- GCCs are business units that have been strategically created by MNCs for the outsourcing of their internal business functions.
- The competitive advantages for India include a considerable talent pool, cost competitiveness, as well as adaptability in the business environment.
- Key strategic locations in India are:
- Bangalore, Hyderabad, Chennai, Pune, Gurugram, and Noida.
- GCCs in India are devising their strategies for high-value, high-competitive frontline areas; in finance, legal support, and research and development, marketing, supply chain, and product development.
- Cost-competitiveness and the geographical location of India attracting GCC are.
- The major activities undertaken by GCCs in India as:
- IT and Software Development, Finance and Accounting, Customer Support and BPOs, Human Resource Services and Recruitment and Research and Development (R&D).
- GCCs where global companies create by establishing their own research and product development and innovation activities are in India.
- Benefits from GCCs in India include cost savings, a highly skilled workforce, scalability and flexibility, and increased focus on innovation.
GCC Market size in India
- The size of the GCC market in India has grown from $19.6bn in 2015-16 to $46bn in 2022-23.
- During FY2020, GCCs contributed $99-103bn in revenues, paid taxes amounting to $5.4-5.6bn, and created 5.2-5.5mn jobs.
- GCCs represent 23% of Indian IT exports as compared to 18%, which was in 2015.
