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The number of billion-dollar GCCs has doubled from 12 to 24 in the five years upto FY24. Various consulting firms have projected that the number of GCCs will grow in the coming years, creating additional jobs. According to a PwC report, by 2028, the country is poised to have 2,100 GCCs, with the market size of the centres touching $90 billion. A Nasscom-KPMG report estimates India will have 1,900 GCCs, with $60 billion in revenue, by the end of this year.
Although some exclude the Indian branches of IT service firms like Accenture and Capgemini from the GCC category, Wizmatic considers them part of it. The consultancy argues that their operational models and legal structures in India align with other MNCs running GCCs. Their revenue model is based on providing services to parent companies and global affiliates, following predefined markups regulated by transfer pricing norms. “The revenue gets credited where the clients are, like the US or Europe, not India. For these firms, income is tied to where clients are located, not where the work is executed. In principle, a GCC doesn’t generate revenue independently; it enables revenue for the parent entity. India’s local entities also operate as profit centres to meet transfer pricing norms, mirroring how traditional GCCs balance cost efficiency with regulatory compliance. Transfer pricing is a critical aspect of GCC operations, ensuring compliance with international tax regulations,” Panat says.