MNCs tapped for GCCs in GIFT City

The central government is keen to have foreign banks and multinational companies (MNCs) in India set up global capability centres (GCCS) at the GIFT City in Gujarat, counting on their ability to generate jobs, three people aware of the matter said.

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The matter was discussed at a 23 January meeting between Union finance minister Nirmala Sitharaman and representatives of several foreign firms including a US-headquartered bank, Scotland-based banking and insurance major NatWest Group, and German carmaker MercedesBenz's research and development division, besides others.

"The government wants to understand more regarding the role of GCCs and to know from industry leaders whether they can set up GCCs in the Gift City," said one of the three people cited above.

The second person said the meeting was an outcome of initial talks held during the Vibrant Gujarat Summit in January.

The third person also confirmed that the meeting with the government was meant to discuss ideas for setting up GCCs in the Gift City.

Queries sent to spokespersons of the finance ministry and NatWest remained unanMercedes-Benz swered declined to comment. A spokesperson for industry body Nasscom confirmed that it was also a part of the meeting.

A senior industry official, who was part of the discussions, said there was no directive issued by the Centre, but the meeting was more to understand what would be needed by industries to incentivize such facilities.