Yogi Cabinet gives green signal to SOP-2025 of GCC Policy-2024

Lucknow: In a cabinet meeting chaired by Chief Minister Yogi Adityanath, approval was granted to the Rules-2025 for the effective implementation of the Uttar Pradesh Global Capability Centres (GCC) Policy-2024.

With the implementation of these rules, the state is expected to gain new momentum in global investment, high-end services, and large-scale employment generation.

Under the rules approved by the cabinet, Invest UP has been designated as the nodal agency. These rules will be deemed effective from the date of notification of the GCC Policy-2024 and will remain in force until amended or withdrawn by the state government.

Industrial Development Minister Nand Gopal Gupta Nandi, while informing about the cabinet decision, said, the investment climate in the state has significantly improved, due to which major industrial groups and multinational companies are approaching the government for investment.

He stated, the GCC Policy is highly beneficial for Uttar Pradesh and that the SOP has now been brought in to ensure its effective implementation. Investment under GCCs in the state is continuously increasing, and in the current financial year, 21 companies have already started investing under this framework.

Through this, extensive employment opportunities will be created in the state. As per the rules, a GCC will be a captive unit established by an Indian or foreign company, which will carry out strategic functions such as Information Technology, Research and Development (R&D), finance, human resources, design, engineering, analytics, and knowledge services.

To attract GCC units, the rules provide for a wide range of financial incentives. These include front-end land subsidy, exemption or reimbursement of stamp duty, capital subsidy, interest subsidy, operational expenditure (OPEX) subsidy, payroll and recruitment subsidy, EPF reimbursement, talent development and skill incentives, research and innovation incentives, as well as special incentives on a case-to-case basis.

In addition to financial benefits, GCC units will also be provided technical assistance groups, industry linkage support, regulatory facilitation, time-bound disposal of applications, and a streamlined mechanism for approvals and disbursement of incentives.

It has been clearly stated in the rules that all incentives provided under this framework will be in addition to the benefits available under any scheme or policy of the Government of India.

In the event of any legal dispute, judicial jurisdiction will lie exclusively with courts located in Lucknow. The disbursement of approved incentive amounts will be carried out in accordance with the prevailing rules and government orders of the Finance Department.

This decision of the Yogi government is being seen as a major step towards establishing Uttar Pradesh as a Global Service Hub. With the effective implementation of the GCC Policy, high-skill-based investment in the state will increase and new employment opportunities will be created for the youth.