Government of Andhra Pradesh has planned to develop Hartford-like Financial District in Hyderabad, which will cater exclusively to financial and insurance related services sectors. It will provide all the modern facilities such as elegant physical infrastructure, central location, easy communication, plush offices, excellent communication and advanced technology, for reputed and large financial organisations. The Financial District will focus on insurance sector, financial research institutions, financial markets, commodities exchange, banking, law & secretarial firms, consulting firms, etc.

An area of around 130 acres near Nanakramguda has been earmarked for the project. The project is estimated to cost about Rs.200 crores.

The state of Andhra Pradesh has an objective of creating social wealth and improving the standards of living of its people. In its Vision 2020, Government of Andhra Pradesh has identified Infrastructure as a basis for achieving its objective of high growth. The creation of employment in the knowledge industries in the area of Biotechnology, Industrial and Information Technology is also strongly emphasised. The Vision 2020 document states the initiatives in various areas to be taken simultaneously and also at different stages to achieve the envisaged growth.

Government of Andhra Pradesh has recognised that the concurrent development of a financial district/centre will facilitate infrastructure, industrial and social development. It is a well-established fact that development of a sophisticated and state of the art financial district/centre accelerates the speed of development and provides the multiplier/spill effect to the economy. The efforts to build the financial district/centre can be synergised with the state’s endeavour for overall development.

The financial district/centre through its constituents such as venture capital firms, pension funds, infrastructure funds etc will support the establishment of knowledge based industries in biotechnology, information technology etc.

Latest News:

Global investment banker and securities firm UBS AG opened its India Service Centre (ISC) in the Financial District at Nanakramguda. Franklin Templeton is also setting up a unit and Microsoft Corp. also has facilities here.