India is emerging global leader in GCC, says RBI monthly bulletin

The RBI’s State of the Economy report observed that India was rapidly emerging as a global leader in hosting global capability centres (GCCs). GCCs are offshore units of multinational corporations that operate across the globe. 

“The primary catalyst is the preference global corporations have towards owning their resources and locating them in India, which boasts quality real estate, competitive rental rates, an extraordinary talent pool, and a consistently growing economy,” it said.         

Another comparative advantage for India is surging data centre capacity, which is poised to exceed one gigawatt by 2024 and position the country as a global data centre hub.

“This development has positive implications for foreign direct investment which has started turning around in the second half of 2023-24 and is flowing increasingly into business services,” it added.