How India is charting new paths with Global Capability Centres

In a global arena of opportunities, India isn’t just an attractive market; it’s a hotspot for creativity and a hub for game-changing investments. The flourishing landscape of Global Capability Centres (GCCs) is a testament to India’s adaptability and resilience, making it an attractive destination for global investors and corporations seeking to leverage its abundant resources and potential. Propelling growth through GCCs Over the past few years, more than 150 multinational corporations strategically chose India to establish their GCCs, positioning the country at the forefront of the GCC growth wave with over 1,500 GCCs. NLB Services recent study showed nearly 78 per cent of these GCCs have established operations in India to augment or create a superior talent pool. Encouragingly, 8 per cent of GCCs anticipate their workforce to double within 2023, creating approximately 3.64 lakh new jobs. Looking ahead, the nation is expected to have 1,900 such centres, with a market size reaching $60 billion by 2025. Evolution of GCCs The evolution of the global sourcing sector has elevated GCCs to new heights - transforming them into Centres of Excellence (CoEs), programme management offices and innovation hubs. The establishment of new GCCs isn’t just about cost and scale; it’s about expanding global offerings and forging strategic local partnerships. Fuelling this evolution are disruptive forces like digital technology, big data, analytics, mobility and cloud computing, enabling these centres to craft unique value propositions for their parent companies. India’s strategic positioning for tech talent India, recognising the critical importance of infrastructure and technological capabilities, has made significant strides. The nation has cultivated a highly skilled talent pool, solidifying its position as a hub for digital innovation. The burgeoning number of GCCs in India serves as a confirmation to the country’s abundant technology talent and the conducive environment for fostering digital breakthroughs. India has positioned itself as a global magnet for tech talent and a preferred destination for foreign companies looking to establish shared services centers. With a demand and supply gap at 21.1 per cent, the lowest among leading tech nations, including the US, China, and the UK, GCCs are taking notice. Thus, reinforcing the nation’s commitment to not just meeting but exceeding global expectations in creating a superior talent pool. Elevated state policies harmonising with India’s industrial landscape Several Indian states are orchestrating a comprehensive strategy to amplify the GCC ecosystem. This forward-thinking approach involves identifying high-potential industries and implementing policy measures aimed at not just attracting foreign investments but also cultivating top-tier talent and fostering a research-oriented environment. Recognising the synergy between these GCCs and India’s existing industrial ecosystem, particularly in the IT and Information Technology-enabled Services (ITeS) sector, these policies serve as a powerful catalyst for innovation and sustained growth. They seamlessly bridge the gap between the capabilities of GCCs and the existing strengths of India’s industrial landscape. These policies serve as driving forces for innovation, compelling organisations to invest in open innovation platforms and establish digital enterprises. This marks the commencement of a transformative journey that transcends mere cost-efficiency, expanding into the realm of strategic digital excellence. As a result, the business landscape is not just witnessing growth; it is evolving into a dynamic arena where innovation thrives, and strategic digital prowess becomes the cornerstone of success. Conclusion India’s rise as a global hub for innovation through GCCs underscores its adaptability and strategic foresight. With a rich pool of skilled professionals, the nation stands as a hub for digital innovation. The harmonisation of state policies with industrial strengths creates a powerful synergy, positioning India as a standout in the global success story. The author is President - Middle East, Indian Subcontinent and Africa, FedEx. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.