New Delhi: According to a new survey, India, dubbed the ‘GCC Market Capital of the World,’ has the greatest base of 17 percent of global technology capability centres or GCC, employing over 1.9 million (19 lakh) people.
By 2030, the GCC market in India is expected to grow to $99-105 billion, with 2,100-2,200 GCCs and a headcount of 2.5-2.8 million (25 lakh-28 lakh).
Over the last five years, Global Roles in India have grown dramatically, with over 6,500 such roles already formed. A particularly inspiring trend is the increasing number of female executives in worldwide positions, with almost 1,100 women holding such roles.
India’s contribution to global engineering employment Is significant, accounting for over a quarter of the workforce. Industries such as aerospace, defence, and semiconductors focus on next-generation technology, further solidifying India’s role in global engineering employment and technology innovation.
Furthermore, semiconductor companies and IT multinationals are rapidly building product teams in India, which promotes innovation.
Over the last five years, India has witnessed a remarkable growth in the number of GCCs. The country has added over 400 new GCCs and 1,100 new centres, increasing the overall number of GCCs to over 1,700. This growth is a promising sign for the future of the job market in India.
GCCs in India earned $64.6 billion in export income in FY24, and average GCC talent increased by 24% since FY19, reaching 1130+ employees in FY24.
Over 90% of the GCCs serve as multi-functional hubs for technology, operations, and product engineering.
According to Sindhu Gangadharan, Nasscom’s Chairperson, GCCs have rapidly developed from operational hubs to true engines of innovation and strategic expansion.
According to Zinnov CEO Pari Natarajan, India’s GCCs are also generating high-value charters, with a shift towards portfolio and transformation hubs and increased product ownership from India.
While major organisations drove the initial wave of GCC growth, more mid-market and unicorn companies are establishing GCCs in India. According to the research, around 40 global unicorns will be in India and the GCC by 2024.
According to the research, more than 220 GCC units are located in emerging markets, with Ahmedabad, Kochi, Thiruvananthapuram, and Coimbatore leading the pack.
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–IANS
