Business News | GCCs Critical Enabler of India's $1 Trillion Services Export Vision, Says Senior Deloitte Official Romal Shetty
Get latest articles and stories on Business at LatestLY. Speaking at the CII GCC Business Summit, Shetty said India currently hosts approximately 1,800 GCCs
New Delhi [India], July 14 (ANI): India holds the potential to unlock an economic contribution of USD 470-600 billion by 2030 through GCCs (Global Capability Centres) and it would be a critical enabler of India's USD 1 trillion services export vision, Romal Shetty, CEO, Deloitte South Asia, said on Monday.
Speaking at the CII GCC Business Summit, Shetty said India currently hosts approximately 1,800 GCCs.
"With the right policy environment, ecosystem support, and coordinated action, there is a realistic aspiration to scale this to 3,400-5,000 centres over the next few years," he said.
He said 67 per cent of Fortune 500 and 77 per cent of Forbes Global 2000 companies are yet to setup GCCs.
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Mid-market companies (USD 100M-USD1B in revenue) contributed to 35 per cent of new GCC setups over the last two years, Shetty asserted.
"This growth could enable the sector to support 20-25 million jobs by 2030--up to 5 million direct, and the remainder through indirect and induced impact across real estate, supply chains," he said.
"It also holds the potential to unlock an economic contribution of USD 470-600 billion by 2030, factoring in direct output as well as ecosystem-level effects. This would position GCCs as a critical enabler of India's USD 1 trillion services export vision."
GCCs are also evolving into innovation hubs, he said, adding over 70 per cent of GCCs now focus on digital product development--not just service delivery--necessitating proximity to innovation ecosystems.
Referring to Indian startups as key co-creation partners, he said 1.8 lakh+ startups and 100+ unicorns strengthen the provision of a vibrant innovation pipeline for GCCs to source frontier solutions.
GCCs are offshore facilities set up by multinational corporations to manage a variety of business functions and processes for their parent organisations. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)