Page 5 - Deloitte

Cyber insurance gains momentum in India, set to witness growth: Deloitte

The cyber insurance market in India is expected to grow by 27-30 per cent in the coming years, a Deloitte report said forecasting cyber insurance gaining momentum. The report indicates that the current Indian cyber insurance market is valued at USD 5060 million, maintaining a steady 2730 per cent compound annual growth rate (CAGR) in the past three years. "This growth is expected to continue for the next 35 years, driven by an increased awareness of the need for cyber insurance," the report 'Cyber Insurance in India' said. It identifies industries heavily involved in digitisation, such as IT, pharma, and manufacturing, as well as those integrated with broader economic sectors like supply chain, retail, critical industries, and finance, to be the prime targets of cybercriminals. "These sectors are typically early adopters of cyber insurance," it said. The report included a survey of several Chief Information Security Officers (CISO), with 70 per cent of respondents expressing ...

Veteran banker Aditya Puri joins Deloitte India as senior advisor

Veteran banker and former managing director and CEO of HDFC Bank, Aditya Puri has joined Deloitte Touche Tohmatsu India LLP (Deloitte) as a senior advisor. "Puri will leverage his unparalleled expertise and experience to help Deloitte drive transformation across industries," Deloitte said in a statement on Wednesday. "He also has a personal vision to champion initiatives aimed at boosting affordable healthcare and financial inclusion across India," it said. Puri was the founding CEO of HDFC Bank. He was appointed as CEO of the bank in 1994 and retired after 26 years of service, consistently being named as one of the top business leaders globally. Commenting on his new role, Puri said, "At Deloitte, I see an opportunity to work with talented professionals having reach and expertise across industries. As businesses and industries transform and thrive, we must ensure that everyone in India and especially the underserved communities have access to affordable credit and healthcare ...

Tax exemptions to space sector to help boost growth: Deloitte-CII report

Government measures such as tax exemptions and holidays for companies directly or indirectly engaged in space sector activities will help in further promoting the growth of the sector, a report said on Thursday. The Deloitte India-CII report also suggested to undertake a detailed study on the tax reforms for supporting the industry growth as well as making the end products fiercely competitive in the global market. "While the Indian government has started to provide tax impetus to the space sector, it needs to take more initiatives for tax exemptions/tax holidays/accelerated depreciation for companies directly or indirectly engaged in space sector activities, so that the benefits are available to the entire value chain and there is no embedded tax cost," it said. It added that an in-depth study on global initiatives and their impact on the sector and, benchmarking with India should be undertaken to further develop and outline additional initiatives and to refresh the Indian Space ..

India's G20 focus on inclusivity helped it earn global respect: Deloitte

The G20 presidency has helped India earn respect of other countries by focussing on inclusivity, digital infrastructure and efforts to bring in the African Union within the fold of the grouping, said Deloitte South Asia CEO Romal Shetty. In an interview with PTI, Shetty said the decision of the Indian government to hold G20 meetings in several cities has also helped in trade, tourism, besides promoting infrastructure development. With regard to the proposal to bring the African Union in the G20 fold, he said Africa is a continent of 1 billion people and its inclusion in G20 will enhance trade opportunities with Asia and rest of the world. "India has focussed a lot on inclusivity. Prime Minister (Narendra Modi) says that nobody should be left behind. Every voice should be heard. One of the things India has done is to bring in Africa or try to bring in Africa in G20. "Also look at it from trade perspective. My view is if you look at Africa, a billion people continent. If you look at

Cos need to assess cyber-risks quarterly instead of yearly: Deloitte

Companies need to assess their cyber risks on a quarterly basis owing to immense technological advancements, a senior executive at Deloitte India said on Tuesday. Deloitte India Risk Advisory Partner Digvijaysinh Chudasama said companies and citizens alike should impose self-guidelines for cyber protection, and be aware of implications of sharing sensitive data, online. "Primarily to be protected from enterprise point or government point, if companies maintain the right and complete audit and compliances on a regular basis, because this is... very important, instead of doing something on a yearly basis, if they start looking at it now because the technology and perceptions are changing. "(Companies) should start doing these audits and assessments of cybersecurity for their enterprises, applications, data centers and networks on a quarterly basis, rather than yearly basis," he told PTI. This is also important as hackers are now launching sophisticated attacks. Chudasama also ...

Risk-based and principle-based approaches to artificial intelligence

With India poised to take centre stage in the regulatory dialogue and firms like Deloitte fuelling innovation, the discourse surrounding AI is set to evolve dramatically

Deloitte launches India-centred global generative AI market incubator

The global incubator, which is location agnostic currently but will be relying heavily on the Indian workforce, aims to harness the relationships Deloitte has with Indian academia, industry, and SMEs

Deloitte begins AI incubator to drive tech innovation, talent capabilities

Deloitte has launched Global Generative AI Market Incubator, that aims to promote innovation and serve businesses in India and across the globe, a release said on Tuesday. As generative AI boom drives global demand, it is a significant step towards nurturing tech innovation and talent in the country, enabling enterprises to achieve their business goals, according to the release. The AI incubator will leverage in-depth sector knowledge and AI/ML (Artificial Intelligence/Machine Learning) expertise of professionals, including data scientists and engineers. The launch of the Global Generative AI Market Incubator by Deloitte also aligns with the central government's agenda of nurturing tech talent and AI-driven opportunities, it added. "Our focus is to harness generative AI's disruptive potential in partnership with our key alliances by leveraging our targeted industry solutions that help clients realise sustainable business outcomes and achieve real transformations," Nitin Mittal, ...

India's no 2 tycoon Gautam Adani may avoid stepping on Mukesh Ambani's toes

A fresh blow arrived Saturday as Deloitte Haskins & Sells LLP, the auditor of Adani's ports unit, abruptly resigned the same week June quarter results showed record revenue and operating profit

Deloitte exit triggers sell-off in Adani stocks; m-cap down by Rs 25k cr

Stocks sink 2-4 per cent, leads to Rs 25,000-crore hit on m-cap

Trading strategies for Adani group stocks amid Auditor's resignation

Barring Adani Ports and Special Economic Zone, no other group company of Adani shows a favorable trend in the present technical structure,

Top headlines: Adani probe ends, chana prices rise ahead of festival season

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Deloitte, Adani Ports & SEZ spar over Hindenburg Research's claims

Had sought external examination of Hindenburg's allegations: Deloitte

Adani Group firm says reasons for Deloitte resignation not convincing

Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent". "The Audit Committee (of APSEZ) was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," said Gopal Krishna Pillai, former union home secretary and ..

Top headlines: 7 laws get Presidential nod, UP identifies new mining areas

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Deloitte quit after not getting auditorship of other group companies: APSEZ

Deloitte was not willing to continue as APSEZ's statutory auditor and, therefore, it was agreed to amicably end the client-auditor contractual relationship

Adani Ports auditor Deloitte plans to resign after flagging concerns

The Adani Group has previously said it's compliant with Indian laws and welcomes Sebi's investigation

India GDP to grow 6-6.3% in FY24, economic prospects brighten: Deloitte

India is likely to grow 6-6.3 per cent in the current fiscal year ending March 31, 2024, Deloitte India said in its economic outlook, forecasting growth surpassing 7 per cent over the next two years if global uncertainties recede. With the probability associated with a recession in major industrial countries this year trimming, several economic indicators such as the tight labour markets and reduced risk spreads post the US banking crisis suggest that downside risks to global growth are subsiding. Yet, there remain significant uncertainties around the actions of the central banks of major economies and the oil price movements, the economic outlook said. "Amid continuing global uncertainties, India continues to see strong economic activity," it said. "Keeping in view the resilience shown by the economy, Deloitte is optimistic about the outlook and has put out its expectation for this year and the next. Deloitte expects India to grow between 6 per cent and 6.3 per cent in FY 202324, a

Industry players divided over capacity, penalty issues for PLI-AAC bids

"The ministry is committed to finalizing the bidding documents and proceeding with the rebidding process at the earliest," government officials said

Byju's reaches agreement to rework terms of $1.2 billion loan: Report

If the loan terms are reworked successfully, the creditors are expected to drop their demand for accelerated repayment