T.N. government looks at developing GCCs in fintech space in Coimbatore, Chennai
The Tamil Nadu government is planning to develop fintech-focused Global Capability Centres (GCCs) in Coimbatore and Chennai to boost the state's economy. Officials highlighted the state's low attrition rates and the potential for Coimbatore to become a major hub for mid-management talent and applied engineering.
Why it matters
This initiative represents a strategic effort to decentralize the tech industry in India and leverage regional strengths for economic growth.
The Tamil Nadu government has announced setting up of a fintech hub in Coimbatore at ₹400 crore and Chennai and Coimbatore have the potential to emerge as major centres for Global Capability Centres (GCCs) in the fintech space, said S. Vijayakumar, Additional Chief Secretary, Industries, Investment, Promotion and Commerce Department, Tamil Nadu government.
Addressing through video conference, the participants of the second edition of the GCC Coimbatore Summit, organised in Coimbatore city on Friday by the Confederation of Indian Industry (CII), Mr. Vijaykumar said India has 1.9 million professionals employed in more than 1,700 GCCs and Tamil Nadu has almost 460 GCCs. For every direct job generated by a GCC facility, there are three to four indirect jobs. The nature of these GCCs are also transforming to offer end-to-end process ownership, and research and development.
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