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GCCs see regulatory compliance as key for India expansion: Survey.


Date: 31-05-2024
Subject: GCCs see regulatory compliance as key for India expansion: Survey
With an evolving regulatory and GenAI landscape, navigating complex compliances such as transfer pricing, SEZ (special economic zone), labour and data laws are among key priorities for the global capability centres (GCCs) operating in India, said a Nasscom-KPMG survey report.

With an evolving regulatory and GenAI landscape, navigating complex compliances such as transfer pricing, SEZ (special economic zone), labour and data laws are among key priorities for the global capability centres (GCCs) operating in India, said a Nasscom-KPMG survey report.

"81% of respondents mentioned transfer pricing as the top regulatory priority for GCCs in India. More than half of the respondents highlighted SEZ laws and STPI regulations (67%) and labour laws (60%) among key regulatory priorities," stated the report titled 'GCCs in India: Building resilience for sustainable growth', to be released today.


"India has been quite friendly when it comes to regulatory environment in a lot of places. But I think GCCs have a very complex frameworks and the processes... maybe at certain cases the transfer pricing rates may be on the higher side. So, obviously there is scope for improvement over there," Achyuta Ghosh, senior director and head - Insights at Nasscom.

He added that GCCs may have to internally map out the overall India regulatory environment, have the checks and balances in place in terms of how they're structured, how they assess risk, look at audits, get data privacy certifications and compliance in place.

Besides, corporate tax, DPDPA (Digital Personal Data Protection Act), and FEMA (Foreign Exchange Management Act) are among the top five regulatory considerations for the CXOs of 75+ GCCs surveyed. Further, 96% of the interviewed le ..

Interestingly, 20% of respondents ranked concentration as a concern. Ghosh, who co-authored the report, dismissed the fears to state there is no consensus on the definition of concentration and that the reality of concentration consideration goes beyond a simple headcount evaluation. "India has around 45% of the global GCC headcount now, so some companies may feel over exposed to India that way... However, the threshold varies based on the size, scale and nature of operations and is unique to wh ..

 Source Name : Economic Times

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