UP Govt's GCC Policy To Transform Noida, Lucknow And Varanasi Into Technology Hubs

The Uttar Pradesh government announced on Sunday that its Global Capability Centres (GCC) Policy 2024 aims to attract Fortune 500 companies and increase foreign investment. 

The goal is to turn cities like Noida, Lucknow, Kanpur, and Varanasi into major tech and digital service hubs.

The policy also plans to create over 2 lakh high-paying jobs in the next five years, the government said.

The policy will offer special incentives to bring in investment from top global companies. This will help boost Uttar Pradesh’s economic growth and create more job opportunities for young people in the state.

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The government also said this move supports Chief Minister Yogi Adityanath’s goal of making UP a $1 trillion economy.

The new policy sets guidelines for establishing Level-1 and advanced Global Capability Centres (GCCs). For Level-1 GCCs, companies must invest at least ₹15 crore or employ 500 people if setting up outside Gautam Buddha Nagar and Ghaziabad. In these two districts, the minimum investment requirement is ₹20 crore. For advanced GCCs, the required investment is ₹50 crore outside these districts or ₹75 crore within them, along with at least 1,000 employees. 

This structure aims to provide equal opportunities for both small and large investors.

To attract investors, the Uttar Pradesh government has announced a range of incentives. These include a 30–50% subsidy on land cost, 100% exemption from stamp duty, and a 25% capital subsidy — up to ₹10 crore for Level-1 GCCs and ₹25 crore for advanced ones. 

Other benefits include SGST reimbursement, a 5% interest subsidy, and a 20% operational subsidy — up to ₹40 crore for Level-1 and ₹80 crore for advanced GCCs. Companies can also get payroll support of up to ₹1.8 lakh per employee, which will help reduce setup costs and encourage more investment in the state.

In addition, special incentive packages will be offered to Fortune 500 companies, India’s top 500 corporates, and those bringing in FDI of over ₹100 crore. 

The policy also promotes innovation and startups, offering 50% cost reimbursement for startup ideation (up to ₹2 crore), IPR support of ₹5–10 lakh for patents, and grants of up to ₹10 crore for setting up centres of excellence.

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