Step Indus Consulting LLP

02/04/2026

India is transitioning from an incentive-led to an ex*****on-led industrial policy. Bhavya is a ₹33,660 crore industrial parks scheme that aims to compress setup timelines, de-risk infrastructure, and ensure investments are deployment-ready from day one.

This shift has significant implications for:

1. Global supply chain diversification
2. Manufacturing competitiveness
3. GCC expansion strategies

However, the crucial question remains: can India deliver consistent on-the-ground ex*****on across states?

A speedy ex*****on of this scheme will enhance industrial growth in new dimensions beyond Tier 1 cities.


https://www.stepindus.com/bharat-industrial-development-scheme-bhavya/

10/03/2026

GCC Setup Is Highest-Risk Phase
- Fragmented advisors with no single owner
- Delays in entity, tax, and FEMA compliance
- Hiring before the operating model is ready
- Open-ended timelines that test board patience

StepIndus mitigate your risks when setting up Captive Offshore Centers or Global Cability Centers (GCC) by handling your GCC setup at single ex*****on point.

25/02/2026

SEZ Scheme (Special Economic Zone Scheme) continues to be structurally relevant for Global Capability Centers (GCCs) even after the sunset of direct income tax holidays.

The value proposition has shifted from direct tax arbitrage to indirect tax efficiency, customs optimisation, capital flexibility, and regulatory ease.

StepIndus delivers a complete service to set up a SEZ unit.



https://www.stepindus.com/sez-scheme-for-india-gcc-strategic-relevance-post-tax-holiday-era/

08/02/2026

Budget 2026 quietly upgrades India’s GCC pitch.

Repeated focus on Safe Harbour isn’t technical—it’s strategic. Expanded coverage + higher thresholds + faster APAs = tax certainty at scale.

India is signalling a shift from cost arbitrage to low-risk global operations & digital platforms.

The GCC question has changed:
Not “Will India create tax issues later?”
But “Which global mandates can we safely move to India?”



https://www.stepindus.com/safe-harbour-reform-in-budget-2026-attracts-gcc-and-manufacturing-center-for-mid-market-enterprises/

29/11/2025

RBI consolidates 9,000 circulars into 238 master directions covering 11 regulations..

This is a huge move towards Ease of Doing Business for Banking and Finance (BFSI) sector in India. Much needed and a move by the Modi Government towards and will greatly benefit from this move.

Read more at:

The RBI has merged over 9,000 circulars into 238 Master Directions to streamline regulatory communication, improve access, and reduce compliance burdens for regulated entities, marking a significant shift in regulation.

22/11/2025

Decriminalisation of regulation was started by the Government of India under Jan Vishwash (People's Trust). Seven States - UP, Maharashtra, Haryana, Gujarat, Odisha, Tripura and Chhattisgarh follow the lead.

This is definitely news for GCCs and manufacturing aiming for Noida, Greater Noida, Gurgaon, Pune, Nagpur, and Mumbai cities and other clusters like defence clusters in the region, as the action impacts the ease of doing business.

States Place ‘Vishwas’ in Centre’s Reforms.

Times ePaper: Read latest news from India and around the world, breaking headlines on business, sports, global events, and entertainment on Times epaper. Explore exclusive opinions and editorials. Your source for today's newspaper.

22/11/2025

Labour reforms notified yesterday are expected to significantly impact the shift of Global manufacturing to India.

1. How Labour Reform Benefits Manufacturing

Labour reforms consolidate 29 laws into four codes, reducing compliance burden and promoting easier hiring and workforce management for manufacturers. This simplification encourages businesses to expand and invest in larger operations, contributing directly to manufacturing growth and competitiveness. Provisions such as a single licence for contractors, uniform working hours, and streamlined administrative processes also create a more attractive environment for investment and scaling up manufacturing activities.

2. Evidence of Positive Impact

Research and surveys show that states implementing labour reforms have experienced a notable increase in employment and factory output in manufacturing. For instance:
- Rajasthan witnessed a significant rise in factory jobs after its labour law changes in 2014.
- Tamil Nadu, Maharashtra, Andhra Pradesh, and Uttar Pradesh also saw higher employment and investment in manufacturing after reforming labour laws.
- Data from the Annual Survey of Industries indicate organised manufacturing sector employment rose by 3.3 million after reforms, compared to just 1 million in the previous period.

3. Key Features Driving Growth

- Greater flexibility in hiring and firing workers helps manufacturers respond to market demand and manage costs efficiently.
- Expanded social security and job formalisation improve worker welfare and industrial relations, leading to a more stable and productive workforce.
- Single-window clearance and digital processes simplify regulatory compliance, letting firms focus on core business activities like production and innovation.

Labour reforms, thus, play a crucial role in enabling India’s manufacturing sector to compete globally, generate jobs, and increase its contribution to the country’s overall economic growth.


Read more
https://economictimes.indiatimes.com/jobs/hr-policies-trends/labour-codes-india-has-cracked-the-code-for-global-power-play-and-economy/articleshow/125502942.cms?from=mdr

Best Explained in Economic times.

15/10/2025

Economics Nobel to 3 jointly, Joel Mokyr
a) “for having identified the prerequisites for sustained growth through technological progress”

and

to Philippe Aghion and Peter Howitt jointly
“for the theory of sustained growth through creative destruction”

Speaks to the role of Technology and Creative Destruction in sustained economic growth, and also the increasing competitiveness of nation-states on innovation and technological breakthroughs necessary to remain relevant in geopolitics for their people.
The
Indian Government should also take this seriously. India already provides the edge in innovation and talent devoted to Science and Technology.

Press release

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 was awarded "for having explained innovation-driven economic growth" with one half to Joel Mokyr "for having identified the prerequisites for sustained growth through technological progress" and the other half jointly to...

12/03/2025

It is going to be growth times for Global Capability Centers in India as reported by this article and we expect this custs across even other Captive Center models.


Hiring by GCCs likely to grow nearly 27% in FY26, to outpace IT again https://mybs.in/2elPMTs

27/12/2024

Two sectors that rose on India's business horizon in 2024. One of them being GCC.

Global Capability Center (GCC) emerged as one of prominent in 2024 having high potential in 2025.

Nasscom estimates GCC in India will reach $100 Billion.

India is expected to become the world's third largest economy in the next five years. Emerging sectors, including global capability centres and data centres, are playing a significant role in this growth. The country's data centre capacity and GCCs have expanded rapidly, with increasing investments....