Latest news with #UPGlobalCapabilityCentres
Hindustan Times
18-05-2025
- Business
- Hindustan Times
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.
Hindustan Times
06-05-2025
- Business
- Hindustan Times
Government rolls out UP GCC Policy
With an aim to make the state a hub for global services and achieve the $1-trillion economy target, the Yogi Adityanath government on Tuesday implemented the UP Global Capability Centres (GCC) Policy, 2024 on Tuesday. This policy will attract global companies to invest in Uttar Pradesh, creating new job opportunities and boosting economic growth in tier-2 cities, officials said. With rising global demand in sectors like AI, robotics, quantum computing, and fintech, the policy provides a strategic roadmap to support both advanced R&D and large-scale operational expansion. (For representation) The GCCs are offshore units of multinational corporations that provide specialised services such as IT, R&D, data analytics, and customer support. With rising global demand in sectors like AI, robotics, quantum computing, and fintech, the policy provides a strategic roadmap to support both advanced R&D and large-scale operational expansion. The policy has been framed to position the state as a preferred destination for the GCC investments, officials said. Backed by the strongest fiscal and non-fiscal incentives yet, is set to drive large-scale investments and job creation across key service sectors. Designed to position the state as a premier GCC investment hub, it offers a comprehensive support framework to attract global enterprises in IT/ITeS, BFSI, healthcare, automotive, telecom, and emerging technologies, they added. MAIN POINTS Operational subsidy: Twenty per cent subsidy on operating expenses, including on lease rentals, bandwidth expenses, power charges & data centre/cloud service costs, up to ₹ 40 crore per annum to level-1 GCCs and up to a maximum of ₹ 80 crore per annum to advanced GCCs, for five years. Payroll subsidy: Reimbursement of salaries, up to ₹ 1.8 lakh per employee having UP-domicile per year and up to ₹ 1.2 lakh per employee per year for other employees subject to maximum of ₹ 20 crore per year for a period of three years. Freshers' recruitment subsidy: This will be given @ ₹ 20,000 per fresher employee having UP-domicile passing out from UP-based colleges/ institutions, for annual recruitment of at least 30 such employees, for a period of five years. R&D and innovation incentives: Grants of maximum ₹ 10 crore for setting up centres of excellence, support for startup ideation, and academic partnerships, as per IIEPP-2022. Subsidy for IPR: Reimbursement of full cost incurred for filing patents up to a maximum of ₹ 5 lakh for domestic patents and up to a maximum of ₹ 10 lakh for international patents. Land subsidy: Around 30 to 50 per cent subsidy on land from State Industrial Development Authorities or any other state government agency. SGST refund: Reimbursement of state GST on capital goods. Interest subsidy: Five per cent subsidy on term loans for up to ₹ 1 crore per year for five years. Single window & fast-track approvals: Priority land allocation, online clearances, and dedicated investor facilitation through Invest UP. Why UP best positioned for GCC growth UP's thriving digital infrastructure includes India's largest IT Park in Noida, electronic manufacturing clusters, and expanding 5G connectivity. With five strategic focus cities (Noida, Greater Noida, Lucknow, Kanpur, and Varanasi), the state offers designated GCC zones and plug-and-play infrastructure. A robust business ecosystem, home to global IT firms, startup hubs, and world-class transport networks, further strengthens its position. Ranked at the top in the National Logistics Index and Ease of Doing Business rankings, UP also boasts India's largest single-window clearance system, Nivesh Mitra, ensuring seamless investment facilitation.
