India’s GCCs driving global growth and innovation

India’s Global Capability Centres (GCCs) are set to grow from US$ 64.6 billion in 2024 to US$ 99-105 billion by 2030, with the number of companies rising from 1,700 to around 2,200. This growth is driven by India’s talent pool, attracting multinational firms like Chevron and Sanofi to invest US$ 1.4 billion in expanding their GCCs. Sectors like retail, healthcare, and pharma are expected to lead the expansion, while leadership roles in GCCs are predicted to grow from 6,500 to over 30,000 by 2023.

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India’s Global Capability Centres (GCCs) are expected to grow significantly, with market size projected to reach between US$ 99 billion and US$ 105 billion by 2030, up from US$ 64.6 billion in fiscal 2024, according to a report by Nasscom and consulting firm Zinnov. Once considered low-cost outsourcing hubs, India’s GCCs have transformed into local offices that support global companies across a range of functions, including daily operations, finance, and research and development.

This evolution has encouraged multinational companies to establish or expand their local offices, boosting hiring, a trend that is expected to grow exponentially in the coming years. U.S. energy firm Chevron and French pharmaceutical company Sanofi, for example, have collectively committed around US$ 1.4 billion to set up or expand their GCCs in India.

The report forecasts that the number of companies with GCCs in India will increase to around 2,100–2,200 by 2030, employing between 2.5 million and 2.8 million people. Currently, there are about 1,700 companies operating GCCs in India, employing approximately 1.9 million people.

The growth of India’s GCCs has been driven by the scale and quality of its talent pool. As Namita Adavi, partner of the India GCC Consulting Practice at Zinnov, stated, India’s status as one of the oldest offshoring ecosystems has “created a flywheel effect in terms of the talent that is being churned out.” She expects sectors like retail, healthcare, and pharma to drive future growth, though the software, internet, and banking, financial services, and insurance (BFSI) segments currently dominate the landscape.

Additionally, leadership roles in India’s GCCs are predicted to surge, rising to more than 30,000 by 2023 from the current 6,500, according to the report.