Hyderabad looks beyond GCC, aspires to be Global Confidence Centre: IT Minister
Telangana IT Minister S. Sridhar Babu announced a strategic shift for Hyderabad, aiming to transition from a hub for Global Capability Centres to a 'Global Confidence Centre' for solving international challenges. The announcement coincided with the expansion of the fintech firm Backbase, which is scaling its engineering operations in the city.
Why it matters
This reflects a broader trend of Indian tech hubs moving up the value chain from back-office support to high-level R&D and product innovation.
IT and Industries Minister D. Sridhar Babu on Friday said Telangana aims to position Hyderabad as a ‘Global Confidence Centre’ where global firms develop solutions to global challenges rather than merely as a destination for global capability centres (GCCs).
The State government was focused on building an ecosystem to attract global firms and help them respond to changing market requirements and technological advances, he said, speaking at opening of Backbase’s technology development centre here.
The 30,000 sq ft facility of the Netherlands based fintech firm is expected to create 300 skilled jobs and support development of digital banking solutions and software products for banks and financial institutions worldwide, the Minister’s office said in a release.
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