The GTC (Gran Telescopio Canarias), a 10 meter segmented telescope being constructed at the ORM in La Palma, Spain, is as of this writing entering its integration phase. First light is planned for early 2003, with science operations scheduled for 2004. At that time the GTC will be provided with two science instruments. These will cover a wide wavelength range from the visible (OSIRIS) to the mid-IR (CANARICAM). Both instruments allow imaging and low resolution spectroscopy in their respective wavelength regimes. OSIRIS will be unique for performing narrow band imaging of faint galaxies, and low resolution spectroscopy of faint extended objects, with on chip background subtraction, hence a substantial reduction in sky noise. CANARICAM will offer imaging (with coronagraphy) and spectropolarimetry in the thermal IR bands, allowing the study of heavily reddened objects, like star formation cocoons, or primeval galaxies undergoing episodes of strong star formation. As part of the GTC Future Developments Programme a third science instrument as well as the Adaptive Optics Programme are now in the conceptual design phase. These should begin operation in 2005 and 2006 respectively. A science instrument for exploiting the capabilities offered by the Adaptive Optics system is also foreseen. It is important to notice that with all major subsystems being fabricated or assambled, none of the main scientific requirement have been compromised thus far. We therefore expect that the GTC, the largest telescope ever built on European land, will be a key facility for European Astronomy in the Northern Hemisphere.