Over 1,700 Global Capability Centers now operational, providing jobs to 1.9 million people
MUMBAI (Economy India): India is rapidly establishing itself as the “Global GCC Capital,” with 17% of the world’s Global Capability Centers (GCCs) now operating from the country. As of 2023-24, India hosts more than 1,700 such centers, up from 1,580 the previous year. This expanding industry has created employment opportunities for 1.9 million people, reflecting a 14.5% growth compared to last year.
Growth in American Companies’ GCCs
The majority of these GCCs, over 1,000, are operated by American companies. The data comes from a report by NASSCOM and Zinnov titled “India GCC Landscape Report: The 5-Year Journey,” which highlights India’s role as a global hub for these centers.
The report reveals that GCCs in India have significantly boosted their export earnings. In 2023-24, revenue generated from exports grew by 40%, reaching over ₹5.42 lakh crore, up from ₹3.86 lakh crore in 2022-23. The market for GCCs in India is expected to reach ₹8.31-8.82 lakh crore by 2029-30, with the number of GCCs projected to grow to 2,100-2,200.
GCCs: Innovation Hubs of the Future
Global Capability Centers (GCCs) are facilities established by multinational corporations outside their home countries. These centers provide critical support services to their parent companies, including IT, finance, HR, and analytics. GCCs also serve as hubs for business excellence, product development, and innovation.
An industry expert commented, “India’s GCCs are not just support units; they are driving innovation and excellence for multinational companies globally.”
Expansion into Tier-2 and Tier-3 Cities
Multinational companies are increasingly setting up GCCs in Tier-2 and Tier-3 cities across India. Emerging cities like Indore, Jaipur, Ahmedabad, Kochi, Thiruvananthapuram, and Coimbatore are now home to 220 GCCs. This expansion is creating job opportunities for talent in smaller, remote areas.
The report also suggests that by 2029-30, the number of employees working in GCCs could reach 25-28 lakh. Additionally, 70% of Fortune 500 companies are expected to have a presence in India by then.
(Economy India)
