India’s global capability centre (GCC) ecosystem is emerging as one of the country’s strongest technology and services growth stories, but the rapid rise of the sector has also intensified debate over how its size and contribution should be measured.
Industry bodies and analysts continue to differ on what constitutes a GCC, particularly over whether the India-based subsidiaries of global IT services companies such as Accenture, Capgemini and Cognizant should be included in GCC calculations, according to a ToI report (by Sujit John).
Nasscom and several industry stakeholders have traditionally excluded such entities from GCC estimates, even though some multinational IT firms operating in India have at times described their India operations as GCCs.
Consultancy Wizmatic, led by Sandeep Panat, has taken a broader approach over the past two years by including foreign IT services subsidiaries in its GCC estimates. The consultancy argues that these firms function and operate in a manner similar to conventional global capability centres and therefore merit inclusion in the category, ToI's report says.
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Wizmatic’s estimates are based on a detailed compilation of data from more than 2,100 companies sourced from the Registrar of Companies and over 10,000 companies tracked through Employees’ Provident Fund Organisation records. The RoC data provides information on revenues and exports, while EPFO records offer monthly employment trends, giving what many industry experts consider one of the most detailed views of multinational technology operations in India.
The numbers underline the growing importance of multinational technology and engineering operations in the country. According to Wizmatic estimates, exports from multinational firms providing IT, ITeS and engineering research and development services from India rose 13% to $153 billion in 2024-25. Based on nine-month trends, exports are projected to grow another 6.9% to $164 billion in 2025-26.
The depreciation of the rupee has further boosted growth in local currency terms. While export growth in dollar terms remains strong, rupee revenue growth is estimated to be as high as 17% over the past year.
The sector’s expansion over the last few years has been particularly striking. Dollar export growth stood at 17% in FY21, accelerated to 25% in FY22, moderated to 19% in FY23 and remained robust at 16% in FY24. Employment growth has mirrored this trajectory, with workforce numbers rising from 2.3 million in FY20 to 4.2 million currently.
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Panat estimates that the 10,590 IT and technology companies tracked by Wizmatic collectively employ around 8 million people, suggesting that foreign-owned firms now account for nearly half the sector’s workforce. Revenue per employee has also risen 24% during the same period, indicating that GCCs are increasingly handling higher-value and more sophisticated work.
Even as the sector expands, industry leaders believe artificial intelligence could fundamentally reshape workforce structures in the coming years. Experts say mature GCCs employing between 20,000 and 40,000 people may need to redesign operating models as AI automates repetitive tasks and improves productivity.
However, industry sentiment remains largely optimistic. Many of the world’s 2,000 largest corporations are yet to establish GCCs in India, while thousands of mid-sized global firms are also exploring offshore capability centres. Analysts believe India’s large talent pool, engineering expertise and cost competitiveness will continue to attract multinational investment despite technological disruption.
Industry veterans have also called for policy support, including easier business regulations, stronger promotion of India’s technology capabilities globally and consideration of a quasi-industry status for GCCs to accelerate future growth, ToI's article said.
