The government is setting up a fintech city and trying to bring in more investments in aerospace hubs and defense corridors
The government is setting up a fintech city and trying to bring in more investments in aerospace hubs and defense corridors
The Tamil Nadu government has started the process of setting up a fintech city in Chennai and bringing in more investments in aerospace hub and defense corridor.
According to an official of Tamil Nadu Industrial Development Corporation (TIDCO) Limited, the nodal agency, a consultant will be selected for the design-cum-project management soon for setting up of Fintech City at Nandambakkam.
The official said that with a dedicated fintech policy to accelerate investments, the government, driven by its investor-friendly policies, is confident of nurturing, promoting and developing the fintech eco-system. Hindu.
TIDCO has earmarked 112 acres of land for Fintech City. It will be a state-of-the-art hub as the government seeks to develop Chennai as a hub for financial services and related activities, primarily driven by next-generation technologies.
As part of the Fintech City to accommodate fintech companies, a fintech tower will be constructed with a minimum built-up area of five lakh square feet in one phase. A startup hub of minimum 1 lakh square feet will also be set up to make it a startup hub.
The fintech city would comprise of entities that would over time be linked to the proposed regional fintech hubs in the state. “The aim is to increase Chennai’s share in the fintech industry from the current level of 5% in the coming years,” the official said.
TIDCO is selecting a marketing consultant to promote Defense Industrial Corridor investments in the state.
Towards creating an integrated ecosystem for the development of the aerospace industry, covering design, engineering, manufacturing, servicing and maintenance of aircraft for the civil and defense sectors in Tamil, apart from technically supporting the existing aerospace units There are plans to attract aerospace and defense companies. Officials said that Nadu.
A separate policy for the development of the aerospace industry was issued (in 2019) with a view to achieve over 30% of the Indian aerospace industry output. As a part of the plan to move the state up the value chain, it has set up an Aerospace Components Manufacturing Park at Sriperumbudur near Chennai in an area of about 260 acres. It will be expanded over 600 acres.
About 20 companies are setting up the facilities at present and the government expects at least 50 companies to start operations here as 170 acres of land is more available, an official said. The aerospace park is expected to attract an investment of Rs 5,000 crore.
The government is also setting up such aerospace and defense parks at all nodes of the Defense Corridor. According to officials, the construction of an Advanced Computing and Design Engineering Center (Aerohub), which will host engineering and design centers of aerospace and defense companies in Sriperumbudur, was nearing completion.
The government will set up some centers of excellence in PPP mode to support the growth of this sector and also set up some common facilities and testing centers for the benefit of the companies.
There are around 60 educational institutions in the state, including IIT-M and MIT, that offer aeronautical engineering courses, which will bring in the required human resources, the official explains.
TIDCO has drawn up a strategy for the implementation of the corridor. “The marketing consultant is being engaged to promote investments in the corridor. The plan is to generate investment of about Rs 10,000 crore from defense manufacturing industries and provide employment opportunities to 10,000 people within the next five years.