Economic Survey: India Accounts For 28% Of Global STEM Workforce, 23% Of Software Employees

India has established itself as a prominent player in leveraging its vast talent pool, which accounts for 28 per cent of the global (science, technology, engineering, mathematics) STEM workforce and 23 per cent of the global software engineering talent, as per the  Economic Survey 2024-25. 

As India’s GCC (Global Capability Centre) is expanding rapidly, the ecosystem is expected to grow from 6,500 to over 30,000 by 2030, supported by robust training programs to develop leadership. 

According to the Survey, the number of GCCs in India has grown from approximately 1430 in FY19 to over 1700 in FY24. As per its employability aspect, GCCs in India employ nearly 1.9 million professionals. 

GCCs are fundamentally altering the technology landscape. Leading organisations are centralising their tech ecosystems in India. This is particularly evident in sectors like aerospace, defence, and semiconductors, where companies are advancing their engineering efforts to focus on next-generation platforms, products, and technologies. 

Economic Survey 2024-25 also highlighted that over the last five years, the setup rate of engineering research & development GCCs has grown 1.3 times faster than the overall GCC setup, highlighting a continued shift towards high-value-added work.

In the World Economic Forum, Davos, Union IT Minister, Ashwini Vaisnaw claimed that about 2,000 global capability centres in India do advanced design work in areas like complex semiconductor chips as multinational companies are looking to shift their value chains to the country.

This momentum of India’s growth in Artificial Intelligence (AI) and Machine Learning (ML) and the establishment of AI centres of excellence is expected to enhance the GCC landscape by tapping into India's strong middle-management talent.

India’s potential development in the field of GCC is because of the traditional services sector, including banking, financial services, and insurance (BFSI), healthcare, telecom, retail, and transport and logistics,  going for its rapid AI adoption.