Noida can be a global financial hub: Assocham

The Associated Chambers of Commerce and Industry of India (Assocham) has proposed development of Noida as International Finance Technology City on the lines of Tokyo, Shanghai, Paris and London.

The proposed city could generate additional 1.2 million direct and indirect employment opportunities by 2020 counting on growing infrastructure like DND toll bridge, metro connectivity, projected international airport, Yamuna Expressway, export processing zone (EPZ) and IT.

If ever it happens, it would another feather in Noida’s cap, which has India’s only Formula One Buddh International Circuit in its backyard, and the billing as a top software hub in the country.

Meanwhile, its blueprint has been submitted to Uttar Pradesh chief minister Mayawati with emphasis that Noida International Finance Technology (NIFT) City would create over million new jobs, spur economic growth and accrue handsome revenue to the exchequer. As a software hub, Noida contributes significantly to the Gross State Domestic Product (GSDP) of UP.

Assocham secretary general, D S Rawat said the state could float 50:50 joint venture on public private partnership (PPP) and name it UP International Finance Tech City Company Limited. Besides, the chamber has offered expertise of its international constituent experts to develop NIFT City.

In the survey conducted by ASSOCHAM in northern cities, Noida emerged as the best suited due to large tracts of developed infrastructure, good communication network and a large pool of qualified and trained workers.

It has suggested the government to launch immediate plans to upgrade existing infrastructure and set up institutional framework for coordination. UP has earmarked 7,00,000 square meters of land for industry in Noida. Over 6,000 manufacturing units have already started their operations with an investment of Rs 12,700 crore providing direct employment to over 30,000 people and 2,00,000 indirect job opportunities. Going forward, the state is encouraging PPP in industrial development, foreign direct investments, promoting exports and formulating industry specific packages.

Reviewing tax structure, revitalising existing investment to make them productive and recognising the role of service sector.