The Global Capability Centers (GCC) Policy was adopted by the Uttar Pradesh government with the goal of making the state a major global service hub and reaching its lofty $1 trillion economic ambition, according to the media.
The program, which was approved at a cabinet meeting on Tuesday, May 6, under the direction of Chief Minister Yogi Adityanath, aims to draw significant investments from global corporations in fields including information technology, banking, healthcare, engineering, and new technologies.
Officials anticipate that the incentives would entice international companies to open offices in Uttar Pradesh.
Alok Kumar, the principal secretary for industrial development, emphasized the state’s highly qualified workforce in a number of disciplines, including as engineering, science, and law.
He pointed out that in order to get high-quality labor at cheaper prices, several international corporations are establishing offshore development centers in Uttar Pradesh.
The policy offers several incentives to investors:
Operational Subsidy: Up to Rs 180 crore in support for a 20% subsidy on costs including rent, power, bandwidth, and data services.
Payroll Subsidy: Up to Rs 1.8 lakh in annual compensation for workers’ salary who live in Uttar Pradesh.
Assistance up to Rs 20,000 for employing recent graduates and Rs 5,000 per month for internships is known as the Fresher and Intern Subsidy.
The strategy also covers training, R&D funding, and EPF for socially disadvantaged groups.
Additional advantages include SGST refund, capital and interest subsidies, and exemptions from land and stamp duty.
There are now about 1,700 GCCs in India, and this number is expected to rise quickly.
MAQ has set up a 3,000-seat engineering development facility, and Microsoft has started building a 10,000-seat development center in Noida.
In addition to the NCR and Noida areas, the state intends to build these facilities in cities like Varanasi, Kanpur, and Prayagraj.
Also read:Â Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
