Aarnav (name changed on request), a graduate of Indian Institute of Engineering Science and Technology, Shibpur, landed a job of a digital engineer at Texas Instruments. He enjoys the opportunity to work at a multinational company (MNC) without needing to relocate abroad.
His office, located in Bagmane Tech Park, Bengaluru, is nestled among other major companies such as Oracle, Nike, Cisco and Grant Thornton. Aarnav is one among the 2.5 million science, technology, engineering or mathematics (STEM) graduates in the country who form an attractive talent pool for MNCs to set up their offices in India, and Texas Instruments is one among the 1,580 global capability centres (GCCs) and one of the earliest to recognise the potential of the Indian market.
GCCs are offshore centres that support a global parent company. The companies leverage specialised talent, cost arbitrage and operational efficiencies in several locations around the world to get key jobs done so that everything runs smoothly in the parent company. These centres provide essential tech services, research and development (R&D), and engineering and information technology support to their parent companies. GCCs have become a major trend in India, with their rapid expansion evident as 10 new GCCs were established in just the fourth quarter of 2023.
GCCs employ over 1.66 million people, according to GCCs in India: Building Resilience for Sustainable Growth, a report by consultants KPMG and NASSCOM, the IT industry body. The total market size of GCCs is $46 billion, and it is growing at a compound annual growth rate of 11.4%, according to a report jointly published by NASSCOM and management consultants Zinnov.
The overall share of GCCs in total IT exports from India increased from 18% in 2015 to 23% in 2023, says an HSBC global research report. At least 20% of the Forbes 2000 global companies have set up their GCCs in India till 2023.
Bu hikaye Outlook Business dergisinin July 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Outlook Business dergisinin July 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
From Chandni Chowk to Global Recognition
For Manish Aggarwal, director at Bikano, Bikanervala Foods, the family business was not just a responsibility but a passion he took to the global stage
Spotting AI Scams
Al has become an integral part of our lives, from customer service no insurance claims. But it is also becoming a tool for fraudsters who use it to scam individuals and corporations
Let a Hundred Flowers Bloom
On the banks of the Ganges in industrial Kanpur, a start-up has blossomed that turns waste flowers into incense
BATTERY LOW
India produces enough green energy to power many of its largest cities yet lacks the storage to use it efficiently. A nation blazing forward must leap ahead in battery technology to stay on course
We Have Everything Going for Rajasthan
Rajyavardhan Singh Rathore, Rajasthan’s industry and commerce minister, tells Pushpita Dey why the state is suited to become a hub for investments.
Dairy and Other Dilemmas
India’s refusal to open its dairy market has complicated trade negotiations for years. As global partners demand concessions, is the cost of protectionism outweighing benefits?
Riding in a Maze
As gig workers ride into an uncertain future with little more than a smartphone and a bike, the government is struggling to arrange a socialsafety net. But millions without social security is recipe for disaster
BIRLA'S BIGGEST BATTLE
As Kumar Mangalam Birla completes 30 years at the helm of the Aditya Birla Group, he has a battle to defend his businesses and conquer new ones
THE INNOVATION LEAP
India dreams of becoming a product nation. But unless the corporate sector significantly increases spending on R&D, the country will continue to lag behind global peers
EDUCATION BUDGET MUST DOUBLE EVERY 3 YEARS
Veezhinathan Kamakoti, a renowned academic and director of Indian Institute of Technology Madras, tells Deepsekhar Choudhury on what technology sovereignty means for India and how it can propel the country towards its vision of becoming a developed nation by 2047.
