BENGALURU: With an aim to attract investments, Chief Minister Siddaramaiah proposed to introduce a new global capability centre (GCC) policy in the present year. India, particularly Karnataka, has been witnessing an increase in the number of GCCs or captives, which are offshore centres that support the operations of global enterprises, across different segments. Bengaluru alone has over 400 GCCs of the total 1,500 in the country, employing 1.3 million people and generating a revenue of $33.8 billion - about 1 per cent of India’s GDP.
The Chief Minister also announced establishing a Centre of Excellence (COE) in Fintech, Spacetech and Automotive Tech with an investment of Rs 10 crore over a period of 5 years in collaboration with entrepreneurs and educational institutions. Apart from these, three new programmes will be launched to boost the state’s startup ecosystem. An early-stage funding programme - Rajiv Gandhi Entrepreneurship Program, and a new initiative to support early-stage women entrepreneurs will be launched. Also, in order to promote agri startups in the state, Siddaramaiah announced that five acres of land will be provided to C-Camp Agri innovation park.
Lalit Ahuja, Founder and CEO ANSR, welcomed the decision to introduce a GCC policy. “This proactive step reflects the state’s commitment to maintaining its leadership in the GCC market segment, fostering innovation and catalysing even higher levels of investments and job creation in the sector,” he said.
With Bengaluru hosting over 400 centres, Karnataka is a leading global hub for GCCs, contributing to the state’s social and economic development. “Accounting for nearly 40 per cent of the GCCs in India, Karnataka’s dominance in this sector is unbeatable. The introduction of the GCC policy will provide the impetus necessary to maintain Karnataka’s leadership in the GCC sector. By offering a conducive environment and incentives for investment, the policy will encourage more companies to establish their centres in the state,” he added.
What more is in store?
Institute of Advanced Genome Editing and Gene Therapy to promote study and research in Genomics in the state
Skilling & Innovation Centres in emerging technologies across Kalaburagi, Shivamogga, Hubbali, and Tumakuru, with a budget of Rs 12 crore
New science centres/planetariums at Shivamogga, Raichur, Chikkamagaluru, Yadgir and Mysuru with Central assistance
Science City at Bengaluru in association with Government of India at total cost of Rs 233 crore