DBT Bureau
Bengaluru, 11 September 2024
The number of GCCs (Global Capability Centres) in India touched 1,700 by the end of FY24, generating an export revenue of around $64.6 billion, up 40% over the previous fiscal, a report by Nasscom-Zinnov titled ‘India GCC landscape’ said.
These GCCs or technology captives of global corporation have also emerged as significant employers in the Indian IT industry as they provided combined employment to over 19 lakh (1.9 million people).
By the end of FY23, the number of GCCs stood at 1,580, employing around 1.66 million workforce. Also, export revenue of $46 billion was generated during this period.
“The impact of GCCs on India’s economic fabric is profound and far-reaching. India now accounts for 17 per cent of the global Technology Capability Centers footprint, the largest share in the world. It’s a testament to India’s emergence as the GCC capital of the world,” the report said.
About 2,975 GCC units were present in India as global corporations have set up multiple centres across the country. India has the largest number of such units among all countries.
“Over 185+ GCCs have set up dedicated AI/ML COEs (centre of excellence) and are building myriad use cases across customer experience, risk assessment, demand forecasting, model deployment, and coding assistants. More mature GCCs are further developing expertise in full-stack development, AI, IoT, and cybersecurity to create advanced solutions for both global and emerging markets,” the report said.
The Nasscom-Zinnov report mentioned that engineering services witnessed the fastest growth rate among all GCCs in India.
ER&D GCCs, contributed $36.4 billion in revenue, and have grown 1.3 times faster than the overall GCC growth rate, indicating a shift towards higher-value work.
“Nearly a quarter of global engineering roles are now based in India, with industries like Aerospace, Defense, and Semiconductor focusing on next-generation technologies. Additionally, Semiconductor firms and tech multinationals are increasingly establishing product teams in India, fostering innovation,” the report noted.
The report also mentioned that the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCs reaching 2,100-2,200. Within such time frame, headcount of these GCCs will rise to 2.5-2.8 million by 2030.
