&w=3840&q=100)
Need to push GCC with policy support, exact action points: DEA Secy
'We need exact action points. What should be allowed to grow organically, where a fillip is needed, and which are those areas of collaboration where government or industry needs to come forward and engage further,' Thakur said.
Speaking at the CII's GCC Business Summit, the DEA Secretary said strong physical and digital infrastructure, strategic interventions through the Digital India initiative, streamlined approval processes, and India's large talent base have helped GCCs thrive.
Noting that there are over 1,800 GCCs operating out of India, Thakur said these centres are major engines of revenue, growth and employment, and need to expand their geographical footprint.
Thakur highlighted India's large annual output of STEM graduates, a diverse workforce with significant female participation, and a young median age. These demographic factors, she said, provide fertile ground for continued GCC growth and expansion. She added that as GCCs expand into engineering, AI, and emerging technologies, there is a need to introduce specialised academic courses.
Referring to the PM Internship Scheme, Thakur said, 'Unfortunately, GCCs could not participate to the extent that we had expected in the PM Internship Scheme, and we found the decision-making probably could have been faster than that.'
Speaking at the event, Labour Secretary Vandana Gurnani said that GCCs should leverage existing employment initiatives such as the Employment Linked Incentive (ELI) scheme for talent acquisition, and noted their substantial potential for job creation.
She also highlighted ongoing collaboration with state governments to advance labour reforms. Gurnani outlined the expansion of career lounges in universities, which can serve as talent pipelines for the GCC sector, and noted India's international agreements for workforce mobility that can be effectively leveraged for GCC operations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
Boxing polls: Interim committee rejects Anurag Thakur's nomination
New Delhi: A day after Himachal Pradesh Boxing Association (HPBA) nominated Anurag Thakur for the August 21 Boxing Federation of India (BFI) elections, the interim committee, headed by World Boxing representative, Fairuz Mohamed, the Singapore federation president, has rejected it. New Delhi, India - November 24, 2021: Union Cabinet Minister Anurag Singh Thakur addresses the media on Cabinet decisions at National Media Centre, in New Delhi, India, on Wednesday, November 24, 2021. (Photo by Sanjeev Verma/ Hindustan Times) (Sanjeev Verma/HT PHOTO) The new electoral college was prepared on Wednesday and has been handed over to the newly-appointed Returning Officer, Justice (retd) Rajesh Tandon, who was appointed on Monday. However, part of the electoral college are erstwhile BFI treasurer Digvijay Singh and secretary general Hemanta Kalita, who were removed by outgoing president Ajay Singh over charges of financial wrongdoing. Digvijay Singh has been nominated by the Madhya Pradesh unit and Kalita by Assam. Delhi Amateur Boxing Association's Rohit Jainendra Jain's nomination has also been rejected. Both Rohit and Thakur have been found in violation of Article 20 (iii) of BFI's constitution that mandates the candidates to be 'an elected member of the State/UT member association during the election AGM duly notified to BFI and in presence of BFI observer.' Thakur's nomination has also been found in violation of Article 20 (vii) that states the candidate 'shall not be a Government servant or hold a public office.' Thakur, a former union minister, is currently a Lok Sabha MP from Hamirpur in Himachal Pradesh. Out of the 34 state units of BFI, 30 have given support to the new constitution under which Thakur and Jain were disqualified from contesting, urging that the elections be held on schedule and as per the World Boxing-approved constitution. The dissenting state units — Himachal Pradesh, Delhi, Madhya Pradesh and Gujarat — have petitioned courts challenging these sections of the BFI statute. The pleas will come up for hearing in Himachal, Delhi and MP on Thursday. Each state unit is required to nominate two candidates for the elections. The rejection of Rohit's nomination means Neeraj Jain will be the sole candidate from Delhi while Rajesh Bhandari, vice-president in the previous body, remains the only nominee from Himachal Pradesh. Thakur's earlier exclusion had led to litigation. The hearing is scheduled for August 18. The Indian Olympic Association (IOA), in a letter to the union sports ministry on July 30 had recommended that the interim committee be dissolved and the elections be held under the supervision of IOA or an independent authority nominated by the high court or the ministry. The tenure of the previous set of BFI office-bearers ended on February 2. Elections were initially set for March 28, but were delayed due to litigations that led to the World Boxing setting up an interim committee with Ajay Singh as its head. The tenure of that panel ended on August 2 with Singh's resignation to contest for the president's post for a third term. World Boxing then designated Mohammed as the interim panel head till the new body takes over after elections.
The Hindu
4 hours ago
- The Hindu
Blue Flag project to be expanded to three more Chennai beach stretches
Chennai's three beaches — Thiruvanmiyur, Palavakkam and Uthandi — are expected to be developed under the Blue Flag certification programme. Further, the Greater Chennai Corporation (GCC) is set to begin work on the second phase of the Marina Beach Blue Flag project — from the Mahatma Gandhi Statue to Nochi Nagar, opposite the Karaneeswarar Koil Street. After the inauguration of the Blue Flag project at Marina Beach by the Deputy Chief Minister Udhayanidhi Stalin on Sunday, Mayor R. Priya said a total of 30 acres along Loop Road had been planned for the next stage. She further said the Detailed Project Report was being prepared for these sites, and the tender would be finalised soon. The works, estimated to cost over ₹6 crore for each beach, will be funded under the Tamil Nadu: Strengthening Coastal Resilience and the Economy Project, supported by the World Bank. The plan includes new toilets and changing rooms, wheelchair-accessible paths, solar lighting, waste bins, lifeguard stations and grey water treatment systems. Seating areas and Blue Flag programme-compliant signboards will also be installed. Dedicated access for persons with disabilities will be created, according to the GCC. 'A total ₹6.02 crore has been allocated for each beach. The works will take seven months to complete, and the beaches will then be maintained for another year under the same contract by the private party engaged,' an official said. There was no mention of shops in the proposals for any of the four Blue Flag projects. To this, the Mayor said the decision to remove shops in the first phase at Marina Beach received good response from the public. 'This is also crucial to keep the beach clean — a critical criterion for Blue Flag certification. A complex can be set up for authorised vendors, and illegal shopkeepers will be evicted as per GCC regulations,' she said.
Time of India
4 hours ago
- Time of India
Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance
The Saudi riyal was the second most-used currency after the US dollar in GCC debt markets, raising $7 billion from eight issuances In the first half of 2025, Saudi Arabia retained its position as the top issuer in the Gulf Cooperation Council's debt markets, raising $47.93 billion through bonds and sukuk. While this figure reflects a nearly 20 percent drop from the same period last year, the Kingdom still commanded over half of the region's total issuances. A new report by Kuwait Financial Centre 'Markaz' provides a detailed view of the GCC's evolving fixed income landscape, highlighting shifting issuance preferences, currency trends, and sector-wise activity. Saudi Arabia at the Forefront – But Issuances Decline According to a comprehensive report by Kuwait Financial Centre (Markaz), Saudi Arabia raised $47.93 billion from 71 bond and sukuk issuances during the first six months of 2025. This accounted for 52.1 percent of total debt activity across the GCC, confirming the Kingdom's dominant role in the region's primary debt market. However, this volume represents a 19.8 percent decrease compared to $59.73 billion raised during the same period in 2024. Despite the drop, Saudi Arabia maintained a significant lead over its regional peers. Here's how other GCC countries performed in the first half of 2025, based on total issuance volume and market share: Saudi Arabia : Raised $47.93 billion through 71 issuances Accounted for 52.1% of total GCC debt issuance Down from $59.73 billion in H1 2024 (-19.8% year-on-year) United Arab Emirates (UAE) : Secured $24.03 billion from 69 issuances Represented 26.1% of the regional total Marked a 22.2% increase from the previous year Qatar : Raised $10 billion across 58 issuances Captured 10.9% of total GCC issuance Bahrain : Collected $5.62 billion from 7 issuances Made up 6.1% of the regional total Reflected a 49.7% increase year-on-year Kuwait : Issued $3.39 billion through 4 transactions Accounted for 3.7% of the GCC total Saw a 48% year-on-year increase Oman : Recorded $1.08 billion from 6 issuances Held the lowest market share at 1.2% Across the region, GCC-wide debt issuance totaled $92.04 billion from 215 issuances in H1 2025, down 5.5 percent year-on-year from H1 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When Knee Pain Hits, Start Eating These Foods, and Feel Your Pain Go Away (It's Genius) Click Here Undo This regional total reflects the combined efforts of sovereigns, corporates, and financial institutions to tap into capital markets amid changing macroeconomic conditions. In its December review, Fitch Ratings noted that total outstanding debt in the GCC surpassed $1 trillion, a milestone reflecting the maturing debt ecosystem in the Gulf. Changing issuance preferences – rise of conventional debt Markaz highlighted a shift in issuance trends within the GCC in early 2025. Conventional bonds made up 56.1 percent of total debt instruments, marking a reversal from H1 2024, where sukuk (Sharia-compliant bonds) held a majority share. In terms of value: Conventional debt issuance rose 7.8 percent year-on-year to $51.61 billion. Sukuk issuances, in contrast, declined 18.2 percent, amounting to $40.43 billion. For context, sukuk are Islamic financial certificates that provide partial ownership in an asset pool and are structured to comply with Islamic law, serving as an alternative to interest-bearing bonds. The increasing appeal of conventional bonds in 2025 appears to reflect evolving investor appetite and greater flexibility in issuance terms. The GCC debt market is continuing to diversify in both format and funding sources. Currency landscape – USD dominates, riyal follows The US dollar remained the preferred currency across the GCC primary market. In the first half of 2025: USD-denominated issuances reached $73.1 billion across 146 deals, representing 79.4 percent of total issuance volume. The Saudi riyal was the second most-used currency, with $7 billion raised from eight issuances. Currencies grouped under "other" amounted to $2 billion, of which the Hong Kong dollar contributed $682 million from 20 issuances, accounting for 0.74 percent of the region's total. A separate Fitch Ratings report from April revealed that GCC countries were responsible for over 35 percent of all emerging-market US dollar debt issued in Q1 2025, up from approximately 25 percent in 2024, excluding China. These figures underscore the continued international appeal of GCC sovereign and corporate issuances, particularly among dollar-based investors. Sector & issuer breakdown – corporates lead activity Corporate issuances surged in H1 2025, rising 67.7 percent year-on-year to reach $60.20 billion. This represented 65.4 percent of the region's total debt activity. By contrast: Government-related entities issued $11.2 billion across 11 deals, posting a modest 1.8 percent increase from the prior year. Sovereign issuances fell sharply by 48.2 percent, totaling $31.85 billion across the region. In terms of sectoral distribution: The financial sector led with $40.1 billion raised through 167 issuances, making up 43.6 percent of all activity. Government entities followed with $31.9 billion from 25 issuances. The energy sector recorded $8.6 billion from nine deals, accounting for 9.4 percent of the total. Remaining sectors together comprised 12.5 percent of total issuance. The issuance size across the GCC ranged widely, from as little as $2 million to $5 billion, reflecting varying capital needs and issuer profiles across public and private institutions.
