In the last 18 years, India’s share in global services exports has more than doubled, thanks in part to the rise of global capability centers (GCCs). These GCCs have had a significant impact on various aspects of the economy, including real estate, services exports, economic growth, job creation, and revenue generation.
According to a report by Goldman Sachs titled “India’s rise as the emerging services factory of the world,” revenues from GCCs in India grew nearly fourfold at a CAGR of 11.4% over the last 13 years, reaching $46 billion as of FY23. The number of GCCs increased from 700 to 1,580 during this period and added around 1.3 million employees at an 11.6% CAGR, bringing the total employee count to 1.7 million in FY23.
The report highlights that high-value services are expected to show strong growth in the coming years, driving top-end discretionary consumption and demand for commercial and residential real estate. India’s services exports have shown significant growth since 2005, reaching nearly $340 billion at an 11% CAGR and outpacing goods exports growth. India’s share in global services exports rose from under 2% in
