Summary:

The Karnataka government has proposed a draft strategy for Global Capability Centres (GCCs) that aims to generate $50 billion in economic output and recruit 500 new GCCs by 2029, creating around 350,000 jobs. This policy boosts investor confidence and encourages collaboration within the local innovation ecosystem, establishing Karnataka as a global leader in AI research and development. It is based on extensive research and consultations with over 500 industry professionals.

Mr. Priyank Kharge, Minister of Information Technology and Biotechnology, introduced India's first dedicated policy for Global Capability Centres (GCCs) during the inauguration ceremony, cementing Karnataka's position as a leading innovation destination. He emphasized that GCCs have evolved from back-office operations to vital contributors, adding $22.2 billion to the state's economy and employing more than 1.2 million people. The sector is predicted to grow at a 12-14% annual rate over the next decade, with Karnataka aiming for 50% of the national market share by 2029. The draft policy seeks public feedback to help refine its objectives and develop the GCC ecosystem nationwide.

Source: IBEF 

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