UP GCC Policy: Govt aims to woo Fortune 500 companies, generate over two lakh jobs
With a focus on attracting Fortune 500 companies and foreign direct investment (FDI), the UP Global Capability Centres (GCC) Policy 2024 aims to position cities like Noida, Lucknow, Kanpur, and Varanasi as thriving hubs for technology and digital services, state government officials said on Sunday.
The government has set a target of generating over two lakh jobs in the next five years, and special incentives are being offered to attract investment from top global corporations, they added.
The policy lays out clear rules for setting up level-1 and advanced GCCs. For level-1 GCCs, companies must invest at least ₹15 crore or employ 500 people outside Gautam Buddha Nagar and Ghaziabad. In these two districts, the minimum investment is ₹20 crore.
Advanced GCCs require an investment of ₹50 crore (outside Gautam Buddha Nagar/Ghaziabad) or ₹75 crore (within these districts), along with 1,000 employees. This ensures equal opportunities for both small and large investors, officials said.
The state government has introduced incentives to win the confidence of investors -- including 30-50% subsidy on land cost, 100% stamp duty exemption, 25% capital subsidy (up to ₹10 crore for level-1 and ₹25 crore for advanced GCCs), state GST reimbursement, 5% interest subsidy, and 20% operational subsidy (up to ₹40 crore for level-1 and ₹80 crore for advanced GCCs).
Companies can also receive payroll support of up to ₹1.8 lakh per employee. These benefits will reduce setup costs and encourage investment in the state, officials said.
Customised incentive packages will be offered to GCCs set up by Fortune Global 500 or India 500 companies, as well as those with FDI of over ₹100 crore.
According to the state government, the policy also supports innovation and startups. It includes 50% cost reimbursement for startup ideation (up to ₹2 crore), an intellectual property rights (IPR) subsidy of ₹5-10 lakh for patents, and grants of up to ₹10 crore for setting up centres of excellence.
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