Rajasthan industrial body RIICO to develop fintech park in Jaipur to attract IT, financial firms

The Rajasthan State Industrial Development and Investment Corporation (RIICO) will develop a fintech park — announced by Chief Minister Ashok Gehlot in the state budget last week to attract IT and financial firms — in Jaipur in over 4.08 lakh sqm area, a state official said.

The fintech park will be an integrated development of IT and finance that will offer large workspaces for both sectors, Industries Secretary Ashutosh Pednekar said.

The park, aimed at attracting an investment of Rs 3,000 crore, will be developed on land allocated by the government near B2 bypass and Tonk road — which is in close vicinity of the airport. A total of 408590.85 sqm of the land area is allocated for the fintech city development

He informed that the project cost is Rs 106 crore that includes developing basic infrastructures like road and parking, street lights, water, electricity, parks, community facilities, and public utility area, among others.

Nearly 55 percent of the land area under the project is dedicated to commercial plots and flatted factories, and the rest of the area is for common facilities like a food court and park.

"Many chartered accountants and IT professionals belonging to the state are working nationwide, 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, he said.

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The officer said that Jaipur has the advantage of having the best location in the city with proximity to cities like Ahmedabad and Delhi.

Comparing the dominance of China and India in the fintech space, it is said that despite the size and success of China’s digital ecosystem platforms, it’s India that currently holds Asia’s fintech hub crown. To support further this positioning, Rajasthan can contribute a lot to nation-building.

(Disclaimer: Additional background information has been added to this PTI copy for context)