India’s Global Capability Centre (GCC) ecosystem is emerging as one of the country’s fastest-growing technology and services sectors, even as industry experts continue debating how GCCs should be officially classified and measured.
The discussion largely centres around whether India-based subsidiaries of multinational IT services firms such as Accenture, Capgemini, and Cognizant should be counted as GCCs. While several industry bodies have traditionally excluded these companies from GCC estimates, some multinational firms have described their India operations as GCCs due to the nature of their work and operating models.
Consultancy firm Wizmatic has adopted a broader definition over the past 2 years by including foreign IT services subsidiaries in its GCC calculations. According to the consultancy, these organisations function similarly to conventional GCCs and therefore should be part of the ecosystem.
Wizmatic’s analysis is based on data collected from more than 2,100 companies through Registrar of Companies records and over 10,000 firms tracked using Employees’ Provident Fund Organisation data. The data includes revenue, export figures, and employment trends across multinational technology operations in India.
The estimates highlight the sector’s expanding contribution to the economy. Exports from multinational firms offering IT, ITeS, and engineering research and development services from India increased 13% to $153 billion in 2024-25. Based on current trends, exports are expected to grow another 6.9% to $164 billion in 2025-26.
The depreciation of the rupee has also supported stronger local currency growth, with revenue growth estimated at nearly 17% over the past year. Export growth in dollar terms stood at 17% in FY21, rose to 25% in FY22, moderated to 19% in FY23, and remained strong at 16% in FY24.
Employment in the sector has also grown significantly, increasing from 2.3 million in FY20 to 4.2 million currently. Wizmatic estimates that the 10,590 technology firms it tracks collectively employ around 8 million people, with foreign-owned companies accounting for nearly half of the workforce.
Industry experts believe AI will reshape workforce structures in the coming years, especially in large GCCs employing between 20,000 and 40,000 professionals. However, global interest in India’s talent pool, engineering expertise, and cost competitiveness continues to keep growth sentiment positive.
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