India’s Global Capability Centers (GCCs) are experiencing a significant surge in hiring, in contrast to the muted hiring environment in the country’s IT services sector. According to a report by NLB Services, it is anticipated that GCCs will create 3.64 lakh (364,000) jobs in India by 2023, surpassing the hiring trends in the IT sector. The report highlights that GCCs are expanding their operations in India to tap into the country’s talent pool, while Indian IT services firms are relying on their existing workforce due to recessionary pressures and macroeconomic challenges impacting the IT sector in the West.
The study conducted by NLB Services reveals that more than 78% of the over 1500 GCCs in India have established operations in the country to enhance their talent pool. Promisingly, 8% of GCCs anticipate doubling their workforce by 2023, thereby generating approximately 3.64 lakh new jobs.
Sachin Alug, CEO of NLB Services, emphasized India’s expertise in cutting-edge technologies such as generative AI, quantum computing, robotic process automation, and blockchain, which positions the country as a talent powerhouse for GCCs. Industries including automotive, banking financial services and insurance, pharmaceuticals, retail, energy, and telecommunications have emerged as major drivers of demand for specialized technology profiles. These profiles encompass data scientists, sustainability data analysts, statistical analysts, blockchain experts, cybersecurity professionals, and AI/ML engineers, among others.
Throughout the previous year, the demand for these profiles has consistently increased at a rate of 12-15% quarter-on-quarter. This positive momentum is expected to continue during the current fiscal year. As the number of GCCs in India is projected to exceed 2000 over the next 3-4 years, the optimistic hiring sentiments showcased by GCCs further solidify India’s stature as a preferred destination for technology talent and a key driver of global expansion.
Frequently Asked Questions (FAQs) Related to the Above News
What is the significance of GCCs in India?
Global Capability Centers (GCCs) play a crucial role in India's employment landscape as they contribute to the creation of a significant number of jobs. They are expanding their operations in India to tap into the country's talent pool.
How many jobs are expected to be created by GCCs in India by 2023?
It is anticipated that GCCs will create 3.64 lakh (364,000) jobs in India by 2023, surpassing the hiring trends in the IT sector.
Why are GCCs experiencing a surge in hiring while the IT sector in India is witnessing muted hiring?
GCCs are expanding their operations and increasing hiring due to the recessionary pressures and macroeconomic challenges impacting the IT sector in the West. In contrast, Indian IT services firms are relying on their existing workforce during this challenging period.
What industries are driving the demand for specialized technology profiles in India?
Industries such as automotive, banking financial services and insurance, pharmaceuticals, retail, energy, and telecommunications are driving the demand for specialized technology profiles in India.
What are some examples of specialized technology profiles in demand?
Some examples of specialized technology profiles in demand include data scientists, sustainability data analysts, statistical analysts, blockchain experts, cybersecurity professionals, and AI/ML engineers.
How has the demand for these specialized profiles changed over the past year?
The demand for specialized technology profiles has consistently increased at a rate of 12-15% quarter-on-quarter over the previous year.
Is the positive momentum in hiring expected to continue?
Yes, the positive momentum in hiring for specialized technology profiles is expected to continue during the current fiscal year.
What does the growth of GCCs in India signify for the country?
The growth of GCCs showcases India's stature as a preferred destination for technology talent and highlights its role as a key driver of global expansion. With the number of GCCs projected to exceed 2000 in the next 3-4 years, India's position as a talent powerhouse is further solidified.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
