India’s GCC sector hits $64.6 billion in FY24, grows 9.8% annually: MeitY

India’s Global Capability Centres (GCCs) generated $64.6 billion in revenue in FY24, recording an annual growth rate of 9.8%, according to new data released by the Ministry of Electronics and Information Technology (MeitY).

The ministry said India now hosts over 1,700 GCCs, employing more than 19 lakh professionals. GCCs are offshore units established by multinational companies to deliver a wide range of services, including engineering, R&D, digital operations, and business functions—for their global operations.

“These GCCs have rapidly grown into strategic hubs for innovation and value creation. In just five years, their combined revenue has risen from $40.4 billion in FY19 to $64.6 billion in FY24, growing at a healthy 9.8% annually,” MeitY said in an official statement.

Bengaluru, Hyderabad, Pune, Chennai, Mumbai and the National Capital Region remain the country’s largest GCC clusters.

The Centre expects the sector to expand to $105 billion by 2030, supported by nearly 2,400 GCCs employing 2.8 million people.

India has added over 400 new GCCs and 1,100 units in the past five years, with engineering research centres growing 1.3 times faster than the overall GCC ecosystem.

According to government data, India contributes 28% of the global STEM workforce and 23% of the world’s software engineering talent.

“GCCs are driving growth and innovation in the services sector, enabled by India’s skilled workforce, ease-of-doing-business reforms, and liberalised FDI policies,” the ministry said.