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Global capability centre industry to become catalyst for creating jobs: report

Economic Times

Economic Times · 11m ago

Global capability centre industry to become catalyst for creating jobs: report

According to a report by HR Services and Workforce Solutions provider Genius Consultants, 78% of professionals expect India's global capability centres (GCCs) to create new job opportunities, particularly benefiting gig workers and temporary workforce. The report highlights the pivotal role of GCCs in advancing cutting-edge technologies such as AI and cloud computing. Additionally, 94% of respondents believe that GCCs will have a positive impact on India's overall economic output. The establishment of GCCs by multinational corporations is expected to increase job availability and opportunities for local professionals, contributing to the growth of India's industrial landscape.

Related News

Workday to establish GCC in Chennai with Rs 220 crore investment

Economic Times

Economic Times · 2m ago

Workday to establish GCC in Chennai with Rs 220 crore investment

Workday is setting up a global capability centre in Chennai, investing Rs 220 crore, and creating up to 3,000 jobs. This will serve as a strategic hub for product and technology development to support Workday’s global operations with a focus on AI technologies. A memorandum of understanding has been signed with Tamil Nadu's investment promotion agency. The move highlights the growing presence of global capability centres in Tamil Nadu, which already hosts over 250 such centres.

CEOs Anticipate Revenue Growth Uptick in H2 2024 Amidst Continued Macroeconomic Headwinds for FY2025

OutlookIndia

OutlookIndia · 1y ago

CEOs Anticipate Revenue Growth Uptick in H2 2024 Amidst Continued Macroeconomic Headwinds for FY2025

A recent report by Nasscom highlights that the technology industry in India is focusing on efficiency and reinforced business fundamentals in the face of global economic slowdown. The industry grew by 3.8% in FY2024, adding $9.3 billion in incremental revenue. Sub-sectors like Global Capability Centre (GCC) and ER&D saw growth, with ER&D alone contributing 48% to total export revenue. The report also mentions the domestic sector's growth, driven by investments in emerging technologies and digital spending among Indian enterprises. Furthermore, companies are investing in upskilling their workforce in AI, cloud, data, and cybersecurity. Despite macroeconomic challenges, CEOs expect technology spending to increase in 2024, with industries like Hi-Tech, BFSI, and TMT predicted to improve.

KPMG opens innovation centre in Bengaluru, second after Mumbai

Economic Times

Economic Times · 1y ago

KPMG opens innovation centre in Bengaluru, second after Mumbai

KPMG has opened its second Innovation Kaleidoscope Insights Centre in Bengaluru, India. The centre showcases solutions in various sectors through augmented reality-virtual reality devices, tax technology, digital solutions for environmental and governance problems, and generative artificial intelligence solutions. The centre aims to address the needs of global capability centres and clients, providing immersive experiences, insights, technology, and resources. KPMG plans to open two more centres in Gurugram and Noida. The centres will offer industry-specific solutions and customisation options for clients' specific challenges.

Eli Lilly to set up global capability centre in Hyderabad, hire over 1,000 people

Economic Times

Economic Times · 6m ago

Eli Lilly to set up global capability centre in Hyderabad, hire over 1,000 people

Eli Lilly and Company plans to establish a new global capability centre in Hyderabad, hiring over 1,000 professionals to boost its digital strategy. Named Lilly Capability Centre India (LCCI) Hyderabad, this centre will enhance capabilities in automation, AI, software engineering, and cloud computing. Set to be operational by mid-2025, it marks Eli Lilly's second Indian centre after Bengaluru. The initiative highlights Hyderabad's growing role in healthcare innovation and aims to accelerate advanced technology solutions worldwide.

Indian IT industry revenues to touch $254 billion with 3.8% growth in FY24, says Nasscom

IndianStartupNews

IndianStartupNews · 1y ago

Indian IT industry revenues to touch $254 billion with 3.8% growth in FY24, says Nasscom

The Indian IT industry is projected to experience a 3.8% growth in revenue, reaching $254 billion in the current fiscal year, according to Nasscom. Despite a global decline in tech spending and contracts, the Indian industry is expected to generate an additional $9.3 billion in revenue. The sector is also creating jobs, with 60,000 new positions announced, bringing the total workforce to 5.43 million. The report highlights the importance of upskilling and focuses on emerging technologies such as AI, data analytics, cloud computing, and cybersecurity.

Indian talent gets senior-level roles as GCCs mushroom

Economic Times

Economic Times · 1y ago

Indian talent gets senior-level roles as GCCs mushroom

According to ETtech, the growth of Global Capability Centres (GCCs) in India has resulted in a significant increase in global and senior level roles in the country. It is estimated that the GCC sector will create around 300,000-400,000 jobs in the next 2-3 years. The transformation of business strategies of multinational companies in India has led to the shift towards more global roles within Indian GCC leadership. GCCs are now providing career paths for employees to become global workers and eventually migrate to global locations or headquarters. GCCs are also investing in upskilling and work-life balance programs to attract premium talent.

Australia-based REA opens first India GCC in Gurugram

Economic Times

Economic Times · 10m ago

Australia-based REA opens first India GCC in Gurugram

Digital real estate advertising company REA Group is set to launch its first India global capability centre (GCC) in October. The company plans to expand its India headcount to make up 10% of its global workforce over the next two years. The new innovation centre will be located in Gurugram and will focus on data, cloud, AI, and product development. The centre will work closely with Australian teams to create and deliver experiences for consumers throughout the property journey. Initially, 70 highly skilled tech employees will be hired.

Global Capability Centres to generate 1M jobs in 6 years: NLB Services report

YourStory

YourStory · 5m ago

Global Capability Centres to generate 1M jobs in 6 years: NLB Services report

Global capability centres (GCCs) are increasingly targeting India due to its skilled workforce and favourable policies. A report by NLB Services predicts GCCs will create 1 million jobs and employ 3.3 million professionals by 2030, with the number of centres exceeding 2,100, reaching a $100 billion market size. Demand is high for skills in customer experience, cybersecurity, digital transformation, AI, and cloud computing. Cities like Bengaluru and Pune are key hubs, focusing on inclusivity and niche skills.

Safe harbour regime is a big hurdle in GCC growth path, say experts

Economic Times

Economic Times · 4m ago

Safe harbour regime is a big hurdle in GCC growth path, say experts

The safe harbour regime under Indian transfer pricing laws poses a challenge for Global Capability Centres (GCCs), potentially impacting India's attractiveness as a GCC destination. Industry experts and bodies suggest achieving transfer pricing parity with margin-optimised countries and recommend regulatory reforms. Proposals include creating a national GCC framework, simplifying legal entity types, tax incentives, and developing infrastructure and talent in non-metro areas. Enhanced collaboration between government, industry, and academia is also advised to foster GCC growth.

India will play a major role in driving the global semiconductor industry: PM Modi

Economic Times

Economic Times · 10m ago

India will play a major role in driving the global semiconductor industry: PM Modi

Indian Prime Minister Narendra Modi emphasized India's role in driving the global semiconductor industry and creating a resilient global supply chain during his speech at the Semicon India industry conference. He highlighted India's partnerships with countries like the US, Japan, and Singapore in the semiconductor sector. Modi stated that India aims to expand its $150 billion electronics sector to over $500 billion by the end of the decade, creating millions of jobs. He emphasized India's talent pool, research investments, growing data center demand, and commitment to green transition in becoming a semiconductor powerhouse.

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