Uttar Pradesh GCC Policy 2024 Aims to Boost Technology Hubs and Attract Investments

The Uttar Pradesh government has unveiled its Global Capability Centres (GCC) Policy 2024, aiming to attract Fortune 500 companies and significantly enhance foreign direct investments. The state plans to transform Noida, Lucknow, Kanpur, and Varanasi into major technology and digital service hubs.

The policy sets an ambitious target of generating over 200,000 high-salary jobs within the next five years, reflecting the state government's commitment to economic growth and youth employment opportunities. Special incentives are in place to entice top global corporations, reinforcing Chief Minister Yogi Adityanath's vision of making Uttar Pradesh a trillion-dollar economy.

The policy delineates criteria for establishing Level-1 and advanced GCCs, including substantial investment requirements and employment parameters. It extends lucrative subsidies and exemptions, such as land cost subsidies and stamp duty waivers, designed to lower costs and stimulate investment into Uttar Pradesh. The initiative also prioritizes innovation with benefits for startups, making the state a burgeoning hub for technological advancement.

(With inputs from agencies.)