Tamil Nadu plans new financial technology hub in Coimbatore with four billion rupees

Tamil Nadu will set up a new financial technology hub in Coimbatore backed by an investment of four hundred crore rupees. S. Vijayakumar, who serves as Additional Chief Secretary for the Industries, Investment, Promotion and Commerce Department, shared this update during a virtual address at an industry summit in Coimbatore. He noted that Chennai and Coimbatore hold strong potential to grow as major bases for Global Capability Centres focused on financial technology.

Industry Reach

India currently counts one point nine million professionals working across more than seventeen hundred such centres, while Tamil Nadu alone hosts roughly four hundred sixty facilities. For every direct job created by these offices, three to four indirect jobs are also generated. Tamil Nadu boasts a low staff turnover rate of six point five to seven point five percent, which ranks among the best nationwide. The state also maintains a dedicated policy to attract investments and aims to build a quantum-safe environment.

Growth Outlook

Manoj Marwah of EY India stated that industry stakeholders aim to grow these global centers into a six hundred billion dollar market, matching their current contribution of three point five percent to the nation's GDP. Coimbatore currently houses over seventy-five such facilities and targets expanding that count beyond two hundred. The city benefits from a strategic location between Chennai, Bengaluru, and Hyderabad, alongside strong middle-level management talent and applied engineering skills. V. Noushad, chairman of the CII Coimbatore zone, added that global companies already operating locally are helping build a supportive ecosystem, though the city must still upgrade its infrastructure to win future investments.