GCCs to contribute 2 pc to India’s GDP and create 2.8 mn jobs by 2030, says report

NEW DELHI: Global Capability Centres (GCCs) are set to contribute 2 per cent of India’s GDP and generate 2.8 million jobs by 2030, and are emerging as a key growth and employment generator, according to a report by the Association of Chartered Certified Accountants (ACCA).

GCCs, also known as Global In-house Centers (GICs) or Captive Centers, are fully owned and integrated hubs established by multinational corporations in talent-rich locations to build value and intellectual property. They leverage global talent pools and technological advancements to enhance organizational capabilities and drive business transformation.

With over 1,700 GCCs in 2023-24, which is expected to rise to over 2200 by 2030, India has become the prominent destination for the MNCs to set up their centres. Highlighting the favourable factors, the report said that a skilled workforce, favourable government policies, and improving infrastructure fuel the growth of GCCs in India.

In financial year 2024, GCCs generated approximately $64.6 billion in export revenue, a 40 per cent increase from $46 billion in FY23. The report added that about 20,000 global leadership roles are projected to be based in India by 2030.

The growth of GCCs in India is most prominent in Tier-1 cities, with Bengaluru leading the pack with 487 centers (29 per cent of India’s total). Hyderabad follows closely with 273 GCCs (16 per cent), while the NCR region hosts 272 centers. Mumbai, Pune, and Chennai also contribute significantly, accounting for 12 per cent, 11 per cent, and 10 per cent of the national total, respectively.

This is a reflection of India’s effort to establish itself as the world leader in housing Global Capability Centers (GCCs), with currently nearly 1,700 centers, over 53 per cent of the total 3,200 globally.

GCCs have evolved from cost-saving units to strategic hubs driving innovation, operational efficiency, and business growth. GCCs are strategically located in countries like India, offering access to diverse talent pools, robust ecosystems, and favorable business environments.

The report highlights that the finance roles in GCCs have shifted from doing basic transaction-focused accounting to creating value for the organisation through process improvement and cost transformation initiatives. Opportunities abound in business partnering, procurement, reporting, planning, and analysis.

While entry-level roles focus on data analytics, financial planning and analysis (FP&A), and compliance management, mid-level roles are shifting to process improvements and driving transformation, the report added. (ANI)