BENGALURU: Karnataka govt has launched India’s first GCC (world functionality centres) policy with an goal of making 500 new GCCs by 2029, producing an financial output of $50 billion.
Karnataka has distinguished itself as a trailblazer in the GCC panorama, boasting a presence of over 500 GCCs with a market dimension of $22 billion and using over six lakh staff.The 500 new GCCs are anticipated to create 3.5 lakh new jobs in Karnataka by 2029.
Karnataka govt is providing a reimbursement of 20% of skilling bills up to Rs 36,000 per graduate and Rs 18,000 for diploma holders. This is relevant for any new or present GCCs with a minimal of 100 staff. To arrange innovation labs and centres of excellence, state govt will fund up to 40% of capital expenditure (up to Rs 4 crore) in Bengaluru city district.
For GCCs transferring past Bengaluru, govt will present up to 80% reimbursement of high quality certification charges, with a most restrict of Rs 8 lakh for GCCs working past Bengaluru. It may also present up to 50% reimbursement of the statutory charges for patent filings to GCCs up to Rs 3 lakh for home patents. Each GCC is eligible to use this profit annually.
“GCCs have evolved from back-office operations to be critical drivers of global strategic initiatives and technology solutions. With a workforce of over 1.2 million and contributing $22.2 billion to economy, GCCs have been a vital source of growth and employment for Karnataka. With this policy, we expect GCCs to grow at a compounded annual rate of 12-14% over next decade and foresee Karnataka holding nearly 50% of national GCC market share by 2029,” state IT minister Priyank Kharge stated.
