The Karn𝕴ataka go🎐vernment has introduced a draft Global Capability Centres (GCC) policy aimed at generating USD 50 billion in economic output by 2029. Launched on Friday, the policy seeks to attract 500 new GCCs and create 3.5 lakh jobs over the next few years.
Officials noted that the policy is designed to boost investor confidence, encourage collaboration with the local innovation ecosystem, and establi𒁃𝓡sh Karnataka as a global leader in Artificial Intelligence (AI) research and development.
Formulated through extensive consultations and industry research, the policy draws insights from o൩ver 500 discussions with industry leaders and experts, resulting in a comprehensive framework with ambitious targets for growth, collaboration,💛 and incentives.
During the event, Karnataka’s Information Technology and Biotechnology Minister Priyank Kharge said, "We are proud to launch India's first dedicated policy for Global Capability Centres (GCCs), which reaffirms Karnataka’s status as a top destination for innovation and business transformation. GCCs have evolved from back-office operations to being key drivers of global strate🉐gic initiatives, research and development, and technology solutions."
Kharge emphasized the critical role of GCCs in the state's growth, pointiᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚng out that with a wor🌼kforce of over 1.2 million and contributing USD 22.2 billion to the economy, GCCs are a significant source of employment and economic development in Karnataka.
"Through this policy, we expect the GCC sector to grow at a compoജund annual growth rate (CAGR) of 12-14 percent over the next decade. We foresee Karnataka holding nearly 50 percent of the national GCC market share by 2029. Our goal is to foster an ecosystem that promotes innovation, supports research and development, and nurtures top talent to ensure Karnataka remains the most attractive destination for GCCs globally," Kharge added.
The draft policy is currently open for public comments, with the government encouraging inputs from stakeholders to further refine a𒁃nd strengthen the꧅ policy.
Ekroop Caur, Secretary to the Government of Karnataka’s Department of Electronics, IT, BT and S&T, presented an overview of the draft GCC policy, highlighting its objectives, vision, and goals. She emphasized that the policy aims to expand t🎶he GCC ecosystem beyond Bengaluru with the introduction of the 'Beyond Bengaluru Package' to attract investments and spur development across the state.
"Our target is to establish 500 new GCCs by 2029, creating 3.5 lakh jobs a🍌nd generating an economic output of USD 50 billion," Caur said.
A not💎able aspect of the policy is the creation of Global Innovation Districts, with three new cutting-edge techno꧑logy parks — one in Bengaluru and two in 'Beyond Bengaluru' clusters. These parks will offer advanced infrastructure to facilitate collaboration between startups, tech leaders, and academic institutions. Anchor investors in these districts will be eligible for special incentives, while mega projects will receive customized incentive packages.
(This story has been slightly reworked from an auto-generated PTI feed.)
