Fintech
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 took a strong pitch for setting up a dedicated central business district (CBD) in the state, similar to the GIFT (Gujarat International Finance Tech) city of Gujarat to Ahmedabad. Drawing the Centre’s attention for 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 an exclusive domestic tariff area (DTA). The state is strategically located and is well positioned to replicate what has been established in Ahmedabad.” He further said that a GIFT city in Karnataka will ultimately boost economic growth and create numerous employment opportunities and attract foreign investment. 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 create industrial areas for electronics and semiconductor manufacturing, along with related ancillary supply chain services. “Some 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. Additionally, we are developing two land parcels – Kochanahalli industrial area in Mysuru district and Kotur-Belur industrial area in Dharwad district – for a cluster under the Modified Electronics Manufacturing Cluster (EMC 2.0) scheme, along with two other EMCs around Bangalore. These require quick approval as investors are awaiting final land allotment,” he said.
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