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
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
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
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
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
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
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 ...
Holiday retail sales are likely to rise between 2.3 per cent and 3.3 per cent in the November 2024-January 2025 period
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) ...
However, it highlighted that there is a struggle to access trustworthy ESG data
Deloitte India has over 500 of these architects and says there is a growing demand for them across the consultancy's clients
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 .
Mobility sector's growth path set to accelerate to 25% by FY30: Deloitte
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
The court also said that the firms, along with the partners, are also liable to reply to the ICAI notices
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
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 ..
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
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
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 ...