New Delhi, December 11 (IANS). The size of the Global Capability Centers (GCC) sector in India is expected to reach $105 billion by 2030. According to government data released on Thursday, this growth is being driven by government policies, strong talent and expansion of high-level research and development (R&D) work.
There are currently more than 1,700 GCCs in the country, which are expected to generate $64.6 billion in FY2024. These centers provide employment to more than 19 lakh people. This income was $40.4 billion in FY 2019 and since then it has grown at the rate of about 9.8 percent annually. The number of centers could increase to 2,400 by 2030, and more than 28 lakh people could work in them. This will further strengthen India as a preferred destination for global companies.
GCCs are centers that companies set up in foreign countries to provide various services for their main organization. These centers are mainly located in Bengaluru, Hyderabad, Pune, Chennai, Mumbai and NCR. Now they are not just providing support services, but are working in advanced areas like engineering R&D, artificial intelligence, cyber security and semiconductors. The growth of GCC related to engineering research and development is 1.3 times faster than other centres.
The report said India contributes about 28 per cent of the global science, technology, engineering and engineering (STEM) workforce and 23 per cent of the global software engineering talent. And global roles could increase from 6,500 to more than 30,000 by 2030.
India’s journey to becoming a GCC hub has been made possible by a combination of infrastructure, innovation, talent development and supportive policies. Programs like Skill India, Digital India and Future Skills Prime are equipping the youth of the country with new digital technologies.
The Economic Survey 2024-25 states that GCCs are no longer just bank-offices, but are also playing an important role in big sectors like aerospace, defense and advanced manufacturing.
“GCCs are moving from being company support centers to becoming strategic centers. This change is happening very rapidly,” the report said.
-IANS
Durgesh Bahadur/ABS