Latest news with #CIIGCCBusinessSummit
India Gazette
a day ago
- Business
- India Gazette
GCCs critical enabler of India's $1 trillion services export vision, says senior Deloitte official Romal Shetty
New Delhi [India], July 14 (ANI): India holds the potential to unlock an economic contribution of USD 470-600 billion by 2030 through GCCs (Global Capability Centres) and it would be a critical enabler of India's USD 1 trillion services export vision, Romal Shetty, CEO, Deloitte South Asia, said on Monday. Speaking at the CII GCC Business Summit, Shetty said India currently hosts approximately 1,800 GCCs. 'With the right policy environment, ecosystem support, and coordinated action, there is a realistic aspiration to scale this to 3,400-5,000 centres over the next few years,' he said. He said 67 per cent of Fortune 500 and 77 per cent of Forbes Global 2000 companies are yet to setup GCCs. Mid-market companies (USD 100M-USD1B in revenue) contributed to 35 per cent of new GCC setups over the last two years, Shetty asserted. 'This growth could enable the sector to support 20-25 million jobs by 2030--up to 5 million direct, and the remainder through indirect and induced impact across real estate, supply chains,' he said. 'It also holds the potential to unlock an economic contribution of USD 470-600 billion by 2030, factoring in direct output as well as ecosystem-level effects. This would position GCCs as a critical enabler of India's USD 1 trillion services export vision.' GCCs are also evolving into innovation hubs, he said, adding over 70 per cent of GCCs now focus on digital product development--not just service delivery--necessitating proximity to innovation ecosystems. Referring to Indian startups as key co-creation partners, he said 1.8 lakh+ startups and 100+ unicorns strengthen the provision of a vibrant innovation pipeline for GCCs to source frontier solutions. GCCs are offshore facilities set up by multinational corporations to manage a variety of business functions and processes for their parent organisations. (ANI)
Time of India
a day ago
- Business
- Time of India
India, US talks for proposed trade pact going on at a very fast pace: Piyush Goyal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The negotiations between India and the US for a proposed trade agreement are going at a fast pace, Commerce and Industry Minister Piyush Goyal said on Indian team has reached Washington for the next round of talks on the first tranche of the bilateral trade agreement."Negotiations are going on at a very fast pace and in the spirit of mutual cooperation so that we can come out with a win-win trade complementing agreement with the United States," Goyal told reporters Commerce Secretary Sunil Barthwal at a separate event said that negotiations for proposed trade agreements with the European Union (EU) and the US are going said that the free trade agreements (FTAs) that India is doing are one of the key enablers to promote global capability centres (GCCs) in the country."So if you look at the free trade agreements today, which we are doing with the UK, which we have just announced, with European Union (EU), which is going on, with the US again discussions are on with several other countries in the world," Barthwal said here at CII GCC Business Summit and the US are negotiating a bilateral trade agreement (BTA). They are targeting to conclude the first phase of the pact by fall (September-October) of this India and the EU are also negotiating an June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight talks stalled in 2013 due to differences over the level of opening up of the markets. India and the EU are targeting to conclude the free trade deal by the end of this the secretary said that today's agreements are different from the traditional FTAs, which were confined to traditional trade, tariffs and manufacturing. The new pacts are a more complex set of agreements which include services, a regulatory system in services, including the FDI (foreign direct investment)."Those are being looked at (in the new pacts)," he said, adding that now there is also an institutional mechanism in these pacts to look at issues like harmonising regulations and these are important facets of GCCs, he said, adding that modern FTAs will lead to the innovation corridor, which will facilitate GCCs in India "We are looking at the IPR (intellectual property rights) chapters. We are looking at what the coordination mechanism will be in case disputes arise. That is another area which we look at in FTAs," the secretary the new age pacts focus on principles of digital trade, which the partner countries have to adopt."If there is a data localisation or data privacy laws, then how will they be looked at. That is another angle, which we define in these FTAs," he new trade agreements, Barthwal said, are addressing a whole gamut of issues. "And therefore, it is taking a lot of time when we do these FTAs. There are detailed discussions, detailed deliberations, and detailed stakeholder consultation," he added that in the FTA with the UK, there is a chapter on innovation, which was not the case earlier. There is also a mechanism to set up innovation working groups under that deal, which was announced on May 6, but has not yet been signed."The ultimate point of these FTAs is that once these are (businesses) will get certainty about those regulations, because those regulations are not going to change unless and until you have agreed differently. And it gives certainty," Barthwal said.
Time of India
a day ago
- Business
- Time of India
Discussions on for trade pacts with EU, US: Commerce Secretary
Negotiations for proposed trade agreements with the European Union (EU) and the US are going on, Commerce Secretary Sunil Barthwal said on Monday. He said that the free trade agreements (FTAs) which India is doing are one of the key enablers to promote global capability centres (GCCs) in the country. "...FTA with the UK was just announced (on May 6). with EU, which is going on, with the US, discussions are on," Barthwal said here at CII GCC Business Summit here. India and the US are negotiating a bilateral trade agreement (BTA). They are targeting to conclude the first phase of the pact by fall (September-October) of this year. Similarly, India and the EU are also negotiating FTA. Live Events In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight years. It stalled in 2013 due to differences over the level of opening up of the markets. India and the EU are targeting to conclude the free trade deal by the end of this year. The secretary also said that today's agreements are different from the traditional FTAs, which were confined to traditional trade. The new pacts are a more complex set of agreements which include services also, he said. Now there is also an institutional mechanism in these pacts to look at issues like harmonsing regulations and standards; and resolving disputes, if any arises. And these are important facets of GCCs, he said, adding modern FTAs will lead to the innovation corridor, which will facilitate GCCs in India. The new trade agreements, Barthwal said, are addressing a whole gamut of issues, which could be one of the reasons why negotiations of these pacts take time to conclude. He added that in the FTA with the UK, there is a chapter on innovation, which was not the case earlier.
