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The state government said that this policy will create more than two lakh high salary jobs in the next five years. Special incentives will be given to attract investment from top global corporations.
Lucknow: The Uttar Pradesh government on Sunday said that its global capacity Center (GCC) policy 2024 Fortune focuses on attracting 500 companies and promoting foreign direct investment. Its purpose is to convert cities like Noida, Lucknow, Kanpur and Varanasi into the center of technology and digital services. The state government said that this policy will create more than 2 lakh high pay jobs in the next five years. Special incentives will be given to attract investment from top global corporations. This will not only speed up the economic development of Uttar Pradesh, but will also open the doors of jobs for the youth of the state.
Government will encourage to win the trust of investors
The government has said that this initiative will also strengthen the resolve of the government led by Chief Minister Yogi Adityanath to make UP a trillion US dollar economy. Advanced GCC will require 1,000 employees along with investment of Rs 50 crore (outside Gautam Buddha Nagar and Ghaziabad) or Rs 75 crore (within these districts). This will ensure equal opportunities for both small and big investors. The state has presented incentives to win the trust of investors.
Investment in state will get a boost
These include 30-50 percent subsidy on land costs, 100 percent stamp duty discount, 25 percent capital subsidy (up to Rs 10 crore for Level-1 and up to Rs 25 crore for advanced GCC), SGST reimbursement, 5 percent interest subsidy and 20 percent operating subsidy (up to Rs 40 crore for level-1 and up to Rs 40 crore for advanced GCC). Companies can also get payroll support of up to Rs 1.8 lakh per employee. The statement said that these benefits will reduce the set-up cost and will boost investment in the state.
Government will also give grants of up to 10 crores
Apart from this, customized incentive package will be offered to people with Foreign 500 companies or GCCs to be set up by the top 500 corporates of India as well as more than Rs 100 crore. In this, 50 percent cost for startup consideration (up to Rs 2 crore), intellectual property rights of Rs 5-10 lakh for patent (IPR) subsidy and grant up to Rs 10 crore will be given to set up an excellence center. The statement said that the purpose of these measures is to make Uttar Pradesh the center of technological innovation.
