Karnataka has announced its future plans for the Indian technology sector by presenting an ambitious goal: to establish 500 new Global Capability Centers (GCCs) by 2029, secure 350 thousand high-quality jobs, and achieve an economic output of $50 billion USD.
Chief Minister D.K. Shivakumar held a meeting named KATALYST CONNECT, gathering over 150 leaders from global business companies in Bengaluru. The event was organized by the Department of Electronics, IT and Biotechnology in partnership with the Karnataka Digital Economy Mission (KDEM). This meeting was not merely a networking event but a working consultation, allowing the leadership of divisions of major global corporations in India to directly communicate their growth needs to the government.
Global Capability Centers are overseas hubs that multinational companies establish to perform critical functions of their business, such as development, research, finance, product design, and artificial intelligence. Previously viewed as back-offices, these centers are now entrusted by leading global firms with strategic tasks in India that shape global products.
The state of Karnataka, and especially Bengaluru, is at the center of this shift, and the state positions itself as a leading destination for GCCs in India. The KATALYST CONNECT event was specifically designed to maintain this status.
Before the consultation, Shivakumar visited the Target campus in India, which serves as a GCC for the American retail giant Target Corporation. He met with the management and personally observed the diversity of work performed in Karnataka, including technology, AI, finance, marketing, digital sphere, supply chain management, merchandising, and store design.
This visit underscored the government's assertion that GCCs in Karnataka are moving beyond simply executing external instructions; they are increasingly becoming platforms for shaping global strategy.
The consultation brought together leadership from numerous transnational enterprises, including Google, Target, Intel, IBM, Anthropic, Nokia, Bosch, JPMorgan Chase, HSBC, Chevron, Philips, Thermo Fisher Scientific, Takeda, Novo Nordisk Global Business Services, Lowe's India, Rolls-Royce, Raytheon, Ford, eBay, Snowflake, Carl Zeiss, Collins Aerospace, Johnson Controls, Wayfair, Waters, Verint, A.P. Moller-Maersk, and Delta Air Lines, alongside senior government officials and industry stakeholders.
The participants' agenda was practical. Leaders raised issues regarding talent availability and the readiness of the future workforce, urban and digital infrastructure, AI adoption, ease of doing business, policy responsiveness, deepening industry-academia collaboration, and, crucially, expanding GCC investments beyond Bengaluru across the entire state.
The key quantitative targets outlined in the plan include: attracting 500 new GCCs, creating 350 thousand high-quality jobs, and generating $50 billion in economic volume. Over 150 GCC leaders participated in the consultation.
Addressing the attendees, Shivakumar presented the relationship as a partnership that has already yielded results and which he intends to deepen. He stated that Karnataka's partnership with GCCs has helped form one of the world's most dynamic innovation ecosystems, and the government remains committed to creating conditions where businesses can confidently innovate, access world-class talent, and scale globally.
Minister for Home, IT and Biotechnology Priyank M. Harge noted the transformation of these centers' roles. He emphasized that as GCCs evolve from execution centers into global nodes for AI, engineering, R&D, and product innovation, the state's focus is on ensuring the availability of talent, a supportive policy environment, and an innovative ecosystem necessary for them to take on larger global mandates.
Dr. N. Mandjula, Secretary of the IT-BT department, reported that industry recommendations will directly influence the state's roadmap. She mentioned the Karnataka GCC 2024-2029 policy document and initiatives like KATALYST, LEAP, Centres of Excellence, NIPUNA, and Beyond Bengaluru as tools to translate discussions into real action.
Discussions focused on several priorities that can be seen as a roadmap for the GCC economy in Karnataka: developing AI, generative AI, and enterprise transformation; workforce preparation, upskilling, and future readiness; developing digital and urban infrastructure; simplifying business operations and responsive policy; research, innovation, and industry-academia collaboration; expanding GCC investments outside Bengaluru; strengthening the startup and deep tech ecosystem; and ensuring GCCs can undertake larger global mandates.
KATALYST CONNECT concluded with a mutual commitment between the government and the industry to transform the day's recommendations into concrete measures. It was implied that competition for GCC investment from other Indian states and competing global hubs is intensifying, and Karnataka is banking on attentive listening to industry feedback and rapid response to stay ahead.
ExxonMobil Services and Technology, the global competency center (GCC) of the American oil and gas conglomerate, has leased an office space of 235,300 square feet in the International Technology Park of Bangalore (ITPB).
The total lease amount for this space will be 70.3 crore rupees. According to the deal documents, the company will pay a monthly rent of approximately 1.86 crore rupees for renting 235,300 square feet of office space in the Inventor building at ITPB. Additionally, the company has paid a deposit of 5.85 crore rupees, and the contract stipulates an annual rent increase of 5 percent.
The contract is for a three-year term and became effective on February 15, 2026. The leased space includes the first four and sixth through eighth floors of the commercial tower.
Rajesh Sitaraman, co-founder of Propstack, noted that this deal with ExxonMobil reflects a general trend where GCCs are increasingly signing agreements to lease high-quality, institutional Grade A assets. He emphasized that securing multi-floor expansions at a premium rate indicates deep confidence in India's technology ecosystem as a long-term growth driver.
Market observers note that from January to March 2026, GCCs led in office space leasing in India, occupying 9.1 million square feet (msf), which accounts for 44 percent of the total volume of 20.7 msf. According to a recent report by the real estate consulting firm CBRE, demand from GCCs remains high in regions such as Delhi-National Capital Region, Mumbai, and Bangalore, driven by Fortune 500 companies.
Bangalore maintains a central position in GCC activity, accounting for 48 percent of all office leasing. E-commerce shows the highest sectoral demand (24 percent), followed by the Banking, Financial Services, and Insurance (BFSI) and Technology sectors (20 percent each), as well as Research, Consulting, and Analytics (19 percent each).
