India to Have Over 2,100 Global Capability Centres by March 2028
India is projected to exceed 2,100 global capability centres (GCC) by the fiscal year 2028, experiencing a compound annual growth rate (CAGR) of eight percent, with an anticipated addition of 150 new centres each year, according to a recent report by Vestian.
The report indicates that the expansion of GCCs in India is primarily seen in tier-I cities, with Bengaluru at the forefront, hosting 487 centres (accounting for 29 percent of India's total).
Following Bengaluru, Hyderabad has 273 GCCs (16 percent), while the NCR region accommodates 272 centres.
Additionally, Mumbai, Pune, and Chennai make substantial contributions, representing 12 percent, 11 percent, and 10 percent of the national total, respectively.
This underscores India's commitment to becoming the global leader in hosting Global Capability centres (GCCs), with nearly 1,700 centres currently operational, which makes up over 53 percent of the worldwide total of 3,200.
It is expected that the FTA will increase bilateral trade by £25.5 billion each year.
This could create fresh opportunities for small and medium-sized enterprises (SMEs) in the UK, which may enjoy lower tariffs and more efficient customs processes.
Furthermore, the agreement should enable UK companies to tap into India's expansive procurement market, which releases approximately 40,000 tenders worth at least 38 billion euros each year.
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The FTA's ability to enhance professional mobility and synchronize digital and data governance standards could further promote the growth of GCCs. Given that India's digital economy is rapidly expanding, the FTA is likely to align the UK's interests with India’s aspirations for its digital economy, workforce development goals, and its vision of becoming a leading center for high-value services. India is expected to host over 2,100 GCCs by March 2028, with an annual growth rate of eight percent.
The FTA aims to increase bilateral trade to $120 billion by 2030, with plans to reduce tariffs on goods and facilitate the movement of professionals. The agreement is set to be signed in London by Prime Minister Narendra Modi, with the legal document already finalized. Once the agreement is signed, it will be published and subsequently ratified by both nations before taking effect.
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The UK can gain access to India's rapidly expanding digital marketplace, while India can further its digital economy goals, workforce development plans, and aspirations of becoming a global hub for high-value services. The FTA's potential to enhance bilateral trade and foster the growth of GCCs is significant.