FM: GCCs may add up to $200 bn to economy by ’30

One new GCC set up every week in 2024; half of Fortune 500 firms present in India

- Rajeev Jayaswal

India’s gross value addition from Global Capability Centres (GCCs)could potentially range between $150 billion and $200 billion by 2030 from the current level of $68 billion, Union finance minister Nirmala Sitharaman said on Monday citing the country's vast talent pool and cost-effectiveness.

“Our talent is more cost-effective compared to other countries. Itis estimated that it costs 30-50% less than the US, UK and Australia,” she said at the GCC Business Summit, organized by the Confederation of Indian Industry (CI).

GCCs are offshore facilities of multinational firms to perform strategic tasks involving digital services, research and development, finances and human relations. GCC hubs in India are located in Bengaluru, Hyderabad, Pune, Chennai, Mumbai, and the National Capital Region (NCR). GCCs in India have transitioned from data processing to knowledge processing over the years.