Over the past 18 years, India has experienced a remarkable increase in its share of global services exports, with the rise of global capability centers (GCCs) playing a critical role in this expansion. These GCCs have not only boosted real estate development but also contributed significantly to services exports, economic growth, job creation, and revenue generation for firms.
GCCs are offshore entities established by companies worldwide to support various business processes such as IT, human resources, finance, and analytics. In India, revenues for GCCs have grown nearly 4x at a compound annual growth rate (CAGR) of 11.4% over the past 13 years, reaching $46 billion as of FY23. The number of GCCs has more than doubled from 700 to 1,580 during the same period, with the sector adding approximately 1.3 million employees at a CAGR of 11.6%. This has increased the total employee headcount to 1.7 million in FY23.
According to a Goldman Sachs report titled “India’s rise as an emerging services factory,” India’s services exports grew to nearly $340 billion in 2023 at a CAGR of around 11% since 2005, surpassing the growth of goods exports. As a result, India’s share in global services exports increased from under 2% in
