India’s FY24 GCC Count at 1.7k with $65 b. in Revenue

The number of Global Capability Centres (GCCs) set up in India, increased to around 1,700 in fiscal 2024, generating $64.6 billion in export revenue and employing over 1.9 million people, a new report has said, with the country expanding its dominance in this space even as GCCs emerge as critical nerve centres for multinational companies. Nasscom separately clarified that the annual numbers show an addition of 80 GCCs in FY24 against 77 new ones in FY23. By 2030, the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCs reaching 2,100-2,200 and headcount rising to 2.5-2.8 million, the report said. India is the ‘GCC capital of the world’ with the largest base of 17% of global technology capability centres, it said. While the last five years have seen a rapid expansion in the GCC ecosystem, India remains well-positioned for future growth through prioritisation on skills development, cybersecurity, and progressive policy frameworks, the report said. “GCCs have rapidly evolved from being operational hubs to becoming true engines of innovation and strategic growth,” said Sindhu Gangadharan, chairperson of Nasscom. “As they advance along the maturity curve, they are increasingly positioned to lead global agendas, secure critical managerial roles, and shape decision-making processes, setting the stage for India to become a global leader in digital transformation and sustainable business practices.”

New Players, Hubs, Global Roles:

Over 220 GCC units are housed in emerging locations (Tier-II and Tier-III cities) in the country with Ahmedabad, Kochi, Thiruvananthapuram and Coimbatore building critical mass, the report said. Over the past five years, global roles in India have also expanded significantly, with more than 6,500 such positions now established. Interestingly, this includes 1,100+ women leaders holding global roles. The average number of people working at GCCs has expanded by approximately 24% a year since FY2019, the report said. “While the initial wave of GCC growth was driven by large enterprises, more mid-market enterprises and unicorns are also setting up GCCs in India,” the report said. “Around 40 global unicorns have an India GCC presence as of 2024.”