HYDERABAD, 4 December — In keeping with its image of a city in a hurry, Hyderabad has taken the first step toward setting up a financial district that will support the flurry of business activity in Andhra Pradesh.
The financial district, the foundation stone for which was laid by Prime Minister Atal Behari Vajpayee Saturday, will be the first step toward Chief Minister Chandrababu Naidu’s goal to make Hyderabad India’s second financial capital after Bombay. Vajpayee also laid the foundation stone for the headquarters of the Insurance Regulatory and Development Authority (IRDA) to be located in the financial district.
After becoming the medical and pharmaceutical capital of the country, establishing itself as an important IT hub and launching several initiatives in the areas of biotechnology, the city has set its sight to become the hub of financial services.
The financial district will have major insurance companies, top banking and financial institutions, asset management companies and venture capital companies.
The financial district, to be developed by Andhra Pradesh Industrial Infrastructure Corporation Ltd. near Hitec City, will have training institutes in insurance and financial services. The Hyderabad Stock Exchange will be upgraded to a specialized exchange for knowledge-based companies.
The financial district will meet the demands of a regional hub of international financial activity covering insurance companies, international banks, asset management companies, venture capitalists, financial and insurance regulatory authorities, stock and commodity exchanges and insurance training academies and institutions.
The foundation stone for the financial district was laid on the day when the campus of Indian School of Business, India’s first world-class business and management school, was inaugurated. The state government has allocated 100 acres of land near Indian School of Business to develop it as an insurance and finance center to house a large number of financial sector players by providing state-of-the-art infrastructure.
The financial district will house world-class institutes for insurance and banking. These institutes will be designed to provide long-term and short-term education and training programs including programs in insurance and risk management, sales and broker training, banking and insurance technologies. The financial district will have modern infrastructure including fiber optic connectivity, excellent telecom facilities, excellent logistics in terms of road, rail and air connectivity.
