India's Path to a $10 Trillion Economy

Goldman Sachs has forecasted that India is on track to become a $10 trillion economy within the next decade, with Global Capability Centres (GCCs) playing a pivotal role by contributing an additional $0.5 trillion to the country's gross value added (GVA).

The Role of GCCs in India's Economic Future

Gunjan Samdani, Co-Chairman of Goldman Sachs India, highlighted the GCC sector's potential to directly employ 20-25 million people, emphasizing its significance in shaping India's economic landscape. Speaking at the CII's GCC Summit, Samdani pointed out India's strategic advantage in leveraging global trends like supply chain realignment and increased technology spending.

Emerging Markets and India's Bright Spot

"Sixty-five per cent of the global growth between now and 2035 will come from emerging markets, and India is a bright spot. We will be the fastest-growing economy in the world," Samdani stated, underscoring India's demographic and technological strengths, including a deep STEM talent pool and advancements in AI.

Global Technology Spending and India's Opportunity

With global technology spending expected to exceed $4.92 trillion by 2025, driven by AI-led developments, India is poised to become a major hub in this transformation. GCCs, evolving from support centres to innovation engines, are at the forefront of this shift, contributing not just to India's economy but also to global enterprise operations.

Government Efforts to Expand the GCC Ecosystem

The Indian government is intensifying efforts to expand the GCC ecosystem beyond traditional tech hubs, aiming to integrate emerging technologies and talent from tier-2 and tier-3 cities, further bolstering India's position on the global stage.