The recent economic survey of 2024 revealed shocking information regarding employment statistics in India. According to the survey, GCC (Global Capacity Centre) generates more jobs in India than in the IT sector. It employed more than 16 lakh individuals in India in the previous year, 2023. The survey further mentioned that GCCs grew at a CAGR of 11.4%, as their revenue grew from $19.4 billion in FY15 to $46 billion in FY23.
Further, the survey mentioned that GCC will generate revenue of approximately $121 billion by 2030, which is equivalent to 3.5% of India’s GDP. The number of GCCs in India had expanded significantly, reaching over 1,580 centres and more than 2,740 units, up from just over 1,000 centres in FY15. These centres play a crucial role in economic growth by generating high-quality employment opportunities.
In the last couple of years, more than 150 MNCs set up their GCCs in India. According to the survey, “While US and Europe-based MNCs have been establishing their capability centres for a long time, international players from the Asia-Pacific region, especially Japan and South Korea, have begun setting up their R&D/innovation centres in India over the past few years. Although other countries with GCC presence have emerged recently, India remains a favourite.”
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The IT sector which was considered the biggest enabler of jobs in India, failed to create enough jobs in FY 24. NASSCOM (National Association of Software and Service Companies) in their report states that the sector will create 60, ooo jobs, which is significantly lower as compared to the 2,70,000 jobs created in the previous financial year. However, the growth of GCCs within the IT sector has been predominant. It grew by 30% to $9.7 billion in FY23.
