IFCI Financial City at Bangalore which is being developed at an investment of over Rs 1,000 crore would be a regional financial hub. The State government has allotted 50 acre of land, near the airport to IFCI Infrastructure Development Limited (IIDL) for this project, which is to be completed in three years time.

Finance Minister Pranab Mukherjee reiterated the need for a better taxation policy and it would give desired result with well trained people only.  He inaugurated the new campus of direct taxes regional training institute (DTRTI) in Bangalore on Sunday. Income Tax department has sponsored the institute. DTRTI was established in Bangalore in 1973 and has its jurisdiction spanning across South India, covering Karnataka, Goa, Andhra Pradesh, Tamil Nadu and Kerala. But the establishment of the training centre in Chennai, Bangalore centre is taking care of AP, Karnataka and Goa. Bangalore Centre provided training for about 4,000 personnel of Income Tax Department.

Mukherjee said that the direct tax base has gone up substantially and he was happy that at present almost 60 per cent of tax income came from direct taxes. Mukherjee also laid the foundation stone for India’s first financial city at Hardware Park, Bagalur Road, Bangalore. The State government has allotted 50 acre of land, near the airport to IFCI Infrastructure Development Limited (IIDL) for this project, which is to be completed in three years time.  IIDL is developing premium urban infrastructure at the site in association with leading banks and institutions. The project is being developed to serve as a model for regional financial centers across the country.  Chief Minister D V Sadananda Gowda and Union Corporate Affairs Minister.  M Veerappa Moily were also present. IIDL Chairman & IFCI MD Atul Kumar Rai said “IFCI Financial City at Bangalore which is being developed at an investment of over Rs 1,000 crore would be a regional financial hub. The project is a landmark development based on institutional partnerships pioneered by the Government of Karnataka.”