Why MNCs are betting big on India's GCC ecosystem: Nasscom's Srikanth Srinivasan explains

In an exclusive interaction with Business Today, Srikanth Srinivasan, Vice President and Head, Membership and Outreach, Nasscom, said that global capability centres (GCCs) in India have become mission-critical strategic hubs. They provide a concrete buffer against economic instability and geopolitical risks, enabling companies to maintain operational continuity and access vital resources even in the face of severe domestic challenges. More than just cost centres, India’s GCCs are evolving into strategic hubs that are not only redefining the Indian corporate landscape but also influence global business dynamics. Srinivasan further shared his insights on the future of GCCs in the country and how they contribution to India’s growth story. Edited excerpts:

BT: How many GCCs does India currently have, and where do you see the number heading? 
Srinivasan: Over the last five years the number of GCCs in the country have increased from more than 1,285 in FY19 to over 1750 GCCs in FY25 employing over 1.9 million professionals. India’s innovation prowess is reflected in the fact that most of the MNCs and GCCs today house their largest engineering teams in India which are supporting the next-gen technology innovation. More than 56 new GCCs were added in FY25. In FY24 GCCs in India generated $64.6 billion in export revenue. India is the “GCC capital of the world” with the largest base of 17% of global technology capability centres. While the initial wave of GCC growth was driven by large enterprises, more mid-market enterprises and unicorns are also setting up GCCs in India. Around 40 global unicorns have an India GCC presence as of 2024.

By 2030, the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCs reaching 2,100-2,200 and headcount rising to 2.5-2.8 million. With a strong focus on innovation, these centers have the potential to transform into sandboxes for solutions tailored to diverse markets. They can unlock new growth by monetising “India to India” services, leveraging local market insights, and expanding their domestic footprint.
 
BT: How have GCCs evolved over the past two decades? How do you see the role of these centres going forward?
Srinivasan: The GCC model has evolved from being a hub for scalable talent to becoming a strategic driver of global leadership equity. What sets today’s GCCs apart is their ability to align deeply with enterprise priorities, foster distributed leadership, and create a sense of organisational unity across geographies. The dynamism of India’s GCC ecosystem is characterised by its ability to innovate and adapt, reflecting a move towards more complex and strategic functions.

Looking ahead to the next two decades, the role of GCCs in India is poised to become even more pivotal. Many GCCs are increasingly adopting the ‘GCC as a Service’ model. This shift is driven by the need for greater agility, cost efficiency, and access to specialised skills. This approach enables enterprises to adapt quickly to changing business demands, improve operational efficiency, and drive innovation through access to cutting-edge technologies and best practices.
 
What’s truly exciting is how India has become a microcosm of global organisations. Every business unit and function now, has some representation here, making our GCCs the nerve centres of global tech advancement. Backed by a deep tech talent pool, expanding presence in Tier 2/3 cities, and strong policy support, GCCs are driving end-to-end product ownership, AI-led transformation, and global leadership roles. By 2030, the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCs reaching 2,100-2,200 and headcount rising to 2.5-2.8 million.
 
BT: Which sectors will dominate the GCC landscape in India by 2047? Why?
Srinivasan: Historically, BFSI played a pivotal role, with both large and small companies from the US and Europe expanding their operations in India. This trend continues, with a second wave of BFSI companies emerging from the Middle East, Japan, and the broader Asia region.

The automotive sector, comprising both major players and smaller entities, has significantly impacted the GCC landscape, originating from Europe and Asia. This trend is expected to persist, with these companies further intensifying their operations in India.

Enterprise products, featuring technology giants such as Microsoft, Google, Amazon, SAP Labs, and others, have strategically utilised India for the development and refinement of their product strategies. This domain’s growth continues, with an increasing number of domain-specific products emerging in financial and technology spaces, often incorporating advanced technologies such as AI.

Furthermore, the healthcare sector has witnessed accelerated growth in recent years, with healthcare-related companies establishing their presence in India. This trend aligns with the evolving landscape and the heightened importance of healthcare services in the wake of global events.
 
BT: Can India sustain its talent advantage for GCCs until 2047, especially considering increasing global competition and demographic shifts?
Srinivasan: Multinationals seeking to derisk and diversify their supply chains are finding India to be a rational alternative, not just from a cost perspective, but from a capability and governance standpoint. This is evident in the steady pace of GCC expansion through 2024 and into 2025, reflecting the growing confidence of global enterprises.

The last 5 years have seen rapid expansion in the GCC ecosystem, and India remains well-positioned for future growth through prioritisation on skills development, cybersecurity, and progressive policy frameworks. The country's emphasis on high-end engineering roles and strategic partnerships also enables it to meet the evolving needs of global companies, fostering sustainable practices and driving innovation.  Major players like Ford, Amgen, and ANZ are increasing their presence in India, while new entrants—including Goodyear, Sonoco, Cyara, and Dark Matter—have announced GCC setups. More mature GCCs are further developing expertise in full-stack development, AI, and IoT, leveraging India's robust cybersecurity talent to create advanced solutions for both global and emerging markets.

There is an increasing emphasis on building appliances with intelligence for aftermarket services to address sustainability and green climate management. And India’s digitally skilled tech workforce with its deep expertise in AI, machine learning, and digital technologies, provides the capabilities that global enterprises need to scale their AI initiatives, enhance automation, and drive next-generation innovation.
 
BT: Which policies or infrastructure changes are needed to make India the global headquarters for innovation-driven GCCs?
Srinivasan: As a country, we must focus on streamlining entry pathways, enabling cost-effective GCC-as-a-service models, and building vibrant innovation clusters and proactively driving favourable policies. Nasscom has been working closely with Meity on the national framework for GCCs and simplification of the international taxation regime.
 
BT: What are the biggest risks or disruptions that could derail India’s goal to be the global hub for GCCs?
Srinivasan: India’s GCC ecosystem is defined by its agility, innovation, and resilience. While navigating growth headwinds and the imperative to bridge the value gap, GCCs must continue scaling with a focus on deeper enterprise alignment and innovation. Opportunities are immense. Globally, there are an estimated 130,000 to 150,000 mid-sized companies—India has the potential to attract 30,000 to 40,000 of these, particularly from the US, UK, Germany, and Japan, across sectors like software, internet, BFSI, and healthcare. If nurtured strategically, these centres can evolve into AI-native, product-led innovation hubs—spinning out IP, influencing global tech policy, and operating as autonomous, high-impact engines of growth.