Business Standard

Deloitte

Deloitte, EY cut staff in UK amid decline in demand for advisory services

Deloitte recently laid off around 250 advisory staff members in the UK, while EY's annual report on Thursday revealed a reduction of 2,450 employees over the past fiscal year, a first in 14 years

Deloitte, EY cut staff in UK amid decline in demand for advisory services
Updated On : 25 Oct 2024 | 12:42 PM IST

Indian economy to grow 7-7.2% in FY25 on strong govt spending: Deloitte

The Indian economy could grow between 7-7.2 per cent in the current fiscal on strong government spending, and higher manufacturing investments, but a tempered global growth will impact the outlook for the next fiscal, Deloitte India said on Tuesday. In its 'India Economy Outlook for October 2024', Deloitte said the thriving manufacturing sector, stable oil prices, and potential US monetary easing post-elections may boost India's capital inflows, reduce production costs, and enhance long-term investments and job opportunities. The economy grew 6.7 per cent year-over-year in the April-to-June quarter of the current fiscal ending March 2025. Although this marks the slowest growth in five quarters, India ranks among the fastest-growing major economies globally. Deloitte India retains its annual GDP growth projection to be between 7 per cent and 7.2 per cent in FY 2024-2025 and between 6.5 per cent and 6.8 per cent the following year, it said in a statement. India's central bank RBI had

Indian economy to grow 7-7.2% in FY25 on strong govt spending: Deloitte
Updated On : 22 Oct 2024 | 1:40 PM IST

Deloitte eyes $5 billion revenue from Indian biz by 2030: South Asia CEO

Global accounting firm Deloitte is targeting a 4 times growth in its revenue from India business to USD 5 billion (about Rs 40,000 crore) by 2030 and become an "undisputed leader" in professional services, its South Asia CEO Romal Shetty said. Deloitte's India business revenue touched Rs 10,000 crore mark in 2023-24 fiscal (June 2023-May 2024), a growth of 30 per cent. "We are the fastest growing professional services firm of the country. We want Deloitte India revenues to be Rs 20,000 crore by 2027 and USD 5 billion by 2030," Shetty told PTI. He said Deloitte India contributed 10 per cent to the growth in global revenue, and 70 per cent to Asia Pacific's growth. Deloitte's aggregate global revenue grew 3.6 per cent to USD 67.2 billion for the fiscal year ended May 31, 2024. "We disrupted the marketplace in 2023-24 with Rs 10,000 crore revenue. Our aim is to become the undisputed leader in professional services, distinguished by our quality, brand, well-being, and scale. Success f

Deloitte eyes $5 billion revenue from Indian biz by 2030: South Asia CEO
Updated On : 29 Sep 2024 | 10:45 AM IST

Airlines, hotels make up 70% of India's $53 billion travel market: Deloitte

In 2023, airlines and hotels made up 70% of India's $53 billion travel market, with corporate travel valued at $10.6 billion. By 2030, the Indian travel industry is expected to touch $97 billion

Airlines, hotels make up 70% of India's $53 billion travel market: Deloitte
Updated On : 24 Sep 2024 | 5:29 PM IST

India likely to clock 7% growth in FY25 despite headwinds: Deloitte

India continues to be a bright spot in an otherwise gloomy global outlook and the country could clock a 7 per cent growth in the current fiscal despite the headwinds, Deloitte South Asia CEO Romal Shetty has said. Shetty, who is the youngest chief executive of a Big Four accounting and consultancy firm in India, said inflation is reasonably under control, there has been a pick-up in rural demand and vehicle sales are improving. "We believe that we would be in the 7-7.1 per cent range in terms of the growth (this fiscal year). You have got the headwinds, the tailwinds... But the fact is, still India is in a better position, in spite of whatever is happening globally but we can't say we're decoupled from the world," he said, adding that the geopolitical crisis in the Middle East and Ukraine and the slowdown in the western world will impact GDP growth. According to Deloitte projections, growth is likely to be 6.7 per cent in the next fiscal year (2025-26). The Indian economy grew 8.2 p

India likely to clock 7% growth in FY25 despite headwinds: Deloitte
Updated On : 22 Sep 2024 | 4:09 PM IST

EY employee death fallout: Deloitte forms panel to review people practices

Amid a social media storm over the death of a young employee at tax consultancy major EY allegedly due to work pressure, Deloitte has formed a three-member external committee, which includes former revenue secretary Tarun Bajaj, to look into practices, policies and processes concerning employees, its South Asia CEO Romal Shetty said on Friday. Shetty said to manage the work pressure within the organisation and have an open work culture, Deloitte has a chief happiness officer and takes strictest action for any bad behaviour within the organisation. Deloitte is one of the four major global tax consultancy firms. Besides Deloitte and EY, the other major firms are PwC and KPMG. "... Very unfortunate, very tragic, young child losing her life. We are in the client service business and in the client service business there will always be deadlines... having all of those pressures," Shetty told PTI in an interview. Anna Sebastian Perayil, who passed her CA exam in 2023 and worked at EY Pune

EY employee death fallout: Deloitte forms panel to review people practices
Updated On : 21 Sep 2024 | 12:18 AM IST

India's home & household market to reach $237 bn by 2030: Deloitte

India's home and household market is expected to reach USD 237 billion by 2030 at a compounded annual growth rate (CAGR) of over 10 per cent, fuelled by increasing disposable income, shifting consumer preferences and a growing focus on comfort and convenience across product categories, according to a report by Deloitte. The report, Powering Consumption Growth-India's Home and House Market, launched at the two-day event MAPIC India 2024, which began here on Wednesday, also said that the home and household market are witnessing strong demand, particularly in tier 2 and tier 3 cities that are emerging as growth hubs. It also said that omnichannel retail and e-commerce are helping businesses connect with consumers, expanding their reach beyond urban centres. Stating that factors such as high disposable incomes, the rise of digital platforms, easy access to credit, and young consumers seeking modern designs, home renovations and personalisation, which provide tailored offerings to ...

India's home & household market to reach $237 bn by 2030: Deloitte
Updated On : 18 Sep 2024 | 7:02 PM IST

US holiday sales to grow at slowest pace since 2018, says Deloitte report

Holiday retail sales are likely to rise between 2.3 per cent and 3.3 per cent in the November 2024-January 2025 period

US holiday sales to grow at slowest pace since 2018, says Deloitte report
Updated On : 12 Sep 2024 | 10:24 AM IST

Indian investors value sustainability, struggle to get good data: Deloitte

More than 90 per cent of Indian institutional investors now consider sustainability information essential in their due diligence process, a study by Deloitte and The Fletcher School at Tufts University said, adding as sustainability becomes more integral to investment management, trust in the ESG data used to inform these decisions is lacking, posing challenges in accessing trustworthy data. "According to Indian investors, the inconsistency or incomparability of ESG rating data (73 per cent), cost constraints on integrating ESG data into investment decision models (71 per cent) and lack of measurable outcomes in corporate disclosures (70 per cent) reduce the trust factor of available sustainability data, inhibiting their ability to implement ESG investment strategies," Deloitte said citing its study titled 'Investor trust in sustainability data'. The study further highlights that Indian investors are more likely to trust in-house proprietary data systems and audited (or assured) ...

Indian investors value sustainability, struggle to get good data: Deloitte
Updated On : 15 Aug 2024 | 10:04 AM IST

93% institutional investors consider sustainability info essential: Study

However, it highlighted that there is a struggle to access trustworthy ESG data

93% institutional investors consider sustainability info essential: Study
Updated On : 13 Aug 2024 | 11:57 AM IST

Amid GCC boom, Big Four in India are boosting hiring of 'tech architects'

Deloitte India has over 500 of these architects and says there is a growing demand for them across the consultancy's clients

Amid GCC boom, Big Four in India are boosting hiring of 'tech architects'
Updated On : 06 Aug 2024 | 11:11 PM IST

Indian economy to grow at 7-7.2% in current fiscal year: Deloitte

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, Deloitte India said on Monday. The August update of Deloitte's India Economic Outlook said several initiatives in the Union Budget 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up consumer spending, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global .

Indian economy to grow at 7-7.2% in current fiscal year: Deloitte
Updated On : 05 Aug 2024 | 11:19 AM IST

Mobility players drive 18% of total car sales in FY24, says Deloitte

Mobility sector's growth path set to accelerate to 25% by FY30: Deloitte

Mobility players drive 18% of total car sales in FY24, says Deloitte
Updated On : 11 Jul 2024 | 12:16 AM IST

Salary drops for 2024 graduates as economic slowdown hits IIT placements

Compensation has marginally decreased for graduates from the top 10 engineering institutes, eight of which are IITs as ranked by the National Institutional Ranking Framework

Salary drops for 2024 graduates as economic slowdown hits IIT placements
Updated On : 10 Jul 2024 | 10:53 AM IST

Delhi HC says ICAI allowed to issue orders against Big Four affiliates

The court also said that the firms, along with the partners, are also liable to reply to the ICAI notices

Delhi HC says ICAI allowed to issue orders against Big Four affiliates
Updated On : 06 Jul 2024 | 8:16 AM IST

Govt infra push steers steel demand to 221-275 mn tonnes by FY34: Report

With a sustained momentum of investment across different sectors, overall steel demand in India is projected to grow at a CAGR of 5 per cent to 7.3 per cent over the next decade leading to a steel demand of 221-275 million tonnes by FY 34 (under different scenarios), according to a report by Deloitte released on Friday. The report, released at ISA Steel InfraBuild Summit here, also said Maharashtra, Uttar Pradesh, Gujarat, Karnataka and Tamil Nadu have established themselves as leaders in steel consumption, leading to 41 per cent of the total consumption in FY23. "Government spending on infrastructure projects will drive the initial growth phase in the next decade. The development of 11 industrial corridors comprising 32 projects, to be developed in four phases under the PM Gatishakti National Master Plan, will be a key driver for steel consumption," the report explained. From FY14 to FY24, India's finished steel consumption posted a CAGR of 5.67 per cent. In FY24, domestic finished

Govt infra push steers steel demand to 221-275 mn tonnes by FY34: Report
Updated On : 05 Jul 2024 | 4:26 PM IST

Certain FMCG sectors may face tampering of growth: Deloitte report

Certain sectors including beauty products, personal care, consumer electronics and consumer durables may face a tempering of growth, according to a report from consulting firm Deloitte. The decline is on account of the high volume of purchases post-pandemic that have created a high base for FY25, according to Deloitte's Future of Retail report. The report also highlighted a significant shift in consumer spending patterns with a rise in value-seeking buyers, which is evident across consumer businesses. While the consumer may increase their spending on leisure activities, suggesting a good performance for the aviation and hotel industries in FY202425, it added. Yet the growth in premium products has outpaced entry-level products in several sectors, including electronics and personal care. Companies will benefit from understanding the preferences of their customers for premium products and using them to drive growth, it said. Based on the survey, the report said a large section of ..

Certain FMCG sectors may face tampering of growth: Deloitte report
Updated On : 25 Jun 2024 | 9:28 PM IST

AI will eliminate certain roles, but will create more jobs: Deloitte

AI will replace people with people, contrary to the common narrative, Deloitte's AI Executive Rohit Tandon said, emphasising that the future belongs to AI-human collaboration, not replacement, as he envisions a revolutionary era where technology empowers, rather than replaces, the workforce. In an interview with PTI, Tandon, Managing Director, AI and Insights Practice Leader, Deloitte LLP, said AI will not snatch jobs, but will simply do away with some of the easier jobs, and create new roles. "AI will, with people, replace people... It's not just AI replacing people. You still need humans in the loop," he said. Tandon said the same kind of fear of job roles getting wiped out existed when IT, technology, and computers came into the scenario. "But just look at how many more jobs have been created across the globe because of IT. The same thing is going to happen with AI. It's going to be all-pervasive, just like it is today, just like you have some of the biggest supercomputers that

AI will eliminate certain roles, but will create more jobs: Deloitte
Updated On : 23 Jun 2024 | 5:02 PM IST

India ranks first in adoption of GenAI across Asia-Pacific: Deloitte India

The report said that GenAI could significantly affect 17 per cent of working hours across the Asia Pacific, amounting to almost 1.1 billion work hours annually

India ranks first in adoption of GenAI across Asia-Pacific: Deloitte India
Updated On : 16 May 2024 | 5:17 PM IST

Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte

Deloitte India on Sunday said creating a seamless data exchange and establishing a framework for efficient data sharing among businesses, tax authorities and taxpayers would help improve the AIS functionality of the income tax department. The Annual Information Statement (AIS) is a comprehensive view of financial information for a taxpayer, made available by the income tax department. Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc. To improve the functionality of AIS and the efficiency of tax administration and compliance, Deloitte India's latest paper, "Annual Information Statement: Ushering in a new era of tax administration", recommends creating a seamless data exchange and establishing a framework for ...

Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte
Updated On : 05 May 2024 | 1:44 PM IST