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GCCs dominate India`s flexible workspaces office market, Bengaluru leads Global capability centres (GCCs) occupied flexible workspaces across eight key markets in India increased from 17,380 in 2023 to 22,881 in the first nine months of 2024, a report showed on Thursday.  This resurgence is linked to slower economic growth in the US, prompting companies to leverage India’s cost advantages and talent pool, boosting demand for flexible workspaces, according to the report by Knight Frank India. This highlights India’s cost-efficiency and skilled w...
GCCs dominate India`s flexible workspaces office market, Bengaluru leads
GCCs dominate India`s flexible workspaces office market, Bengaluru leads
Source: IANS
2024-10-25 10:41:26 am
GCCs continue robust leasing momentum as Indian office sector eyes new record in 2024 Global capability centres (GCCs) continued their robust momentum in India in the third quarter (Q3) with an overall contribution to the total gross leasing volume (GLV) at 30 per cent, according to a report on Wednesday.  The GLV in the overall office sector reached 24.8 million square feet (MSF) across top eight cities in Q3, marking the second highest quarterly leasing volume in the sector’s history, according to Cushman & Wakefield’s. This represents a 66.4 p...
GCCs continue robust leasing momentum as Indian office sector eyes new record in 2024
GCCs continue robust leasing momentum as Indian office sector eyes new record in 2024
Source: IANS
2024-10-16 04:59:35 pm
GCCs to account for 40 pc of Grade A office space demand in India Global capability centres (GCCs) are likely to account for almost 40 per cent of the demand for Grade A office space in the next few years in India, a report showed on Thursday.  The overall office market has gradually matured from a “Supply-led” market to a more “Occupier-driven” market and is likely at a turning point to see heighted growth and scaling up over the next few years, according to Colliers–RICS report. Engineering and manufacturing and BF...
GCCs to account for 40 pc of Grade A office space demand in India
GCCs to account for 40 pc of Grade A office space demand in India
Source: IANS
2024-09-12 02:33:20 pm
GCCs projected to create up to 28 lakh jobs in India by 2030 Touted as the ‘GCC Capital of the World,’ India has the largest base of 17 per cent of global technology capability centres, currently employing over 1.9 million (19 lakh) people, according to a new report.  By 2030, the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCs reaching 2,100-2,200 and headcount rising to 2.5-2.8 million (25 lakh-28 lakh). Over the past five years, Global Roles in India have expanded significantly, with more t...
GCCs projected to create up to 28 lakh jobs in India by 2030
GCCs projected to create up to 28 lakh jobs in India by 2030
Source: IANS
2024-09-12 02:19:35 pm
India-GCC bilateral trade reaches $162 billion, exports show consistent growth  Showing strong growth, the bilateral trade between India and the Gulf Cooperation Council (GCC) countries reached 162 billion dollars last year, the government has said.  The GCC now contributes 15 per cent of India's total trade and sectors like energy, defence, security and health are growing in the region, according to Aseem P. Mahajan, Joint Secretary (Gulf), Ministry of External Affairs. At a FICCI event in the national capital, he said that while overall trade figur...
India-GCC bilateral trade reaches $162 billion, exports show consistent growth
India-GCC bilateral trade reaches $162 billion, exports show consistent growth
Source: IANS
2024-08-28 12:32:55 pm
Going global: UAE merchants accept Rupee via UPI to attract Indian customers The government of India has been promoting UPI as a global payment platform. Now merchants in the United Arab Emirates (UAE) are accepting payments via UPI in Rupees to attract Indian customers. One of the biggest retail companies in the UAE, Lulu has started giving customers the option to accept payments through UPI in all its stores in the country. Indian citizens can easily make payments using the UPI app just like in India. The amount paid will be deducted from their bank account in...
Going global: UAE merchants accept Rupee via UPI to attract Indian customers
Going global: UAE merchants accept Rupee via UPI to attract Indian customers
Source: IANS
2024-08-17 01:42:15 pm
IT jobs set to surge by 8.5 pc in 2025, GCCs the driver Driven by a surge in hiring by Global Capability Centres (GCCs), jobs in the IT sector are projected to grow 8.5 per cent by 2025, according to a report on Thursday.  After experiencing a slowdown late last year and early this year, the demand for skilled IT talent is now on the rise, making it crucial for businesses to strategize their hiring plans for the upcoming year, according to the report by Indeed, a global hiring platform. Companies are actively hiring for roles such as ap...
IT jobs set to surge by 8.5 pc in 2025, GCCs the driver
IT jobs set to surge by 8.5 pc in 2025, GCCs the driver
Source: IANS
2024-08-08 06:11:58 pm
Global Capability Centres to absorb 26 mn sqft of office space in India by 2027 Driven by India's potential to enhance processes amid improved business sentiments, Global Capability Centres (GCCs) are estimated to reach 26 million square feet by 2027, up from 19.69 million square feet in 2023, a report showed on Thursday. Transaction activities have increased by 16 per cent from 16.99 million square feet in 2018 with GCCs completing 6,667 office leasing deals across eight major cities between 2018 and 2023, according to the report by Knight Frank India. IT/ITeS...
Global Capability Centres to absorb 26 mn sqft of office space in India by 2027
Global Capability Centres to absorb 26 mn sqft of office space in India by 2027
Source: IANS
2024-07-25 05:47:04 pm
Sanofi to invest $437 million in India global centre, double its workforce French drugmaker Sanofi plans to invest 400 million euros ($437.24 million) in its global capacity centre (GCC) in India by the end of the decade, as it aims to expand and more than double its workforce over the next two years, a top company executive said on Wednesday. Sanofi will first invest 100 million euros ($109.31 million) by next year, Madeleine Roach, Executive Vice President, Business Operations, said at an event on Wednesday. The GCC, an offshore facility in India's south...
Sanofi to invest $437 million in India global centre, double its workforce
Sanofi to invest $437 million in India global centre, double its workforce
Source: Reuters
2024-07-17 06:15:23 pm
AstraZeneca to expand its Chennai GCC at Rs 250 crore outlay AstraZeneca India Private Limited (AZIPL), the Global Capability Centre (GCC) of the pharma group AstraZeneca on Thursday said it will invest Rs 250 crore on expanding its Global Innovation and Technology Centre (GITC) here.  The expansion includes close to 1,300 roles focused on driving innovation, enhancing efficiency, and streamlining operations across the company globally. The expanded facility was inaugurated in a ceremony officiated by the Minister of Industries Tamil Nadu, T...
AstraZeneca to expand its Chennai GCC at Rs 250 crore outlay
AstraZeneca to expand its Chennai GCC at Rs 250 crore outlay
Source: IANS
2024-07-04 03:48:41 pm
Global Capability Centres to employ 2 million, generate up to 80bn revenue in next 2 years in India Global Capability Centres (GCCs) in India could employ 2 million people with a revenue of up to $80 billion in the next two years, a report showed on Friday.  The country currently has more than 1,580 GCCs, employing 1.66 million people, as companies navigate the complexities of today's business environment. In the next two years, GCCs could move up to 1,900 centres in India, employing 2 million people with revenue of $60-80 billion, according to the report by Deloitte India be...
Global Capability Centres to employ 2 million, generate up to 80bn revenue in next 2 years in India
Global Capability Centres to employ 2 million, generate up to 80bn revenue in next 2 years in India
Source: IANS
2024-06-29 10:02:12 am
India`s forex reserves at historic high of $651.5 bn, CAD to dip: RBI With a lower trade deficit, robust services export growth and strong remittances, the current account deficit (CAD) is expected to have moderated in the January - March quarter of 2023-24, RBI Governor Shaktikanta Das said on Friday.  India’s foreign exchange reserves reached a historical high of US$ 651.5 billion as of May 31. India’s external sector remains resilient and overall, we remain confident of meeting our external financing requirements comfortably, Das said at ...
India`s forex reserves at historic high of $651.5 bn, CAD to dip: RBI
India`s forex reserves at historic high of $651.5 bn, CAD to dip: RBI
Source: IANS
2024-06-07 04:24:25 pm
Global capability centres` share in Indian IT exports reach 23 pc The global capability centre (GCC) market is growing in India and the overall share of GCCs in total IT exports from India increased from 18 per cent in 2015 to 23 per cent last year, a report showed on Thursday. India has 1,500-1,600 global GCCs which are offshore units established by multinational companies to perform a range of strategic functions. According to HSBC Global Research, the revenue of GCCs has been growing at a CAGR of 11 per cent since 2015 compared to 8 per cent for to...
Global capability centres` share in Indian IT exports reach 23 pc
Global capability centres` share in Indian IT exports reach 23 pc
Source: IANS
2024-05-16 01:59:37 pm
India`s Jindal SAW posts twofold growth in Q3 profit; order book swells  India's Jindal SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew. The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago. The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron & steel pipe...
India`s Jindal SAW posts twofold growth in Q3 profit; order book swells
India`s Jindal SAW posts twofold growth in Q3 profit; order book swells
Source: Reuters
2024-01-16 04:08:09 pm
Only 45% job seekers employable in Indian IT-tech sector amid skill crunch With the widening skill gap in the Indian IT industry, only 45 per cent of job-seeking graduates seem employable and 1.55 lakh freshers are likely to be recruited in the IT/tech sector in FY24 versus 2.3 lakh in FY23, a report showed on Tuesday. With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape. The Indian IT industry is set to hire 10 per cent of en...
Only 45% job seekers employable in Indian IT-tech sector amid skill crunch
Only 45% job seekers employable in Indian IT-tech sector amid skill crunch
Source: IANS
2023-12-19 11:38:49 am
US firm Waters Corporation opens Global Capability Center in Bengaluru with $16 mn investment US firm Waters Corporation, an analytical laboratory instrument and software company, inaugurated its new Global Capability Center (GCC) in Bengaluru’s RMZ Ecoworld technology park on Wednesday. The new $16 million facility will employ more than 300 for roles enabling leading-edge software engineering, technology and product development, data analytics, and IT. "India continues to be one of our fastest growing markets and a key location for the talent that we need to drive gl...
US firm Waters Corporation opens Global Capability Center in Bengaluru with $16 mn investment
US firm Waters Corporation opens Global Capability Center in Bengaluru with $16 mn investment
Source: IANS
2023-12-07 09:16:26 am