India on top, becomes most preferred location for global shared services; Is India on its way to achieve services exports target of $400 billion?
Produced by: Harshita
Designed by: Mohsin Shaikh
India scripted history on Wednesday (August 23, 2023) as it became the first country to successfully land a spacecraft on the south pole of the Moon and the fourth country to conduct a soft landing on the lunar surface
India: First country on
Moon's South Pole
As ISRO's Chandrayaan-3 conquered the Moon, the achievement not only made the entire nation proud but also opened up a wave of opportunities for several sectors that could boost India’s economic growth, bringing the country closer to its dream of becoming the third-largest economy in the world
What Chandrayaan-3
success means to
India’s economy
ISRO’s remarkable feat of successfully making a soft landing on the lunar surface has opened up a new horizon of opportunities for several start-ups and companies involved in sectors such as space tech, aerospace, defence, and R&D, said experts. It is likely to boost the government’s future budgetary allocation towards space research, and also boost private investment in allied sectors, ultimately contributing to economic growth
Chadrayaan-3’s boost for
India economy, space tech
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India's growth has been noteworthy over the past decades, and experts believe that India's economy is likely to continue to grow rapidly by international standards in the near term. In fact, Goldman Sachs Research projects India will be the world’s second-largest economy by 2075
India's economic growth
Amid India's continued growth, India has emerged as the most preferred location as a Global Shared Services hub, followed by Poland and Mexico, according to Deloitte’s 2023 Global Shared Services and Outsourcing survey
India: Top destination
for GCCs
According to Deloitte, the Global capability centres (GCC) sector currently contributes a revenue of $60 billion, which is expected to reach $75-80 billion within 4-5 years. India is expected to have over 1,900 GCCs, employing 2 million people and earning $60 billion
India likely to have over
1,900 GCCs
“According to WTO estimates, India is also amongst the world’s top exporters of services, doubling its share in global services trade to over 4% in 2022 from 2% in 2005. This, backed by survey findings, showcases that shared service centres are going to be at the core of India strengthening its position on the global map, and achieving the country’s services exports target of $400 billion for the current fiscal year,” said Saurabh Mathur, Partner, Deloitte Touche Tohmatsu India LLP
India among world’s top exporters of services
Prime Minister Narendra Modi recently said that India will be the growth engine of the world and called upon the approximately 40 leaders attending the BRICS summit in South Africa to join in India’s growth story
India: Growth engine
of the world?
“India will soon become a $5 trillion economy and its reforms have helped in the ease of doing business,” said PM Mod while speaking at the concluding ceremony of the BRICS Business Council. PM Modi hoped the summit would provide a useful opportunity to identify future areas of cooperation and review institutional development. It will also weigh expansion of membership