India is rapidly evolving into a global hub for Global Capability Centers (GCCs), which provide critical business services ranging from engineering to legal expertise for multinational corporations. According to a report by Ernst & Young, India is projected to become a $110 billion market for GCCs by 2030, with more than 4.5 million people employed in this sector.
Global financial firms are significantly contributing to this growth. For instance, JPMorgan Chase, HSBC Holdings, and Apollo Global Management employ thousands in their Indian hubs. Goldman Sachs, in particular, has heavily invested in its India GCCs located at Bangalore and Hyderabad, with approximately 9,000 employees.
Adding to this momentum, BlackRock, the world’s largest asset manager, plans to expand its footprint in India by hiring nearly 1,200 people. This expansion is part of its strategy to build out its artificial intelligence (AI) capabilities in the country. The new hires will be spread across two support hubs, known as iHubs, in Mumbai and Gurugram, and will include engineers and data experts. Additionally, BlackRock will inherit a Global Capability Center with roughly 500 staff in Bangalore through its proposed acquisition of data firm Preqin.
The hiring plans will increase BlackRock’s headcount in India by about a third, adding to the existing 3,500 employees in its Gurugram and Mumbai offices. While a spokesperson for BlackRock declined to comment on the hiring plans, sources familiar with the matter confirmed these developments.
Historically, India was known for back-office support services, but this has dramatically changed. The country now boasts a wide array of GCCs where highly skilled professionals, including engineers and lawyers, provide critical services to multinational corporations from various industries such as banking and pharmaceuticals. This shift highlights India’s growing importance in the global business landscape and its ability to offer high-value services beyond traditional back-office functions.
Last updated: December 26th, 2025
