Uttar Pradesh (UP) is set to transform into a major Global Capability Centres (GCC) destination with its GCC Policy 2024, leveraging its strategic location, robust infrastructure, and vast talent pool. The policy aims to attract multinational corporations (MNCs) to establish high-value service hubs, driving innovation in AI, data analytics, and cybersecurity, and contributing to India’s $110 billion GCC market by 2030.
Why UP for GCCs?
- Infrastructure: UP has invested ₹5.31 lakh crore in industrial development over five years, with projects like the Ganga Expressway, Jewar Airport, and modern office spaces in Noida and Ghaziabad. Noida’s rise as a Data Centre and Semiconductor hub has attracted companies like Samsung and HCL.
- Talent Pool: Producing 12.75 lakh graduates annually from institutions like IIT Kanpur and IIM Lucknow, UP boasts India’s largest employable youth demographic. Over 1.5 million youth have been skilled since 2014.
- Sectoral Strength: UP excels in software, BFSI, healthcare, and ESDM, making it ideal for knowledge-intensive GCC operations.
GCC Policy 2024 Highlights
- Fiscal Incentives: Up to 50% land subsidies, 100% stamp duty reimbursement, 25% capital subsidies, and support for operational expenses like lease rentals and payroll.
- Non-Fiscal Support: A Technical Support Group and Nivesh Sarathi portal streamline regulatory compliance and business operations.
- Hub-Spoke Model: Decentralized GCC operations in Tier II cities to leverage regional talent and enhance efficiency.
- Innovation & R&D: Grants for Centres of Excellence, partnerships with academia, and patent expense reimbursements.
- Regulatory Ease: Exemptions from state regulations, reduced inspections, and Floor Area Ratio adjustments.
- Sustainability: Focus on eco-friendly practices and risk mitigation for cybersecurity and geopolitical challenges.
Implementation & Outlook
Managed by Invest UP’s Policy Implementation Unit, the five-year policy aims to position UP as a leader in high-value digital services. With its business-friendly environment, skilled workforce, and world-class infrastructure, UP is set to drive job creation, technological innovation, and sustainable growth, strengthening India’s global GCC leadership.