High quality GCC jobs encouraging skilled workers to return and stay in India: Finance Minister
Speaking at the Confederation of Indian Industry's GCC Summit, Ms. Sitharaman said that GCCs in India currently employ nearly 2.16 million people, with this employment having grown at a compounded annual growth rate of 11% over the last five years.
She further added that conservative estimates say that this employment number is expected to grow to 2.8 million by 2030.
'The GCC sector contributes $68 billion as direct gross value addition, which is 1.6% of our national GDP,' Ms. Sitharaman said. 'By 2030, the gross value addition from GCCs could potentially range from $150-200 billion. That is the scope before us.'
The Finance Minister further said that the setup rate of engineering research and development GCCs has been 1.3 times faster than the overall GCC setup rate.
This, she said, indicated a shift to high value-added work in India.
'People who are returning to India are staying put because they are seeing high-end opportunities now in India,' she asserted.
Globally, Ms. Sitharaman said that 28% of the STEM workforce and 23% of the global software engineering talent was in GCCs, but that 32% of the global GCC talent was currently based in India.
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