ESG GCC REPORT 2024
GCCs on the hunt: IT companies becoming hotspots for senior talent
According to the findings, there are about 120 top GCCs in India with some 21,000 senior executive roles, including those of vice-president, assistant vice-president, senior vice-president and director. These senior executives have a minimum experience of 15 years, and in the last one year, more than 100 have moved from an IT company to a GCC.
Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
IVCA’s VC Council for 2024–26 to focus on boosting micro-VCs
The IVCA VC Council, led by industry experts, aims to elevate the Indian start-up ecosystem by fostering innovation, supporting micro-VCs.
Budget 2024: India looks for infra push; may tap funds from UK, Saudi & Japan
In the upcoming Budget, Finance Minister Nirmala Sitharaman is set to prioritise infrastructure investment to boost demand for steel, cement, and create jobs. The Indian government eyes funding from the UK, Saudi Arabia, and Japan for specific projects like roads and highways. Investor concerns, equity offerings, and environmental considerations are key factors in attracting investments.
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Infosys’ flexi stance helps staffers avail more remote work options
Infosys, India's second largest IT company, has embraced a flexible approach to returning to office post-pandemic. Employees leveraged remote working options in FY24, as per the ESG report. In FY24, 84% of Infosys employees worked remotely, compared to 75% in FY23 and 97% in 2022 during the pandemic.
Impact of GCC boom; Infosys staffers cling to WFH in FY24
Happy Thursday! The explosive growth in India's global capability centres (GCC) has benefited the real estate, staffing, and infra sectors. This and more in today’s ETtech Morning Dispatch.
ESG consultancies and services on the rise as companies rush to get sustainability tag
Emerging consultancies and ESG services companies have a lot of opportunities but struggle due to lack of awareness and data.
Green flavour not enticing enough for bond investors
Green bonds in India face challenges due to the absence of financial institutions focusing on green financing and investors enthusiastic about environment protection. Follow-up issuances have dried up a year after the first government green bond sale.
India breaks record with over $111 billion in remittances in 2022
India leads 2022 remittances with over USD 111 billion, facing challenges like rights violations in Gulf States and COVID-19 impact on migration patterns, highlighting migrant workers' struggles worldwide.
Amid green push, professionals rush to arm themselves with ESG skills
Edtech firms seeing strong demand for courses related to ESG reporting, climate technology, carbon accounting, lifecycle analyses
Over 46% office space leases in India by offshoring industry, Knight Frank
India's offshoring market dominates office space leasing, comprising 46% of total leasing in 2023, led by global capability centers (GCCs). With a 26% rise in leasing volume, GCCs are pivotal, fostering over 1,580 centers. India's unique proposition as a high-skill, low-cost market positions it as a global hub for offshoring
GCCs in India looking to strengthen digital capabilities: report
Indian GCCs focus on AI/ML, data analytics. CIOs prioritize AI in 2024. ANSR report notes talent development, market growth, tech hubs like Bengaluru, Hyderabad, and emerging locations like GIFT City.
Here's how Bengaluru's water crisis has affected real estate sales as per Knight Frank report
Housing sales in Bengaluru have slightly decreased by 2% to 13,133 units compared to 13,390 units last year, mainly due to reduced sales in the affordable housing category. The office space demand in the IT city remained steady at 3.5 million square feet, according to a report by Knight Frank. Sales in the less than ₹50 lakh housing segment dropped by almost 65% to 70%, while sales in the ₹50 lakh-₹1 crore segment dipped by 7%. However, sales of houses in the more than ₹1 crore segment increased by almost 50%.
52% GCCs in India proactively championing ESG agenda: EY
The report highlighted that GCCs are establishing dedicated teams to collaborate with global organisations for ESG initiatives, with major areas of support being in the enablement of processes, data and technology.
GCC, GenAI to help India’s tech sector grow to $254 billion in FY24-25: Deloitte
India's tech sector revenue set to grow with increasing focus on GenAI, spatial computing, and virtual reality. The sector expects significant growth in exports and the establishment of over 2500 global capability centers by 2030.
Green is the new gold: Investors flock to sustainable opportunities in 2024
India is making significant strides towards sustainable development through regulatory mandates like the Energy Conservation (Amendment) Bill 2022 and BRSR, unleashing investment opportunities for Indian businessmen and investors.
Sops, tier-2 cities top focus in tech’s Karnataka GCC Policy wishlist
Karnataka's GCC policy targets industry growth through infrastructure investment, employment incentives, single window approvals, fast issue resolution, industry-specific curriculum, flat rate markup, transportation solutions, digital engineering services, and the Karnataka Digital Economy Mission.
ETPWLA 2024: The inaugural summit resonates with the ‘Include, Invest, Inspire’ theme for fostering funding, mentorship, and advocacy for women in leadership roles
Here are the key takeaways from the ETPrime Women Leadership Awards (ETPWLA) 2024 virtual launch summit, streamed LIVE on EconomicTimes.com from 11:00 am on March 7, 2024, where industry experts, trailblazing women leaders, and exceptional role models for women joined conversations addressing structural barriers, ingrained biases, and a lack of funding, mentoring, and trust in women’s capabilities to analyse diversity and inclusion ground up.
Manufacturing, EV, engineering sectors to drive 2024 hiring activity
Manufacturing, electric vehicle, and engineering companies are hiring at their fastest pace in five years, according to a study by Adecco. The hiring intent for 2024 is 19.8%, the highest since 2020. The engineering sector, including automobile, aerospace, defense, chemical, agricultural, electrical, electronics, and industrial engineering, is expected to outperform the rest in hiring. Companies in these sectors are likely to offer pay hikes of 8% to 12%.
Mushrooming of GCCs to lead to spurt in leadership roles in 2024
India's demographic dividend and large talent pool are attracting global capability centres (GCCs) to the country, leading to an increased demand for leadership roles. India is projected to have 1,900 GCCs by 2025, with the market size expected to reach $110 billion.
Sustainable Development: Where is sustainable finance?
The conflicts raging in Europe and the Middle East have further lowered the appetite in the West for low carbon production and consumption. Slower economic growth is also a factor. The European Union’s imposition of protective levies in form of border adjustment of carbon taxes from 2026 reflects this compulsion. All this is happening in the backdrop of ambitious declarations of commitment to net zero by the mid-century. It makes obvious that in a globalised world, no corporate entity or country wishes to surrender its access to low-cost energy and competitive advantage.
Budget is all about 3 Cs – commitment, consolidation and confidence: Shyam Srinivasan, Federal Bank
Shyam Srinivasan characterizes the budget with three Cs: commitment, consolidation, and confidence. He notes that the finance minister spoke of the trinity of diversity, democracy, and demography. The budget reflects a focus on creating an environment for ease of doing business and unlocking innovation. The allocation of funds for investment in innovation and infrastructure development indicates a broad-based approach
India Inc confident of achieving $5 trillion economy, says Deloitte in pre-Budget survey
India Inc is confident of achieving $5 trillion economy with government support in infrastructure investments, reforms, and technology adoption. Business leaders anticipate strong economic growth, with about 50% of India Inc optimistic about above 6.5% growth in FY25. Automotive, consumers and retail, technology, media, and telecommunication, and energy, resources, and industrials sectors anticipate high growth.
IT firms to face-off for $16 billion of deals; Zomato pauses Blinkit integration
Indian IT firms are expected to put up a tough fight for these contracts, many of which are now serviced by global multinationals. Experts attribute this competition to technology clients turning more cost-conscious in a turbulent macro-economic environment.
Property developers prioritize green developments
To deal with the extreme climate change builders are focussing on conserving water by recycling it and using it for flushing and landscape, harvesting rainwater, radiation free building structures, green materials, and recycling organic waste and segregating waste on the development so that the amount of waste sent to the landfill is only 20 % of the standard amongst others.
India’s tech edge triggers a global captives explosion
At least 20% of Forbes 2000 global cos have set up their GCCs in India till 2023 and this share is estimated to grow to up to 55% by 2030, as per data from management consultancy firm Zinnov.
GIM's National ESG Conclave creates ripples in sustainable business transformation
The Goa Institute of Management hosted a national conclave on Environment, Social and Governance (ESG). The conclave was organised in collaboration with the UN Global Compact Network India, Goa Chamber of Commerce and Industry, and PRME India Chapter on November 24, 2023. Read to know more.
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