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Rajasthan government to develop FinTech city in Jaipur

By Leandra Monteiro

March 01, 2021

  • India

FinTech, India, funding, Turtlemint, insurtech, True Balance, Mobikwik, Slice, Instamojo

In a mega budget rollout plan for industrial development in Rajasthan, Chief Minister Ashok Gehlot has announced a FinTech City in the capital Jaipur. The proposed FinTech City is aimed to be rolled out from 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.

Notably, India was ranked 15th in the FinTech Country rankings and among the world’s 100 leading FinTech cities, 6 are from India. The development of the IT industry in Rajasthan is long overdue. In some FinTech cities of India, there are many problems now faced by the IT sector, like – traffic jams, distant locations, poor connectivity, lack of facilities, weak law and order, location far away from the heartland, etc.

Jaipur as the capital city of Rajasthan has a huge potential and now poised for development in the IT sector due to the best locational advantage in the country. Its close proximity to cities like Mumbai, Ahmedabad, Delhi and popularity amongst global tourists make it more viable for FinTech growth, according to the state government.

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.

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