NEW DELHI: India’s Global Capability Centres (GCCs) could add up to $200 billion to the economy and generate thousands of jobs by 2030, FM Nirmala Sitharaman said as she promised government support to power growth of GCCs.FM emphasised how the government has been working on reducing approval timelines, enhancing tax certainty including on Advance Pricing Agreements and integrating administrative support across ministries. Sitharaman backed greater investment in Tier 2 and Tier 3 cities and showcased models such as the GIFT City as examples of regulatory facilitation. “India must not lose this opportunity,” she said. FM said the sector has grown at a CAGR of 11 per cent over the last five years, stating that one new GCC was being established every week in 2024. While speaking at the CII-GCC Business Summit, she noted that nearly 50 per cent of Fortune 500 companies now have their GCCs in India as operating costs in India are 30-50 per cent lower compared to the UK, the US, and Australia. “There are about 1,800 GCCs currently operational in India, employing 2.16 million professionals. This is expected to rise to 2.8 million by 2030 – and I believe that’s a conservative estimate,” she said.
