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Time of India
13-06-2025
- Business
- Time of India
UP's GCC policy push to turn state into office hub, create 2 lakh jobs
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The UP Cabinet approval of the Uttar Pradesh Global Capability Centres (GCC) Policy will help in establishing the state as a hub for office space and also in generating over 2 lakh high-paying jobs over the next five years, say industry state has announced a 30–50% front-end subsidy on land cost, a 25% capital subsidy up to Rs 10 crore for Level-1 and Rs 25 crore for advanced GCCs , and 100% stamp duty exemption.'The incentives will be based on the performance of the company with a focus on job creation, export growth, and technology innovation. The process of availing the benefits of these incentives will also be streamlined by the state government to reduce the administrative burden on the companies,' said Nand Gopal Gupta Nandi, Minister for Industrial Development, Export Promotion, NRI and Investment Promotion, Government of Uttar experts say that the surge in corporate leasing is being propelled by access to a skilled talent pool, improved infrastructure, metro expansions, new expressways, and the development of large-scale commercial complexes.'The approval by the state cabinet will further accelerate this momentum by transforming the region into a hub for office space and innovation,' said Santosh Agarwal, Executive Director at Alpha approved policy has broadly categorised two kinds of GCCs: Level 1 and Advanced (Unnat) GCCs, depending upon investment and employment policy has defined Level 1 GCCs as those which undertake a minimum capital investment of Rs 15–20 crore or create employment for 100–200 people depending upon the city in (Unnat) GCCs have been defined as those with a minimum capital investment of Rs 50–75 crore and which create employment for at least 300–500 employees depending upon the city.'For the real estate sector, this opens up a significant opportunity to develop world-class office infrastructure, co-working ecosystems, and integrated urban spaces. We foresee a surge in demand for Grade A commercial real estate, complemented by residential and social infrastructure,' said Abhishek Trehan, Executive Director, Trehan government has also provided an interest subsidy of 5% on construction and purchase of plant and machinery; a 20% subsidy on operating expenditure; payroll subsidy up to Rs 20 crore; subsidy on recruitment of new employees; EPFO refund; and support for creation of internship opportunities.'The government's move marks a shift from being a cost-based outsourcing destination to becoming a value-driven global business hub. By addressing core operational levers like infrastructure, talent, and ease of doing business, the policy creates the right environment for multinationals to think long term,' said Yash Garg, Director, M3M state government will also provide technical and regulatory support to GCCs. Under the regulatory support, exemptions will be provided under various Acts for five years, including pollution, maternity, factories, among others.
Indian Express
14-05-2025
- Business
- Indian Express
Kanpur to get state's first Footwear Park: UPSIDA
THE UTTAR Pradesh State Industrial Development Authority (UPSIDA) is developing the state's 'first dedicated Footwear Park' on 131.69 acres in Kanpur, officials said in a statement on Wednesday. The project aims at providing opportunities for micro, small and medium enterprises (MSMEs). The park is envisioned as a hub for manufacturing a wide range of products, including uniform, sports, casual, moccasins, ballerinas, sandals, PVC footwear and finished leather goods, the statement said. UPSIDA is promoting the 'plug-and-play' industrial model at the park, ensuring that essential infrastructure such as electricity, water, sewerage and ready-to-use factory sheds are in place. This model allows entrepreneurs to begin operations with minimal cost and reduced setup time, it said. The park will also feature a Common Facility Centre, offering shared amenities such as laboratories, design studios, packaging units, and training centres. These facilities are expected to enhance production efficiency, improve product quality and boost the global competitiveness of local industries, said the statement. The entire application process has been entirely digital through the Nivesh Mitra Portal, ensuring greater transparency and ease for investors. UPSIDA Chief Executive Officer Mayur Maheshwari stated, 'The proposed Footwear Park in Kanpur will strengthen local industries and create employment opportunities for thousands of youth. Under the MSME Policy 2022, incentives will empower entrepreneurs to become self-reliant and play a vital role in advancing Uttar Pradesh towards its goal of becoming a trillion-dollar economy.' UPSIDA organised 'Udyami Samadhan Diwas 2025' — a platform dedicated to addressing the concerns of industrial entrepreneurs. Nand Gopal 'Nandi', Minister for Industrial Development, Export Promotion, NRI and Investment Promotion, attended the event as the Chief Guest. Senior government officials and prominent industry representatives also participated in the event. The event was dedicated to the entrepreneurs operating in the industrial areas under the Kanpur division. Digital inauguration of UPSIDA's Footwear Park was done at the event.
Bloomberg
20-02-2025
- Business
- Bloomberg
Canadian Trade Minister on US tariffs, China Relations
Canadian Minister of Export Promotion, International Trade and Economic Development says US adding tariffs on Cananda makes 'no sense'. She also discusses Canada's relations with China. Ng speaks to Haslinda Amin on "Insight with Haslinda Amin.' (Source: Bloomberg)
