajasthan State Industrial Development and Investment Corporation (RIICO) will be implemented at a cost of ₹106 crores. As per reports, one of the objectives of this project is to garner investments worth ₹300 crores. The plans include the construction of elementary amenities like road, parking, street lights, water, electricity, parks, community facilities, public utility area amongst other things.
According to reports, a stretch of 4.08 lakh square km has been allocated for the proposed constructions, near the Jaipur International Airport. Out of the entire area, more than 50% has been allotted for commercial holdings and the factory while the remaining regions would encapsulate common facilities like food-court, rivers, parks amongst others.
With an aim to provide a better platform for accountancy professionals
With a high number of professionals in accountancy, Rajasthan has evolved as a hub for service delivery for multiple IT companies. Reportedly, the CM mentioned that most of these service agents have flocked to different parts of the country for seeking employment. With this project, the government tries to provide a platform equipped with the best administrative practices in the state so that chartered accountants can be attracted back to their homeland.
Need to develop FinTech spaces across the country
As per reports, India successfully won a spot amid the top 15 FinTech nations across the globe in an international assessment. Additionally, the country also houses 6 out of the 100 best Fintech cities in the world. Given multiple constraints like traffic jams and poor connectivity, the amelioration of FinTech spaces in India including those in Rajasthan, have been long overdue. Now, with the latest proposals, it can be anticipated that IT and finance sectors in the state are up for a boom.