Karnataka Unveils Draft Of India's First Global Capability Centre Policy, Targets 500 Centres By 2029
The draft policy, which is open for public suggestions and feedback, is expected to be finalised within the next 30-45 days
The Karnataka government on Friday unveiled the draft of India's first Global Capability Centre (GCC) policy, with an ambitious goal of establishing 500 centres by 2029 and creating 3.5 lakh jobs. The policy aims to contribute USD 50 billion to the state’s economy over the next five years.
Announcing the policy, Information Technology and Biotechnology Minister Priyank Kharge said, "We expect the GCC sector to grow at a compound annual growth rate of 12-14 per cent over the next decade, and foresee Karnataka holding nearly 50 per cent of the national GCC market share by 2029."
The draft policy, which is open for public suggestions and feedback, is expected to be finalised within the next 30-45 days.
To support the growth of GCCs, the state has announced several incentives, including reimbursement of internship costs for one lakh interns over the policy period. Fiscal incentives related to employee costs, such as reimbursement of Employee Provident Fund (EPF) contributions, are also being considered.
In a move to encourage GCCs in co-working spaces, the government will bear the cost of vacant seats for the next three years. Additionally, a Rs 100 crore 'innovation fund' has been earmarked to support joint research projects between academia and GCCs.
Currently, Karnataka is home to over 570 GCCs, the highest in India, with 1.2 million workers in the sector contributing USD 22.2 billion to the state’s economy.
