Karnataka emerging as key hub for GCCs: Piyush Goyal

In a bid to bolster its economic growth, India is turning its attention to Global Capability Centres (GCCs), with Karnataka and Bengaluru emerging as key hubs. Union Minister of Commerce & Industry Piyush Goyal emphasized the importance of GCCs at the Invest Karnataka 2025 event on February 12, highlighting their potential to drive innovation and job creation.

Goyal’s vision for Karnataka and Bengaluru is ambitious, with the state poised to become a global hub for technology centres. The focus on GCCs is part of a broader strategy to promote industries like AI, quantum computing, and biotechnology, which are expected to drive India's growth story.

“Tech and future industries are where Karnataka has made rapid strides. I feel we should work together to promote AI, quantum computing, the semiconductor industry, space technology, and the biotech industry, and together, we can work as partners in progress,” Goyal said.

India’s economic growth is expected to be fuelled by various factors, including a projected $800 billion in exports this fiscal year, with Karnataka playing a significant role in exporting goods and services. The country has also seen nearly $700 billion in foreign direct investment (FDI) inflows over the last decade.

The government's emphasis on GCCs is also aligned with its goal of becoming a $5 trillion economy by 2027. As Goyal noted, India is on track to add $30 trillion to its economy in less than 30 years, with the aim of becoming the third-largest economy globally. In Karnataka, the focus on GCCs is expected to create new opportunities for job creation and innovation. The state government has already announced plans to set up 100 new industrial hubs and clusters, which will be offered on a challenge mode. 

Additionally, the industrial smart city in Tumkur, which features plug-and-play infrastructure, is expected to be completed in phases, with the first phase covering 1,736 acres already underway.