LUCKNOW: The Uttar Pradesh government is making a strong push to attract major companies and boost the state’s technology sector with its new Global Capability Centres (GCC) Policy 2024. The policy is designed to transform cities like Noida, Lucknow, Kanpur, and Varanasi into key hubs for technology and digital services.
According to a government statement, the GCC Policy 2024 is focused on attracting Fortune 500 companies and significant foreign direct investment. The state government has set an ambitious goal of generating over 2 lakh high-paying jobs in the next five years.
The policy outlines specific rules for setting up GCCs, categorizing them into Level-1 and Advanced GCCs. For Level-1 GCCs, companies must invest at least Rs 15 crore and employ 500 people outside of Gautam Buddha Nagar and Ghaziabad. Within those two districts, the minimum investment is Rs 20 crore. Advanced GCCs require a higher investment of Rs 50 crore (outside Gautam Buddha Nagar and Ghaziabad) or Rs 75 crore (within these districts) and employ at least 1,000 people. This structure aims to provide opportunities for both large and small investors.
To build investor confidence, the state government is offering a range of incentives, including subsidies on land costs (30-50%), full stamp duty exemption, capital subsidies (up to Rs 10 crore for Level-1 and Rs 25 crore for Advanced GCCs), SGST reimbursement, interest subsidies, and operational subsidies. The policy also emphasizes support for innovation and startups, with measures like cost reimbursement for startup ideation, Intellectual Property Rights (IPR) subsidies, and grants for setting up centers of excellence.
The government believes that these measures will significantly reduce set-up costs for companies and encourage more investment in the state. By attracting top global corporations, the Yogi Adityanath-led government aims to accelerate Uttar Pradesh’s economic growth and create a wealth of new opportunities for the state’s youth. The initiative is also expected to contribute to the government’s goal of making UP a USD 1 trillion economy.
