Page 27 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Government of India has implemented a range of measures and initiatives aimed at promoting and
accelerating renewable energy capacity across the nation, with an ambitious target of achieving 500 GW
of installed electric capacity from non-fossil sources by 2030. Key programs include the National Green
Hydrogen Mission, PM-KUSUM, PM Surya Ghar, and PLI schemes for solar PV modules.

11. India's GCC count rises to 1,700 in FY24, revenue up 40% at $64.6 billion: report
The number of global capability centres (GCCs) set up in India has increased to 1,700 in the fiscal year
2024 ending March, generating $64.6 billion in export revenue, and employing over 1.9 million people,
as per the latest Nasscom-Zinnov India GCC landscape report.

The revenue is an increase of over 40% from $46 billion in the previous fiscal year ending March 2023.
The total number of GCCs increased from around 1,580 employing around 1.66 million workforces.

India is the “GCC Capital of the World” (Global Capability Centers) with the largest base of 17% of global
technology capability centers. By 2030, the GCC market in India is estimated to grow to $99-105 billion,
with the number of GCCs reaching 2,100-2,200 and headcount rising to 2.5-2.8 million, the report
highlighted. Although the Indian GCC landscape has become more diverse, the Americas continue their
dominance with over 1000 GCC units.

Further, over 220 GCC units are housed in emerging locations (Tier-II and Tier-III cities) in the country
with Ahmedabad, Kochi, Thiruvananthapuram, and Coimbatore building critical mass.

With a strong focus on innovation, these centres can unlock new growth by monetizing "India to India"
services, leveraging local market insights, and expanding their domestic footprint. Over the past five
years, global roles in India have also expanded significantly, with more than 6,500 such positions now
established. Interestingly, this includes 1100+ women leaders holding Global Roles.

GCCs have rapidly evolved from being operational hubs to becoming true engines of innovation and
strategic growth. Their maturity in digital capabilities, engineering excellence, and advanced
technology solutions is truly remarkable. As they advance along the maturity curve, they are
increasingly positioned to lead global agendas, secure critical managerial roles, and shape decision-
making processes, setting the stage for India to become a global leader in digital transformation and
sustainable business practices.

Further, given the exponential growth of AI and its potential to impact all products and services, GCCs
in India are increasingly focused on building AI capabilities and driving the AI transformation for their
internal enterprise. Capabilities include talent pool of over 120,000 AI professionals, with 30% of AI
centres of excellence (COEs) housed in Software & Internet GCCs.

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