By Abhirami G
-India could host more than 2,400 global capability centres by 2030, TeamLease Services said on Wednesday, adding that U.S. President Donald Trump’s H-1B visa crackdown has had little effect on multinational offshoring plans.
The country currently houses over 1,800 GCCs spanning manufacturing to financial services, accounting for more than half of such centres globally and contributing $64.6 billion in export revenue, the staffing firm said in a report, adding that that number is expected to nearly double and generate $110 billion in economic value by 2030.
GCC staffing forms over 60% of TeamLease’s net revenue.
While Trump’s tougher stance on immigration, including tighter H-1B scrutiny and potential taxes on outsourced work, has unsettled global tech and outsourcing firms, CEO Rishi Agarwal of TeamLease RegTech told Reuters that such measures are unlikely to shift long-term hiring strategies.
“People don’t just change hiring and firing at the whim of some political policy-related decision,” said Rishi Agarwal, co-founder and CEO of TeamLease RegTech, of TeamLease Services.
While most GCCs in India are backed by U.S. companies, firms from Europe and Southeast Asia are also setting up operations, drawn by India’s deep talent pool and lower costs. State governments, including Uttar Pradesh, have also rolled out dedicated GCC policies to attract investment.
“In the long run, what we hear global leaders talk about is that there will be more work coming into India… out of the top 500 global firms, almost 50%-60% are already here, and are continuing to hire,” said Neeti Sharma, CEO of TeamLease Digital.
The next wave will include smaller “nano-GCCs” with fewer than 100 employees, focused on research and development and artificial intelligence, to tap into inexpensive talent pools and infrastructure, Sharma said.
(Reporting by Abhirami G, writing by Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.