The Observation Engine

India’s software and IT exports are racing ahead overall, but the country’s top listed IT giants are losing ground in the export race. New data show a widening gulf between headline software export growth and the performance of established publicly listed firms, raising important questions for investors, policymakers, and the tech industry at large. The Numbers: The Export Race India’s software exports grew 12.7% in FY25 , reaching $180.6 billion, according to RBI data. Listed IT companies (the major players on the stock market) reported only 3.8% growth in foreign exchange revenues , totaling $69.6 billion, their lowest market share in 14 years. The share of listed IT firms in total software exports has shrunk from 55% in FY19 to 38.5% in FY25 , against a backdrop of accelerating growth from unlisted firms and Global Capability Centres (GCCs) of multinational corporations. What’s Fueling the Divergence? Rise of Unlisted Players & GCCs Unlisted Indian IT firms an...

The Global Capability Centres (GCCs) in India are gearing up for a significant surge in hiring throughout 2025, signaling another wave of opportunity for professionals across the country. New data from the Confederation of Indian Industry (CII) and JLL India highlights that India’s GCC ecosystem is not just expanding—it’s evolving with a strategic focus on talent and location. Major Trends Driving GCC Hiring in 2025 1. Unprecedented Hiring Momentum Nearly half (over 48%) of GCCs are set to increase their recruitment this year, with confidence high for continued expansion into the next financial year (FY26). The hiring sentiment stands strong despite global headwinds, highlighting India’s resilience as a talent hub. 2. Focus on Tier 1 and Tier 2 Cities Over 60% of GCCs plan to hire from Tier 1 cities —reflecting the established talent pools in metro areas like Bengaluru, Hyderabad, Mumbai, and Delhi. But there’s a notable shift: 29% of GCCs will recruit from both Tier 1 and T...