Visakhapatnam, Sep 17 (IANS) Finance Minister Nirmala Sitharaman said on Wednesday that India today hosts nearly half of the world’s Global Capability Centres (GCC), which are now at the forefront of innovation, R&D, and leadership creation.

Addressing the Special Ministerial Plenary and Report Back at the CII GCC Business Summit here, the Finance Minister said: “GCCs will consolidate India’s leadership in innovation and job creation and with the right policies, infrastructure, and skilling, this sector can define our journey to Viksit Bharat 2047.”

The Summit also saw new GCC investment announcements in Vizag, including major greenfield and expansion projects that will generate thousands of jobs and strengthen the state’s position as a technology hub.

The Finance Minister underlined three pillars shaping the future of GCCs in India: large-scale investment in infrastructure, education & skilling, and facilitative governance. She noted that capital investment as a share of GDP has more than doubled since 2014, supporting rapid expansion of rail, metro, and highway networks, alongside 5G rollout and digital infrastructure.

On skilling, the minister highlighted the government’s Rs 2 lakh crore package to skill over 4 crore youth, while also pointing to schemes like the PM Internship and the RDI Innovation Fund as pipelines for GCCs to tap talent and drive research.

Sitharaman emphasised regulatory simplification, competitive taxation, and the role of cooperative federalism in enabling states to shape their own GCC ecosystems. She highlighted Andhra Pradesh as a compelling example, noting the upcoming Google data centre in Visakhapatnam as proof of how policy-led development, proactive leadership, and industry engagement can attract marquee investments.

Andhra Pradesh Chief Minister N. Chandrababu Naidu, in his valedictory address, congratulated the Finance Minister on the historic GST reforms and reaffirmed his vision to make the state a global hub for knowledge-driven growth.

Naidu highlighted the upcoming Google data centre in Visakhapatnam, the development of Amravati as a greenfield smart city, investments in green hydrogen, logistics connectivity, and new-age urban infrastructure, including airports and metro projects. He announced that every GCC company entering the state would be encouraged through full facilitation for land, power, skill development, and digital infrastructure.

–IANS

sps/vd