Will GCCs Propel India to the Forefront of Innovation and Job Creation?

Visakhapatnam, Sep 17 (NationPress) Finance Minister Nirmala Sitharaman stated on Wednesday that currently, India is home to nearly half of the globe's Global Capability Centres (GCC), which play a pivotal role in driving innovation, R&D, and creating leadership opportunities.

Speaking at the Special Ministerial Plenary and Report Back during the CII GCC Business Summit, the Finance Minister remarked: "GCCs will solidify India’s position as a leader in innovation and job creation. With appropriate policies, infrastructure, and skill development, this sector can chart our path towards Viksit Bharat 2047."

The summit also featured announcements for new GCC investments in Vizag, including significant greenfield and expansion projects aimed to generate thousands of jobs and reinforce the state’s status as a technology hub.

The Finance Minister identified three key elements driving the future of GCCs in India: substantial investment in infrastructure, education & skilling, and supportive governance. She highlighted that capital investment as a proportion of GDP has more than doubled since 2014, facilitating rapid growth in rail, metro, and highway networks, alongside the rollout of 5G and digital infrastructure.

Regarding skilling, the minister pointed to the government’s Rs 2 lakh crore initiative to enhance the skills of over 4 crore youth, alongside programs like the PM Internship and the RDI Innovation Fund to help GCCs access talent and foster research.

Sitharaman stressed the importance of regulatory simplification, competitive taxation, and the role of cooperative federalism in allowing states to develop their unique GCC ecosystems. She cited Andhra Pradesh as a prime example, noting the forthcoming Google data centre in Visakhapatnam as evidence that policy-driven development, proactive leadership, and industry collaboration can attract significant investments.

In his closing address, Andhra Pradesh Chief Minister N. Chandrababu Naidu praised the Finance Minister for her groundbreaking GST reforms and reiterated his vision of transforming the state into a global hub for knowledge-driven growth.

Naidu emphasized the upcoming Google data centre in Visakhapatnam, the advancement of Amravati as a greenfield smart city, investments in green hydrogen, as well as improvements in logistics connectivity and modern urban infrastructure, including airports and metro systems. He announced that every GCC enterprise entering the state would receive comprehensive support for land, power, skill development, and digital infrastructure.