Global Capability Centres, commonly referred to as GCCs, are strategic entities established by multinational corporations to oversee high-value functions such as research and development (R&D), product innovation, and global business operations. These centres are vital for fostering innovation, enhancing operational efficiencies, and delivering significant value to companies.
India hosts a thriving community of over 1,700 GCCs, providing employment to nearly 1.9 million individuals in major cities like Bengaluru, Pune, Hyderabad, and Chennai. These centres offer diverse job opportunities in sectors including banking, financial services, insurance (BFSI), healthcare, telecommunications, and emerging technologies, thus playing a crucial role in shaping the employment landscape of the country.
GCCs have emerged as key contributors to India's economic development, generating an impressive $64.6 billion in export revenue in the fiscal year 2024. By engaging in activities like R&D, global strategy, and product development, these centres attract substantial foreign direct investment (FDI), bolstering India's position in the global economy.
In the realm of innovation, GCCs are indispensable for global enterprises. In India, they are at the forefront of pioneering fields such as cybersecurity, telematics, artificial intelligence (AI), and enterprise solutions. Notably, many GCCs contribute significantly to intellectual property creation, with companies like Verizon having filed over 90 patents from their Indian operations in recent years.
GCCs in India offer a compelling competitive edge by delivering 30-40% lower operational costs compared to their global counterparts. They act as value creators, focusing on innovation and leveraging India's talented workforce to help global companies maintain competitiveness in rapidly changing industries.
GCCs in India are evolving into essential innovation and strategic hubs for multinational corporations, substantially influencing employment, foreign investments, and technological advancements in the nation. Their contributions to India's economy and global competitive status are increasingly significant, marking them as pivotal players in the international business arena.
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