Bengaluru: Navigating intricate regulative requirements such as transfer rates, unique financial zone policies and labour laws are essential factors to consider for international ability centres (GCCs) running in India, according to a Nasscom-KPMG research study launched at the innovation market body’s yearly GCC Conclave kept in Bengaluru on Thursday. About 81% of the GCC executives surveyed noted transfer prices as their leading regulative top priority, while 67% mentioned SEZ/STPI guidelines and 60% stated labour laws were among their crucial regulative concerns. These, for the CXOs surveyed, business tax, DPDPA (Digital Personal Data Protection Act) and FEMA (Foreign Exchange Management Act) are among the top-5 regulative factors to consider, per the report. As GCCs continue to develop and adjust, proactive engagement with regulative structures will be vital in guaranteeing continual success and adding to India’s position as a worldwide service center, the report kept in mind. This apart, 96% of the leaders talked to pointed out adoption and leveraging of emerging innovations as an essential top priority for attaining continual development, while 72% of the GCC leaders determined skill management as a crucial top priority. External factors to consider concerning emerging innovations consist of factors to consider connected to 3rd party, regulative and compliance factors to consider, and the tech landscape and cyber risks. Internal factors to consider include quality and dependability of material, information and factors to consider related to governance and principles. 44% of those spoken with revealed the view that it is necessary to delayer issues around concentration while just 20% of the study participants saw the concentration of GCCs in India as a viewed danger. “As GCCs continue their development trajectory, going up the maturity curve, with elements such as blurring geographical borders, and innovation interruptions, these centres are continuously scanning the vibrant danger landscape and adjusting to effectively browse through,” stated Srikanth Srinivasan, vice president at Nasscom. Since 2022, over 1,580 GCCs run in India utilizing a labor force of 16.6 lakh, according to a report launched by home consultancy CBRE previously today. By 2025, this number is anticipated to increase to 1,900 with an expert skill swimming pool surpassing 20 lakh, it included. Released 30 May 2024, 21:56 IST
Regulative compliance essential factor to consider for GCCs in India: Study – Deccan Herald
