New Delhi
India, known as the ‘GCC Capital of the World,’ currently hosts 17% of the world’s technology capability centers (GCCs), employing over 1.9 million people, according to a new report. By 2030, the GCC market in India is projected to reach $99-105 billion, with the number of centers growing to 2,100-2,200 and the workforce increasing to 2.5-2.8 million.
In the last five years, India has seen a significant expansion in global roles, with over 6,500 positions created, including 1,100 held by women leaders. Nearly 25% of global engineering roles are now based in India, particularly in sectors like aerospace, defense, and semiconductors that focus on next-generation technologies.
The report by Nasscom-Zinnov also highlights that more than 400 new GCCs and 1,100 new centers have been established in India over the past five years, raising the total to over 1,700. In FY24, GCCs generated $64.6 billion in export revenue, with an average talent growth of 24% since FY19, reaching over 1,130 employees per center.
More than 90% of GCCs in India are multi-functional, supporting technology, operations, and product engineering. ‘GCCs in India are evolving into true engines of innovation and strategic growth,’ says Sindhu Gangadharan, Chairperson, Nasscom.
The report also notes that while GCC growth was initially led by large enterprises, more mid-sized companies and unicorns are now setting up GCCs in India, with 40 global unicorns having a presence by 2024. Emerging locations like Ahmedabad, Kochi, Thiruvananthapuram, and Coimbatore are also becoming significant hubs for GCCs.
