India's GCC Sector on the Rise

Finance Minister Nirmala Sitharaman has pledged government support to fuel the growth of Global Capability Centres (GCCs) in India, highlighting their potential to add up to $200 billion to the economy and create thousands of jobs by 2030.

Government Initiatives to Boost GCC Growth

Sitharaman emphasized the government's efforts to streamline approval processes, enhance tax certainty, and integrate administrative support across ministries. She also advocated for increased investment in Tier 2 and Tier 3 cities, pointing to the GIFT City as a model of regulatory facilitation.

Remarkable Growth and Future Prospects

With a CAGR of 11% over the last five years, the GCC sector is witnessing rapid expansion, with one new GCC established every week in 2024. Nearly half of Fortune 500 companies now operate GCCs in India, attracted by operating costs that are 30-50% lower than in the UK, US, and Australia.

Currently, there are about 1,800 GCCs in India, employing 2.16 million professionals—a number expected to rise to 2.8 million by 2030, according to Sitharaman.