Global Inhouse Centers (GIC) also known as global capability centers or captives, emerged in the early 1990s within India. Initially they all started as offshore units of large multinationals to perform designated technology and business supporting operations. Close to three decades for India, this industry segment growing at CAGR 12% India is currently home close to 2000 GICs employing ~1m people. Cumulative revenue flow into India is close to ~$25B and almost 25% of the global firms have presence in more than one location in India.
Financial sector (which is 35% of the overall segment) is key to the growth of the GIC industry segment with global banks, Asset management companies, Insurance having presence in India. For global firms today - cost, delivery excellence, product innovation and R&D are the key value drivers for being in India. Pandemic has stimulated the operating models across these global firms where they are investing into digital transformation in global manner. Innovative program delivery models, availability of skilled labor have been differentiator towards delivering high quality value bound work. Today, most of the firms prefer to relook at their global location strategies and readjust their global investment priorities to include multiple locations such as South America, Eastern Europe, and India so that, impacts to pandemic lockdowns or disruptions due to political situations are addressed properly.
At PwC in India here, we help clients end to end in their journey into India. Our Consulting advisory business has the leading experience of skills and capabilities across Technology, Cyber, Risk & Compliance, Analytics, supporting towards innovation our focus has always been to work with global firms locally giving them the overall global experience. We help clients with their strategy business plans, approvals etc., execution of digital programs on various business & product lines of their investments and supporting them into their operations. Our focus in working with global clients the way they want us to engage and work – Global alignment on all global programs with our larger PwC network teams and help them in operations and execution locally too.
Clients work with our Tax advisory professionals where we help them working with tax authorities, comply to regulations locally (at times globally too), transfer pricing strategy, planning. Recently, Government notified Global in-house Centers (GICs) as a financial service relating to financial products and financial services under the IFSCA Act on 16 October 2020. Subsequently, on 12 November 2020, the IFSC Authority (IFSCA) notified the IFSCA (GIC) Regulations, 2020 covering the operating framework to recognise and operationalise Global in-house Centres (GICs) in GIFT IFSC.
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