UP Approves SOP-2025 to Boost Global Capability Centres, Attract Investment

This move is expected to provide fresh momentum to global investments, high-level services, and large-scale employment generation across the state. Under the newly approved SOP, Invest UP has been designated as the nodal agency responsible for overseeing the policy's execution.

The procedure will take effect from the date the GCC Policy-2024 was promulgated and will remain in force until the state government decides to amend or terminate it.

Industrial Development Minister Nand Gopal Gupta Nandi highlighted the improving investment climate in the state, noting that "several industrial houses and multinational companies are actively engaging for potential investments." He pointed out that the GCC policy has already shown promising results, with 21 companies initiating investments in global capability centres during the current financial year. These centres, defined as captive units set up by Indian or foreign companies, will focus on strategic functions including information technology, research and development, finance, human resources, design, engineering, analytics, and knowledge services.

The SOP introduces a comprehensive framework of financial incentives designed to attract GCC units. These include upfront land subsidies, stamp duty exemptions or reimbursements, capital subsidies, interest subsidies, operating expense subsidies, payroll and recruitment subsidies, reimbursement of Employees' Provident Fund contributions, talent development and skill incentives, research and innovation support, along with special incentives evaluated on a case-by-case basis.

Beyond financial assistance, the units will receive technical support, industry linkages, regulatory guidance, expedited application processing, and streamlined approval and disbursement mechanisms. All incentives under this state initiative will be provided in addition to any benefits available through central government schemes or policies. In the event of legal disputes, jurisdiction has been restricted to courts in Lucknow, and incentive disbursements will follow existing finance department rules and government orders.

The decision is viewed as a significant stride by the CM Yogi government towards positioning Uttar Pradesh as a prominent global services hub. The successful rollout of the GCC policy is anticipated to draw high-skill investments into the state while opening up substantial new employment avenues for the youth.

- IANS