Synopsis
The 'Gujarat GCC Policy 2025-30' aims to establish Gujarat as a global hub for GCCs with a ₹10,000 crore investment and 50,000 new jobs, enhancing infrastructure and fostering innovation.Key Takeaways
- Gujarat aims to attract ₹10,000 crore investments.
- Policy targets establishment of 250 new GCC units.
- Expected to create 50,000 high-value jobs.
- Focus on enhancing infrastructure and connectivity.
- Unemployment rates lower than the national average.
Gandhinagar, Feb 11 (NationPress) In a strategic effort to position Gujarat as a premier destination for Global Capability Centers (GCCs), Chief Minister Bhupendra Patel unveiled the 'Gujarat GCC Policy 2025-30' from GIFT City. This initiative is designed to foster innovation, digital transformation, and overall economic growth.
With an ambitious goal of establishing 250 new GCC units, the policy is projected to draw investments exceeding ₹10,000 crore and create upwards of 50,000 high-value jobs.
Key components include improving infrastructure, enhancing connectivity, and nurturing a skilled workforce, positioning Gujarat as an appealing locale for multinational corporations.
Crafted by the Department of Science and Technology, this policy offers a variety of incentives, encompassing capital (CAPEX) and operating expense (OPEX) support, to attract businesses to establish their GCCs in Gujarat.
As of the fiscal year 2023, the state’s Gross State Domestic Product (GSDP) was roughly ₹22 trillion, demonstrating a consistent rise from over ₹19 trillion in the preceding year.
During 2022–23, Gujarat represented 33 percent of India’s total exports, excelling in fields like chemicals, petrochemicals, dairy, pharmaceuticals, cement, ceramics, gems and jewellery, textiles, and engineering. Moreover, the state leads in electricity production capacity and maritime port cargo volume among all Indian states.
Looking forward, Gujarat aims to augment its share of India’s GDP from 8 percent to 10 percent by 2030, as highlighted by Mona Khandhar, Principal Secretary of the Department of Science and Technology. From September to December 2022, the state recorded its highest employment figure at 26.7 million, an increase from 25.9 million during the same months of 2021.
In terms of unemployment, Gujarat has consistently maintained rates below the national average. For individuals aged 15 and older, the state's unemployment rate was 3.1 percent, compared to the national average of 6.6 percent. However, urban areas in Gujarat faced some volatility. In the 2022-23 period, the urban unemployment rate increased to 8.7 percent, reflecting challenges in the labor market during that period.
Encouragingly, the following year saw a notable decline, with the rate falling to 2.3 percent, indicating a positive trend in urban employment.
