Streamlined Tax Regulations and compliance procedures for Foreign Companies Supports Enhancement of GCCs: Economic Survey 2023- 2024

The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, highlights the growth of Global Capability Centres (GCCs) in India, driven by streamlined tax regulations and compliance procedures for foreign companies. GCCs provide services in IT, BPO, engineering, and software product development. Over 150 multinationals have established GCCs in India in recent years, with projections indicating 2,100 GCCs by 2028, generating USD 90 billion. GCCs currently employ 32 lakh people and generated USD 46 billion in 2023. Initiatives like 'Digital India' and policies for easing business processes have facilitated this growth, with expansion into tier-II cities.