Over the past 18 years, India has witnessed a remarkable increase in its share of global services exports, with GCCs playing a vital role in driving this growth. These centers have had a significant impact on various sectors of the economy, including real estate, services exports, economic growth, job creation, and revenue generation.
In recent years, revenues from GCCs in India have grown nearly fourfold at a CAGR of 11.4%, reaching $46 billion as of FY23. The number of GCCs has also more than doubled from 700 to 1,580 during the same period. Furthermore, the sector has added around 1.3 million employees at an impressive 11.6% CAGR, bringing the total employee count to 1.7 million in FY23.
According to Goldman Sachs’ report titled “India’s rise as the emerging services factory of the world,” high-value services are expected to show strong growth in the coming years and drive top-end discretionary consumption as well as demand for commercial and residential real estate. India’s services exports have already reached nearly $340 billion in 2023 at a CAGR of around 11% since 2005, outpacing goods export growth by a significant margin.
India’s share in global services exports has risen from under 2% in 2005 to an impressive 4.6% in
