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Number of board seats held by women in India Inc grew in last 5 yrs: Report

The number of board seats held by women across India Inc has increased gradually over the past five years with them holding 18.3 per cent board seats in 2023, a Deloitte report said on Friday. The 'Women in the boardroom: A global perspective' report, however, said that it is lower than the global average of 23.3 per cent. The report by Deloitte Global Boardroom Program analysed more than 18,000 companies in 50 countries exploring representation of women in the boardroom. This includes analysis of 400 companies from India. "Boardroom diversity requires a paradigm shift. Since many companies prefer to recruit board members with CEO or CFO experience, these numbers do not paint an optimistic outlook for pipeline development. India Inc. must break from historical patterns and prioritise capabilities over past roles," Deloitte South Asia Chairperson Shefali Goradia said. The report shows a gradual increase in the number of board seats held by women across India Inc, with women holding

India likely to grow at 10% for 10-20 years: Deloitte's Romal Shetty

He urged investors to grab the opportunity India's rapid growth offers

Nearly 45% CXOs see FY25 GDP growth hitting 6-6.5%: Deloitte survey

Meanwhile, 37 per cent business leaders expect the growth to remain below 6 per cent, as they cite rising inflation rates, supply chain challenges, and global headwinds as major challenges

India Inc confident of achieving $5 trillion economy: Deloitte survey

India Inc is confident of achieving USD 5 trillion economy with the central government's support in infrastructure investments, additional reforms, and enhanced technology adoption, according to a CXO survey by Deloitte Touche Tohmatsu India LLP. Stating that business leaders anticipate strong economic growth for the next fiscal year, Deloitte in a statement said about 50 per cent of India Inc reflects optimism about the country posting above 6.5 per cent growth in FY25. Amongst industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media, and telecommunication (47 per cent) and energy, resources and industrials (44 per cent) anticipate high growth. "Government initiatives, increased trade collaborations, lowering of logistics cost, and policies to increase industrial production (such as intelligent automation in manufacturing and increased investment towards sustainable technologies), will further this momentum. Changing consumer preferences and

Govt may extend scope of PLI scheme to job-creating sectors: Deloitte

To incentivise the manufacturing sector and generate employment, the government may extend the scope of PLI scheme to include sectors like garments, jewellery and handicrafts in the forthcoming interim Budget, Deloitte said. Currently, Production-Linked Incentive (PLI) scheme is available for 14 sectors. Deloitte India Partner Rajat Wahi said driving rural income is one of ways to deal with inflation and slack in consumption demand. "Today we have 14 sectors under PLI scheme, but a lot of these sectors do not generate massive employment. Leather, garment, handicraft, jewellery -- many of these sectors need PLI scheme to come in because they are the ones which are the highest employment generators. That will help lower income households as well as urban,"Wahi told PTI. Deloitte in its Budget expectations report said the government is expected to come out with measures to support sustainable growth in income amongst rural households, thereby boosting rural economy's disposable ...

Deloitte India unveils initiative to cut emissions attributed to software

Deloitte India on Wednesday unveiled an Enterprise Conscious Code initiative for sustainable, inclusive, and accessible software development that aims to cut up to 30 per cent of the emissions attributed to software alone. Launching the Code here on the sidelines of the World Economic Forum Annual Meeting 2024, Deloitte India said this initiative marks a significant leap towards sustainable and responsible software development, supporting global efforts to reduce carbon footprint, increase energy consciousness, and ensure accessibility for everyone. "The Enterprise Conscious Code (ECC) combines everything a company needs - the triple Ps of the bottom line - people, planet, and profits," it said. The Code offers ways to build eco-friendly software, promoting the use of techniques that contribute to a greener planet. Currently, about 3 per cent of the world's carbon emissions are attributed to the Information and Communications Technology (ICT) sector, equivalent to roughly 1.58 bill

India likely to register 6.9-7.2% GDP growth in FY24, says Deloitte

India is expected to clock a GDP growth in the range of 6.9-7.2 per cent in the current financial year on the back of improving economic fundamentals, Deloitte India said in an update to its quarterly outlook. As per the first advance estimates of national income released by the National Statistical Office (NSO), the Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal, against 7.2 per cent a year ago, mainly due to a good show by mining & quarrying, manufacturing and certain segments of services sectors. Deloitte India's recent economic outlook report said there is an underlying momentum that is building up in the Indian economy, as seen in the improving economic fundamentals. India's current account deficit (CAD) was at 1.9 per cent of GDP in 2022-23 and is expected to be further lower in 2023-24, it said. Further, foreign exchange reserves remain at a comfortable level of Rs 568 billion which is equivalent to over 10 months of import cover. At present ...

NFRA finds deficiencies in audit quality inspection of Big four firms

In its firm-wide review of audit control systems of BSR & Co, the Authority found that the firm's claim of being independent from KPMG India entities was unacceptable

Deloitte is now looking at AI to help avoid mass layoffs in future

Deloitte LLP is using AI to evaluate existing staffers' skills and map out plans that would shift employees away from quieter parts of the business and into roles that are more in demand

Dunzo says will hit profitability in 12 months, has reduced costs

Auditor Deloitte has expressed doubt about on-demand delivery platform's ability to continue as a going concern

Central ministries gave contracts worth Rs 500 crore to 'Big Five' firms

About fifty organisations and 16 departments/ ministries outsourced work to these consultancy firms, which include PwC, Deloitte, Ernst & Young and KPMG, along with McKinsey & Company

GDP to grow at 6.5-6.8% in FY24; festive, govt spends key drivers: Deloitte

Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released earlier this month, Deloitte said India will need at least 6.5 per cent growth every fiscal to become the world's third largest economy by 2027, with its Gross Domestic Product (GDP) crossing USD 5 trillion. The country needs 8-9 per cent economic growth to become a developed country by 2047, it added. The Indian economy grew 7.8 per cent in the June quarter, higher than the 7.2 per cent in the year-ago period. "In light of the Q1 GDP growth, we have revised our growth estimate for this year to reflect it. We expect GDP to grow in the range of 6.5-6.8 per cent primarily due to festive spending in the coming months followed by higher government spending before the upcoming national elections ...

Will file much-delayed March 2022 financial results this week, says Byju's

Byju's, which has missed payment on a $1.2 billion term loan, said it's completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd

Big Four accounting firms make $4 bn from India biz; expand into consulting

The Big Four have overhauled their operations over the past few years to gain a wider share in the high-demand advisory and technology services firms

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