India's GCC Expansion: A Trillion-Dollar Vision by 2030

India is poised to harness significant economic potential through the expansion of Global Capability Centres (GCCs), with projections estimating an economic contribution of USD 470-600 billion by 2030. Romal Shetty, CEO of Deloitte South Asia, emphasized the vital role of GCCs in India's strategy to achieve its USD 1 trillion services export target.

During the CII GCC Business Summit, Shetty revealed that India currently hosts around 1,800 GCCs. He asserted that with favorable policies, ecosystem support, and strategic actions, the number could scale to between 3,400 and 5,000 in the coming years. This expansion is crucial as a significant portion of Fortune 500 and Forbes Global 2000 companies have yet to establish their GCCs in India.

Shetty highlighted the recent surge in mid-market companies, which have accounted for 35% of new GCC setups over the last two years. This burgeoning sector has the potential to create 20-25 million jobs by 2030, directly and indirectly, influencing sectors like real estate and supply chains. GCCs are transforming into innovation hubs, heavily focusing on digital product development, thus integrating closely with India's startup ecosystem, which boasts over 100 unicorns, reinforcing a robust innovation pipeline.

(With inputs from agencies.)