Tamil Nadu Budget 2021

Phase 1 of fintech city project to come up in Nandambakkam

P.T.R.Palanivel Thiagarajan. File Photo  

A fintech city in Chennai will be developed in two phases at Nandambakkam and Kavanur, Finance Minister Palanivel Thiaga Rajan announced in the State Assembly on Friday. The first phase will be developed at Nandambakkam at an estimated cost of ₹165 crore.

“Tamil Nadu has a huge potential in FinTech and a separate fintech policy will be released shortly,” he said while presenting the revised budget for 2021-22 in the House. A separate “fintech cell” will be formed in this regard, he said.

New flyovers would be built at three places in Chennai city — at Ganesapuram subway, at the intersection of Konnur High Road — Strahans Road and at South Usman Road at an estimated cost of ₹335 crore.

Kasimedu fishing harbour would be upgraded at ₹150 crore in association with Chennai Port Trust. The Integrated Storm Water Drain Network project in the Kosasthalaiyar River Basin assisted by the Asian Development Bank will be implemented and in the Budget Estimates for 2021-22, a provision of ₹87 crore has been made.

Phase 1 of fintech city project to come up in Nandambakkam

Singara Chennai 2.0 will be launched with an emphasis on clean and green Chennai and Chennai will become a city without wall posters, Mr. Rajan said.

The Chennai City Partnership Programme will be launched with assistance from the World Bank and the Asian Infrastructure Investment Bank shortly, he said.

Metro extension

Services on the Kodambakkam to Poonamallee bypass section of the Metro Rail project will be commenced within four years by June 2025 and the entire Metro Rail Project Phase II will be completed by December 2026, he said.

The government would speedily take up the extension of the Metro Rail project from Airport to Kilambakkam bus terminus via Tambaram.

A feasibility report would be prepared for transmitting Krishna water through pipelines from Andhra Pradesh to the reservoirs of Chennai.

Underground sewerage systems will be provided to all the added areas of Chennai city at a cost of ₹2,056 crore.

The scheme to prevent flow of sewage into waterways in Chennai will be vigorously implemented at a cost of ₹2,371 crore.

Tidel Park

Expanding the Tidel Park model across the State, the government would establish Tidel Parks in Tier II and Tier III towns. In the first stage, these parks would be set up in Thoothukudi, Vellore, Tiruppur and at Thiruchitrambalam in Villupuram district (close to neighbouring Puducherry).

Though the Centre announced the establishment of Defence Industrial Corridor connecting Hosur, Salem, Tiruchi and Coimbatore, the support of the Union government has been limited, he contended and said: “The State government will take this project forward with the establishment of a defence component manufacturing park in Coimbatore on 500 acres at a cost of ₹225 crore. This park is expected to attract investment of ₹3,500 crore.”

SIPCOT parks

New SIPCOT parks will be created in industrially backward districts such as Tiruvannamalai, Dharmapuri, Tirunelveli, Virudhunagar, Sivagangai, Villupuram, Namakkal, Theni and Nagapattinam, the Minister added.

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Printable version | Nov 27, 2021 12:16:59 PM | https://www.thehindu.com/news/cities/chennai/phase-1-of-fintech-city-project-to-come-up-in-nandambakkam/article35905833.ece

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