Delivering a keynote handle at CII's GCC Enterprise Summit in Andhra Pradesh, Finance Minister Nirmala Sitharaman stated,”…the Centre, beneath the Scheme for Particular Help to States for Capital Funding (SASCI), has sanctioned over Rs 3.6 lakh crore as 50-year interest-free loans to States, and incentivised elevated capex, leading to 22 states recording greater than 10% progress in capital expenditure from their very own sources.”
Highlighting the federal government's push to deal with infrastructure and logistics bottlenecks, the finance minister said that the capital funding has elevated from 1.7% of GDP in FY14 to three.2% in FY25, with efficient capital expenditure at 4.1% of GDP.
“During the last 11 years, 88 airports have been operationalised, 31,000 km of recent rail tracks laid, metro networks expanded over fourfold, port capability doubled and the Nationwide Freeway community has prolonged by 60%,” she added.
‘India's GCC story is a transformational journey'
“World Functionality Centres (GCCs) have a far-reaching influence on financial progress, competitiveness and human capital growth. India's GCC story is a transformational journey,” Sitharaman stated.
Talking about India's GCC panorama, she stated, “In the present day, they're innovation hubs, driving R&D, producing mental property and patents and enabling sustainable progress for international enterprises. By offering long-term aggressive benefit to international organizations, GCCs are cementing India's place because the world's GCC hub.”
Previous to July 2024, the federal government aimed to ascertain world's 50% of World Capability Centres (GCC) in India, and 50% of overseas GCCs should be run by Indians.
“Nicely earlier than the Union Funds of July 2024, it was informed to me that fifty% of World Capability Centres (GCC) of the world are to be in India and for the remainder that are outdoors India, 50% of them are run by principally Indians,” Sitharaman stated. “Now after nearly two years, GCCs have acquired an Indian flavour and that is been happening with the identical expectation and pace.”
The state governments have performed a important function in deepening India's GCC benefit and shaping an enabling coverage setting.
Sitharaman highlighted the way in which ahead to maximise the contribution of states:
– aligning nationwide and state-level insurance policies and adapting coverage devices to make sure that every state builds on its distinctive comparative benefit
– constructing livability and infrastructure ecosystems
– work on emergence of Tier-2 and Tier-3 cities as centres of excellence that may appeal to international expertise, encourage company reinvestment
– allow cities to host high-value innovation and repair supply, providing credible alternate options to Tier-1 metros.
“The Central Authorities is dedicated to partnering with states on this endeavor, by constructing capability and addressing ecosystem wants,” Sitharaman stated. “Within the 2025 Funds, we proposed a nationwide framework to information states in selling GCCs in rising Tier-II cities.”
The federal government has launched a Mannequin State GCC Framework that gives a transparent roadmap for States to scale up their efforts, appeal to funding and construct resilient ecosystems. By working collectively – Centre, States, business associations like CII, and international firms.
“We will be certain that India's GCC progress is each broad-based and future-ready. This is not going to solely consolidate India's management within the GCC panorama, but in addition create new alternatives for innovation, job creation and inclusive regional growth, ultimately contributing to the imaginative and prescient of Viksit Bharat by 2047,” Sitharaman stated.
as a Dependable and Trusted Information Supply
