Soon the talent pool available in Uttar Pradesh (UP) will have access to opportunities. The Cabinet of the state has given its nod to the Global Capability Centres (GCC) Policy, 2024.
Under this policy, global companies will enjoy subsidies to set up their GCCs in Uttar Pradesh. Successful implementation of the policy will give rise to two lakh jobs in the state in the areas of customer support, analytics, HR, finance and so on.
With global demand surging for talent and expertise in the fields of artificial intelligence (AI), robotics, quantum computing and fintech, the GCC Policy offers much needed support for expansion and research and development. It is hoped that the policy will help make the state a hub for GCCs and attract global investors wishing to invest in enterprises related to healthcare, automotive, emerging technologies and IT/ITeS. This will not only create employment for the youth of the state but will also give a push to the economy of smaller cities.
Among other benefits under the policy, a 20 per cent operational subsidy will be offered to cover lease/rent, power charges, data centre/cloud service costs, up to Rs 40 crore a year to GCCs of level 1 and up to Rs 80 crore a year to advanced GCCs for five years.
The payroll subsidy will reimburse salaries, up to Rs 1.8 lakh per employee (for those with UP-domicile annually) and up to Rs 1.2 lakh per employee per year for other workers no exceeding a limit of Rs 20 crore annually for three years.
A subsidy of Rs 20,000 per fresher hired (with UP domicile and passing out of UP-based colleges/institutions) will be offered for five years on recruitment of a minimum of 30 freshers every year.
Grants of not more than Rs 10 crore will be given to establish centres of excellence or COEs, to give a boost to research and development and encourage innovation and academic partnerships.
Subsidies on interest and land along with reimbursement of state GST on capital goods are the other attractions.
