Due to rapidly developing infrastructure and GCC Policy 2024, Uttar Pradesh is becoming the new investment hub of global companies. A target has been set to provide high-value employment to more than 5 lakh youth through more than 1000 GCCs.
Lucknow. Due to rapidly developing infrastructure, Uttar Pradesh is now becoming a preferred destination for long-term investments for global companies. The state has emerged as an emerging investment destination, especially for Global Capability Centers (GCC).
In the last nine years, under the leadership of Chief Minister Yogi Adityanath, Uttar Pradesh has taken concrete steps towards a knowledge and service based economy. Industry experts believe that Uttar Pradesh will become a big center for global companies in the coming times.
Target of more than 1000 GCCs and more than 5 lakh employment
The state government has set a target of setting up more than 1000 GCCs in Uttar Pradesh. Through this, more than 5 lakh youth of the state are likely to get employment opportunities. This initiative is considered important towards making Uttar Pradesh a major center of high skill and high-value employment.
Investor confidence strengthened by Uttar Pradesh GCC Policy 2024
Yogi government has adopted policy clarity and long-term vision through Uttar Pradesh GCC Policy 2024. This has addressed the biggest concern of global companies – uncertainty of rules and delays in processes.
The government has created a clear framework for investors, so that they can clearly understand the terms, conditions and responsibilities right from the beginning. This has increased the confidence of investors and speeded up the decision making process. The result is that at present about 90 GCCs are already operating in the state.
Reduction in initial investment cost due to land based incentives
Land based incentives given by the state government are playing an important role in reducing the initial cost of investment. The government thinks that if the investor gets strong structural support in the initial phase, he will remain associated with the state for a long time.
For this reason, priority is being given to permanent industrial structure instead of temporary office or rental arrangement only. This model is being considered helpful in making the industrial scenario of Uttar Pradesh strong and stable.
Special emphasis on timely implementation of investment
The focus of the Uttar Pradesh government is not limited only to attracting investment, but also on its timely implementation. Accountability has been fixed for this, so that the projects can be completed within the stipulated time. For this reason, in the eyes of investors, Uttar Pradesh has now emerged as a state where schemes are not only announced but also implemented on the ground. Investors are finding it safe and profitable to invest here.
GCC boosts high-value jobs and local talent
New high-value employment opportunities are being created in Uttar Pradesh through Global Capability Centres. Local youth are getting the opportunity to get international level experience in fields like information technology, engineering, data analytics and management. This will strengthen the human resource capacity of the state and effective control on brain drain will be possible.
Promoting regional balance by investing in less developed areas
The state government is encouraging investment especially in less developed areas. When global companies set up their GCCs in these regions, the local economy will get a boost and new employment opportunities will be created. This initiative will not only promote economic development but will also prove helpful in removing regional imbalance within the state.