Chief Economic Adviser (CEA), V Anantha Nageswaran on Thursday betted high on India’s capacity for the Global Capability Centres (GCCs), and has become the second-largest base of enterprise AI talent globally.
“India hosts around half of the world’s Global Capability Centres and has become the second-largest base of enterprise AI talent globally,” he said.
“Two decades ago, we had a handful of back offices. Today, it is more than 2,000 such centres, and they employ more than 2 million professionals. The employment estimate is now moving towards 2.3 million, while revenue has crossed $60 billion and is climbing towards $100 billion,” Nageswaran said.
“GCCs now contribute close to 2 percent of India’s GDP and account for a growing share of new office space built in Indian cities each year,” he added.
CEA further said the role of Indian GCCs has expanded across sectors. “Global banks run risk systems and trading platforms from Mumbai and Bengaluru, carmakers design vehicles and embedded systems from Chennai and Pune, semiconductor firms carry out chip design in India, pharmaceutical companies run clinical analytics, and consumer firms build digital products from the country,” he said.
Nageswaran cited Merck’s India operations, and said the German science and technology company recently opened an integrated campus in Bengaluru that brings together around 3,300 people across data, artificial intelligence and enterprise technology.He said the Bengaluru campus now has Merck’s single-largest concentration of digital capability anywhere in the world. India has also become Merck’s fourth-largest workforce hub after Germany, the US and China, he added.
India Hosts Half Of World’s GCCs, Contribute To 2% Of GDP: CEA Nageswaran
