New FinTech park to be launched in Rajasthan to boost the financial sector

India will witness the launch of a FinTech park in Rajasthan to boost IT and banking startups in the state.

The Rajasthan State Industrial Development and Investment Corporation will carry out the operations for the FinTech park which will cover over 4.08 lakh sqm area, chief minister Ashok Gehlot said during the state budget.

With the aim to attract circa Rs 3,000 crore in investment as well as IT and financial firms in its capital city, Jaipur, the FinTech park will offer large workspaces to businesses in the financial sector, industries secretary Ashutosh Pednekar said.

The project cost which is likely to cost Rs 106 crore that includes developing basic infrastructure, community facilities and a public utility area, will be developed at a government-allocated land in close vicinity to the airport.

Given how the state of Rajasthan offers various advantages such as close proximity to the cities like Ahmedabad and Delhi, it has the potential to be an upcoming startup hub like Bangalore, Pednekar said.

He added, “Many Chartered Accountants and IT Professionals belonging to the state are working nation-wide, have set their base in other cities like Noida, Mumbai, Hyderabad, Bangalore, Kolkata etc. and Rajasthan is willing to provide them with a base in their home state with an affordable cost, therefore, the park has been proposed.”

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