India has always been a preference for foreign investors, and this preference has grown in recent times. This can be witnessed from the unanticipated post-pandemic rush in setting up new Global Capability Centres (GCC). There is a prediction by Nasscom that GCCs revenue will be $80 bln in 2025 to $33 bln in FY20. This looks achievable with smaller companies and global R&D centres, who are also looking up to India to escalate their digital transformation process.
Wondering Why India?
– India\’s present Prime Minister, Narendra Modi, has made the business process swift with a lion’s share of his interest directed towards Digitalization. The central administration has introduced policy changes to strengthen India\’s digital landscape. Steps are being taken to bring in digital technologies in sectors like finance, e-commerce, banking, governance, agriculture, taxation, et al.
– India is an epicentre for innovations and start-ups. India’s, rank in the Global Innovation Index (GII) soared to 46th position in 2021. Costs take a backlog when critical executions are necessary. And India is a storehouse for the talents required to execute such tasks. A clear example of this is “Falabella” – South America\’s largest department store. Had it not set GCC standards in India, it would have great trouble pooling in basic skills let alone advanced ones.
– Since the coronavirus outbreak, the world has turned hostile towards China, and India seemed the next best option for the countries that have withdrawn themselves from transitionally operating with China. If any nation has to match China\’s vast population & consequent low-cost labour availability, and a deep base of world-class technical talent, then that\’s India. Or, on further thought, having dedicated centres in India can keep such organizations hedged.
– The Quadrilateral Security Dialogue membership plays a significant role as well. India uniting with the US, Australia, and Japan, covers this wide range of issues and acts as a positive catalyst.
– Contactless solutions were in the blueprint for many countries and would have been executed in the upcoming decade. However, the pandemic led to growth in online sales and accelerated the digitalization process for many organizations, to develop an ecology that would work equally well without the human touch.
With these recent changes and growth patterns, India will predictably be transformed into a technology export hub in upcoming years.
