Global Capability Centers (GCCs) mark as an excellent forum and a stimulator in catalysing innovation and development and binding the best talent together.
There is no denying that India’s technology pool has spread leaps and bounds in the last decade. India is spearheading research, development, and innovation on a global front with over 1580 GCCs operating (as of FY 2023) with a market size of $46 billion, rising at a CAGR of 11.4%, encompassing the finest leadership roles across sections like engineering, operations, management, etc.
Looking precisely, India’s vibrant start-up ecosystem, highly competitive and digitally skilled talent pool, evolving workplace culture, strong service-oriented community, and crucial and active digital transformation initiatives taken by the government have all added to the authenticity and relevance of the business, thus attracting expansion of GCCs across the country. Reported, at least 20% of the Forbes 2000 global companies have set up their GCCs in India till 2023.
As per reports, 20k+ global leadership roles will be housed in India by 2030, with over 36% of them based in Bengaluru, followed by NCR, Mumbai, and Pune. The percentage of women in global roles in India is expected to rise to 30%. In terms of industries, 50% of the leadership roles are from the software and internet, followed by FMCG, and retail, Banking, Financial Services, and Insurance (BFSI), telecom and Networking, and electrical and electronics verticals.
Rohit Jetly, Head of Shared Services and India Site Head, at Fidelity International, sheds some light on the trends following the expansion of GCCs in India and what more needs to be done in the coming year.
“2023 was an important year for India’s Global Capability Centres (GCCs), characterized by trends that highlight India’s crucial position in the global business arena. The surge in GCCs, which are projected to reach 2,000 in India over the next 3-4 years, reflects how organizations are harnessing India’s talent pool more in terms of depth of skill and the volume of innovation that can unfold from here, with substantial focus on areas like AI, analytics, digital, blockchain and cloud. This reaffirms the confidence global corporations place in India as a hub for advanced capabilities and underscores the nation’s position as a global leader in technology. The shift is further accentuated by the talent’s (especially engineers’ and technologists’), clear preference for working in GCCs and product firms, over traditional IT services firms.
In 2024, the outlook for GCCs seems promising and I expect them to play a pivotal role in shaping the future, albeit we take steps to consolidate our position in the rapidly changing world. Our leadership talent needs to be in tune with evolving and unmet customer needs and be ingenious enough to create solutions to meet their needs. They should be able to reimagine how they move through the value chain and improve the value arbitrage we provide. They also need to start thinking more creatively about improving our productivity as a collective. To deliver on our promise, our talent needs to excel, both from a skills perspective as well as from a cultural integration perspective and be more hands-on and connected to the business and customer outcomes they are serving.
At Fidelity International, India continues to be a place of strategic importance for over two decades now, having built strong customer-centric capability in the country, delivering work across engineering & technology, finance, digital, general counsel, data and analytics, cyber security etc. to name a few. More than 40% of our global talent is based in India and we have recently announced our operations in Bangalore, that will bolster our strategic presence in the country. We have thoughtfully crafted our approach to build a sustainable business, and to leverage India as a talent hotspot as well as a resilience location for our clients globally.”
The projections are vital, and so is the responsibility. India has cemented itself as the centre of excellence, and, while the stakes are soaring, we predict India will outperform in pulling global headquarters to manage end-to-end solutions from the country.
 mark as an excellent forum and a stimulator in catalysing innovation and development and binding the best talent together. ){kind=link}