India’s offshore technology operations produced roughly $98.4 billion in revenue during fiscal 2026, bringing the sector close to revenue levels that had been projected for 2030, according to a report produced by industry body Nasscom in collaboration with consultancy Zinnov. The findings indicate a quicker-than-expected migration of higher-value functions to India’s Global Capability Centres (GCCs) as multinational firms move more sophisticated work offshore.
The report highlights that India’s role in global outsourcing has evolved beyond traditional, low-cost back-office tasks. Companies named in the report - such as JPMorgan Chase, McDonald’s and Nvidia - are reportedly using GCCs to support headquarters with higher-value activities including finance, software development and research and development. The combination of a large AI-ready workforce, operating models that scale more rapidly, and tax policies deemed supportive has enabled firms to expand those higher-value functions more quickly than before.
Several macro and operational factors are cited as motivating this shift. Higher U.S. visa costs, inflationary pressures tied to global conflicts, and disruptions introduced by AI are encouraging multinational corporations to move strategic and AI-related work to India’s GCCs. The report also notes a trend of companies bringing critical technology functions in-house while simultaneously shifting more strategic work to their India centres, rather than relying solely on external outsourcing.
Compared with projections from a prior report published in September 2024, which estimated that revenue would reach $99 billion to $105 billion by 2030, the FY26 figures show the sector approaching that range ahead of schedule.
During fiscal 2026 India added and expanded over 100 GCCs, the report states, with new or expanding centres from firms including Anthropic, Eli Lilly, FedEx, Marriott and Lufthansa. By the end of fiscal 2026, India was hosting 2,117 GCCs and had a GCC talent base of about 2.36 million employees. Those numbers are close to an earlier projection anticipating 2,100 to 2,200 centres employing between 2.5 million and 2.8 million people by 2030.
Activity in the current year also points to continued expansion: the report notes that BASF, eBay and Revolut have announced plans this year to launch or expand operations in India. Separately, a February forecast referenced in the report projected India’s broader IT sector to surpass $300 billion in revenue for the first time in fiscal 2026, a milestone tied to rapid, AI-driven change within the industry.
Implications for companies and markets
The report’s findings suggest that North American firms remain the primary drivers of India’s GCC growth, accounting for roughly two-thirds of new setups. The relocation of work to India is being framed by companies as access to talent and operating models that enable faster scaling of higher-value activities.
While the pace and composition of this shift are laid out in the report, it does not extend into prescriptive recommendations or forecasts beyond the stated figures and earlier projections. The data presented underscore a material rebalancing of where multinational firms locate strategic and technology functions within their global footprints.