The proliferation of GCCS has given a lift to actual property, expanded services exports, added to financial progress, created jobs and led to fast improve in revenues for these corporations.GCCs are specialised offshore entities arrange by corporations working the world over and these centres assist a raft of enterprise processes, together with IT, human assets, finance, analytics, amongst others.
“Revenues of GCCs in India have grown nearly 4x at a CAGR of 11.4% over last 13 years to $46 billion as of FY23. The number of GCCs has more than doubled from 700 to 1,580 over the same time period, with the sector adding around 1.3 million employees (11.6% CAGR), taking the total employee headcount to 1.7 million in FY23,” says the report by Goldman Sachs titled “India’s rise as the emerging services factory of the world.”
“Over the next few years, we expect strong growth in high-value services to continue. We expect the growth in high-value services to domestically drive top-end discretionary consumption and commercial and residential real estate demand,” in accordance with the report.
It stated India’s services exports grew to almost $340 billion in 2023 at a CAGR of round 11% from 2005 (practically double international progress) outpacing items export progress. “As a result, India’s share in global services exports rose from under 2% in 2005 to 4.6% in 2023, while India’s share in goods exports only increased from 1% in 2005 to 1.8% in 2023,” stated the report.
It stated inside services, laptop services stay the dominant sub-sector, accounting for practically half of India’s services exports in 2023. However, skilled consulting exports have been the quickest rising sector.
