21-Year Tax Holiday Clears The Path For India’s GCC Boom, Where's The Big Opportunities?

India’s medium- and short-term opportunity set is increasingly centred around GCCs and advanced IT services. Budget clarity on services taxation, including IT and GCCs, has removed long-standing transfer pricing ambiguities through a clear safe harbour framework, boosting confidence among global companies. A 21-year tax holiday and the India–US tax deal further strengthen India’s appeal as a global services hub. Indian IT firms are also moving up the AI value chain-integrating artificial intelligence into software, applications and enterprise solutions rather than just infrastructure. With cloud spending maturing and global tech budgets reviving, large deal pipelines are opening up. Despite being under-rated for months, Indian IT stocks now appear poised for a sharp growth revival, backed by structural reforms, AI adoption and rising global demand for India-led technology solutions.