India now hosts over half the world's GCCs, led by Bengaluru
Mumbai has 207 centres, Pune 178, and Chennai 162. Together, these six cities account for 94% of all GCCs in India.Yet Vestian's report highlights a growing shift. With the Union Budget 2025 proposing a national framework to support GCC growth in Tier-2 cities, global companies are beginning to look beyond traditional metros.Ahmedabad, Kochi, Coimbatore, Indore, Mohali, Bhubaneswar, and Madurai are among the emerging hubs drawing attention. As infrastructure improves and state governments offer competitive incentives, these cities are expected to absorb a significant share of the 150 new GCCs projected to be established each year. Vestian estimates that India will house over 2,100 GCCs by FY 2028, growing at a compound annual rate of 8%.While IT and ITeS companies still dominate—making up 49% of all GCCs—other sectors are steadily expanding their footprint. The BFSI (Banking, Financial Services and Insurance) sector accounts for 17%, while healthcare, manufacturing, telecom, and consulting together contribute another 19%. This diversification marks a shift in how GCCs are being used, with many now driving core innovation and business strategy.'India's leading office markets continue to offer a compelling value proposition to GCCs, characterised by competitive costs, a highly skilled workforce, robust infrastructure, progressive policy incentives, and a conducive business environment,' said Shrinivas Rao, FRICS, CEO of Vestian. 'However, selecting the right location remains critical to the long-term success of any GCC.'Vestian's GCC Market Entry Index has been designed to support companies in making those choices, helping them align location strategy with sector-specific business needs.India's growing dominance in the GCC space isn't just a numbers game. As global firms chase efficiency and talent across geographies, the country's urban map is beginning to redraw itself.advertisementWith the right policy push and infrastructure momentum, the next phase of GCC expansion could belong as much to Bhubaneswar and Coimbatore as it has to Bengaluru and Hyderabad.- Ends
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
6 hours ago
- Business Standard
Embassy REIT posts Rs 155 cr Q1 profit, appoints Amit Shetty as new CEO
India's largest REIT raised Rs 4,225 crore in Q1 to fund growth; posts 2 million sq ft in leasing and declares Rs 550 crore in distribution Mumbai Embassy Office Parks REIT, India's largest real estate investment trust by market capitalisation, reported a 13.1 per cent year-on-year (YoY) decline in net profit to ₹155.1 crore for the first quarter of FY2026. The decline was primarily attributed to a deferred tax expense of ₹121.2 crore related to the previous year. Revenue from operations rose 13.2 per cent YoY to ₹1,059.7 crore. However, sequentially, revenue dipped 2.4 per cent from ₹1,085.8 crore in the previous quarter. Leadership transition: Amit Shetty takes over as CEO As part of a leadership restructuring, Embassy REIT has appointed Amit Shetty as Chief Executive Officer effective August 1, 2025. Shetty previously served as Chief Operating Officer. Ritwik Bhattacharjee, the current CEO, will transition into the role of Senior Advisor. 'I am really pleased to lead Embassy REIT at such an exciting time for our business. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter,' said Shetty. Debt raised to fuel growth at favourable rates During the quarter, Embassy REIT raised ₹4,225 crore in debt at an average coupon of 7.18 per cent to support growth initiatives. This includes a ₹750 crore issuance of non-convertible debentures (NCDs) at a 6.97 per cent coupon—the lowest rate achieved by the REIT in four years. The REIT also leased 2.0 million square feet (msf) across 25 deals, a 9 per cent YoY increase. This comprised 1.0 msf of new leases, 0.36 msf of renewals, and approximately 0.67 msf of pre-leases. 'We are delighted to report a strong start to FY2026, with 2.0 msf of leasing this quarter and growing momentum in Chennai,' said Bhattacharjee. 'Our revenue grew 13 per cent YoY, and distributions grew by 4 per cent YoY, reflecting the continued strength of our portfolio.' Q1 distribution declared; GCCs drive portfolio resilience The Board declared a distribution of ₹550 crore or ₹5.80 per unit for Q1 FY2026. The record date for the distribution is August 5, 2025, with payments expected on or before August 12, 2025. REIT distributions comprise dividends, interest, debt amortisation, or a combination of these, and REITs are mandated to distribute 90 per cent of taxable income to unitholders. Chennai led the pre-leasing activity with over 500,000 square feet signed, including space taken by a global healthcare major. Bengaluru assets, which represent 75 per cent of Embassy REIT's Gross Asset Value, maintained over 90 per cent occupancy. Ten out of 14 properties have above 90 per cent occupancy, and six are fully occupied. Global Capability Centers (GCCs) remain the key demand driver, contributing 64 per cent of rentals. Capital recycling and new development opportunities The REIT also received an invitation to offer from Embassy Developments Limited for a potential 3.3 msf commercial project in Whitefield, Bengaluru. This proposal is under evaluation in line with governance norms. Embassy REIT's active development pipeline spans 6.1 msf across Bengaluru and Chennai, with 60 per cent already pre-leased—signalling robust forward demand. The company announced its Q1 FY2026 results after market hours on Thursday. Shares closed at ₹395.51 on the BSE, down 0.50 per cent.
Economic Times
8 hours ago
- Economic Times
India fastest growing major economy, Trump's perception of 'dead economy' misplaced: Analysts
ANI India fastest growing major economy With leading international agencies, including IMF, continuing to project India as the fastest-growing major economy in the world, analysts said that US President Donald Trump's description of India as a "dead economy" is "misplaced". India continues to be a hot-bed for foreign investment with several international giants looking at the country for setting up manufacturing base to Global Capability Centres (GCCs). Also, Indian talent is most sought after particularly in the tech sector and has been a major exporter of services to countries, including the US. A day after announcing 25 per cent tariffs on India, plus a 'penalty' for its trade with Russia, Trump in a social media post on Thursday said, "I don't care what India does with Russia. They can take their dead economies down together, for all I care." Consultancy firm EY India described Trump's comments against India as "quite misplaced" and said, in fact, the centre of gravity of the world economy is slowly shifting to the Global South for which India has placed itself in a leading role. "On the other hand, the erstwhile developed economies are ageing fast and it is largely the contribution that Indian diaspora makes in these economies that they continue to show some positive growth," EY India Chief Policy Advisor DK Srivastava told PTI. Incidentally, the Executive Board of the International Monetary Fund (IMF) in its assessment of the Indian economy in February 2025 had commended "the authorities' prudent macroeconomic policies and reforms, which have contributed to making India's economy resilient and once again the fastest growing major economy". IMF had also said India's strong economic performance provides an opportunity to advance critical and challenging structural reforms to realise its ambition of becoming an advanced economy by 2047. EY's Srivastava further said the Indian economy is the most lively and dynamic in the world with its population among the youngest. As per the UN Population Statistics (2024), the median age of India's population is 28.8 years whereas that of the US is 38.5 and that of Europe is 42.8 years. "It is these advanced economies that have become aged both in terms of median age and in terms of growth prospects. Furthermore, India is also blessed with abundant human resources that are technologically skilled and making significant contributions to the futuristic fields of space, AI, and Gen-AI," Srivastava said. According to the IMF's latest World Economic Outlook Update report, India is poised to grow at 6.4 per cent in 2025 as well as 2026. This is also an upward revision from IMF's April forecast of 6.2 and 6.3 per cent, respectively. Similar projections have been made by other international agencies like Washington-headquartered World Bank, the Asian Development Bank (ADB) and Paris-based Organisation for Economic Cooperation and Development (OECD). While the World Bank and OECD have projected India's GDP growth at 6.3 per cent for FY26, ADB estimates it at 6.5 per cent.
Time of India
9 hours ago
- Time of India
India fastest growing major economy, Trump's perception of 'dead economy' misplaced: Analysts
With leading international agencies, including IMF, continuing to project India as the fastest-growing major economy in the world, analysts said that US President Donald Trump's description of India as a "dead economy" is "misplaced". India continues to be a hot-bed for foreign investment with several international giants looking at the country for setting up manufacturing base to Global Capability Centres (GCCs). Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Finance Cybersecurity others MCA PGDM healthcare Public Policy Digital Marketing Leadership Data Analytics Healthcare Technology Data Science MBA Design Thinking Management Others Artificial Intelligence Product Management Data Science Degree CXO Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Also, Indian talent is most sought after particularly in the tech sector and has been a major exporter of services to countries, including the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Specialist Down Jackets for Ultralight Adventures Trek Kit India Learn More Undo A day after announcing 25 per cent tariffs on India, plus a 'penalty' for its trade with Russia, Trump in a social media post on Thursday said, "I don't care what India does with Russia. They can take their dead economies down together, for all I care." Consultancy firm EY India described Trump's comments against India as "quite misplaced" and said, in fact, the centre of gravity of the world economy is slowly shifting to the Global South for which India has placed itself in a leading role. Live Events "On the other hand, the erstwhile developed economies are ageing fast and it is largely the contribution that Indian diaspora makes in these economies that they continue to show some positive growth," EY India Chief Policy Advisor DK Srivastava told PTI. Incidentally, the Executive Board of the International Monetary Fund (IMF) in its assessment of the Indian economy in February 2025 had commended "the authorities' prudent macroeconomic policies and reforms, which have contributed to making India's economy resilient and once again the fastest growing major economy". IMF had also said India's strong economic performance provides an opportunity to advance critical and challenging structural reforms to realise its ambition of becoming an advanced economy by 2047. EY's Srivastava further said the Indian economy is the most lively and dynamic in the world with its population among the youngest. As per the UN Population Statistics (2024), the median age of India's population is 28.8 years whereas that of the US is 38.5 and that of Europe is 42.8 years. "It is these advanced economies that have become aged both in terms of median age and in terms of growth prospects. Furthermore, India is also blessed with abundant human resources that are technologically skilled and making significant contributions to the futuristic fields of space, AI, and Gen-AI," Srivastava said. According to the IMF's latest World Economic Outlook Update report, India is poised to grow at 6.4 per cent in 2025 as well as 2026. This is also an upward revision from IMF's April forecast of 6.2 and 6.3 per cent, respectively. Similar projections have been made by other international agencies like Washington-headquartered World Bank, the Asian Development Bank (ADB) and Paris-based Organisation for Economic Cooperation and Development (OECD). While the World Bank and OECD have projected India's GDP growth at 6.3 per cent for FY26, ADB estimates it at 6.5 per cent.
