Now referred to as global capability centres or GCCs, these arms of foreign companies employ close to 1.7 million in India and had a combined revenue of USD43 billion in FY23. While this is good for Indias tech talent, it makes life harder for Indian IT services companies as they compete with GCCs for business.
The IT services sector's revenue will witness a growth of 18-20 per cent this year, accentuated by a sharp depreciation of 7-8 per cent of the Indian rupee, said CRISIL.