Fintech Cluster: Karnataka seeks support to set up a Fintech Cluster | News from Bangalore

Bengaluru: Ahead of the Union Budget 2024, the Karnataka government on Friday strongly pushed forward the proposal to set up a dedicated central business district (CBD) in the state, similar to the Gujarat International Finance Tech (GIFT) city in Ahmedabad in Gujarat.
Drawing the Centre’s attention to these projects, Karnataka IT and BT Minister Priyank Kharge met Union Finance Minister Nirmala Sitharaman and sought her cooperation. Kharge said, “This will serve as a global fintech and IT hub, consisting of a conducive multi-service SEZ and Exclusive Domestic Tariff Area (DTA). The state is strategically located and is well placed to replicate what has been set up in Ahmedabad.” He further said that a GIFT city in Karnataka will ultimately boost economic growth and create numerous employment opportunities and attract foreign investments.
Subsequently, Kharge met Union Minister for Electronics and IT Ashwini Vaishnav and discussed greater fiscal support for electronics and semiconductor companies in Karnataka.
Kharge also highlighted the state’s efforts to set up industrial estates for electronics and semiconductor manufacturing, along with related supply chain ancillary services. “Some of the sunrise areas of this cluster are Mysuru, Hubballi-Dharwad, Chikkaballapur. Areas near Bengaluru would be developed as mobile phone assembly and electric vehicle manufacturing clusters. Besides, we are developing two land parcels — Kochanahalli industrial estate in Mysuru district and Kotur-Belur industrial estate in Dharwad district — for a cluster under the Modified Electronics Manufacturing Cluster (EMC 2.0) scheme, along with two other EMCs around Bengaluru. These require expeditious approval as investors are awaiting final allotment of land,” he said.

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