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Why some Indian companies still don't trust AI?

According to a PwC report, 38 per cent of Indian companies that participated in the survey have no plans to adopt digital technology for their businesses. Watch the video to know why >

Investment in Indian startups in H1 2023 lowest in last 4 years: PwC India

Funding in Indian startups fell by 36 per cent in January-June to USD 3.8 billion, the lowest half-yearly number in the last four years, as investors are taking longer time in due diligence of every aspect of business, according to a PwC India Report. Early-stage deals accounted for 57 per cent of the total funding in the first half of 2023 (H1 CY23) in volume terms, said the report titled, Startup Perspectives - H1 CY23. In value terms, early-stage deals contributed to approximately 16 per cent of the total funding in H1 CY23 but was at its lowest in H1 CY23 as compared to the previous two years. "The Indian startup ecosystem reported the lowest six-month funding in the last four years in H1CY23 at USD 3.8 billion across 298 deals - a decline of nearly 36 per cent as compared to H2 CY22 (USD 5.9 billion). Fintech, SAAS and D2C continued to be the most funded sectors in H1 CY23," it said. During the last few quarters, despite challenging funding market conditions, investors have sh

UPI to account for 90% of retail digital payments by 2026-27: PwC report

Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report. Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled "The Indian Payments Handbook 2022-27". UPI is projected to account for 90 per cent of the total transaction volume in retail digital payments over the next five years, the report said. The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23, the report said. "It is estimated that UPI will record 1 billion transactions per day by FY20262027, going from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," it added. It further sai

57% of all fraud incidents in India are platform frauds: PwC Report

More than half of all fraud incidents in India were 'platform' fraud, a novel form of economic crime that involves fraudulent activities associated with social media, e-commerce, enterprise and finTech platforms, said a PwC India report on Thursday. The onset of the pandemic has led to an increase in platform fraud, said the second edition of PwC's Global Economic Crime and Fraud Survey 2022: India Insights, titled 'Platforms: The new frontier of fraud in India'. "The surge in remote work, e-commerce, delivery applications and contactless payments has further contributed to the rise of this type of fraud. 57 per cent of all fraud incidents in India were platform fraud," it said. It further said more than 26 per cent of Indian organisations lost over USD 1 million due to platform fraud, and 44 per cent of the perpetrators were found to commit fraud for financial gain. PwC said it surveyed 111 organisations across India from diverse industries such as technology, financial services,

57% of all fraud incidents in India are 'platform' frauds: PwC India

Over 26 per cent of Indian organisations have lost over $1 million till now due to platform fraud, according to a report released by PwC India

70% businesses plan to integrate metaverse in co activities: PwC India

Almost 70 per cent of business executives in India plan to integrate the metaverse into their organisational activities, said a report by PwC India. Though the term metaverse spans a wide spectrum of definitions, it mainly denotes a digital environment with a virtual world that mimics reality through the use of emerging technologies such as artificial intelligence (AI), low/no-code platforms, and blockchain. Additionally, 63 per cent of companies that are actively engaged with the metaverse say they will fully embed the metaverse in their organisational activities within a year, said the report titled 'Our Take - Embracing the Metaverse'. More than 60 per cent of the business leaders surveyed affirmed that they have a detailed or good understanding of the metaverse. The survey conducted early this year asked respondents nearly 150 in number across different regions of India for their title/role, age group, their gender, the sector their company represented, and their company ...

Big 4 push the tech button, look to expand IT service presence in India

The big four are best known for their accounting and audit services globally. However, with time, they have added several more services to their work

PwC India to invest Rs 600 crore in next 3 years on employees' welfare

PwC India on Monday said it is investing more than Rs 600 crore over the next 3 years towards holistic learning and development of its employees and across different wellbeing initiatives. The past three years have had a dramatic effect on people, and as a result, individuals are now reassessing what they want to do and how they want to work, the consultancy firm said in a release. "PwC India is committed to investing over Rs 600 crore towards the holistic growth, development and wellbeing of its people through its new People Experience Framework, where our people can experience infinite opportunities," it said. The framework, PwC India added, enables employees to gain access to personalised opportunities that allow them to live their lives how they want to, including meeting the needs of their families, finding work that aligns with their purpose and values, thereby creating an environment in which they are building the skills needed for the future. "...our new people experience .

Direct tax: Budget gives a blueprint for sustained high-growth trajectory

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

M&A, other corporate deals surpass pre-Covid levels in 2022: PwC report

Despite global headwinds, mergers and acquisitions and other corporate deals in India surpassed pre-Covid levels to reach USD 159 billion with as many as 2,103 transactions in 2022, a 29 per cent increase from 2021 in terms of value, said a PwC India report. India demonstrated signs of stable corporate deals defying the trend among most major economies of the world, said the PwC report titled 'Deals in India: Annual Review 2022'. Mergers and acquisitions accounted for a major share of the deal value, boosted by more than 20 large transactions, and reached a record high of USD 107 billion -- almost twice that of 2021. "However, excluding the HDFC Ltd and HDFC Bank merger (worth USD 60 billion), M&A deal values were about 15 per cent lower than that of 2021. Private equity (PE) investments stood at USD 52 billion, 22 per cent lower than 2021 but 20 per cent higher than all other preceding three years in terms of value and quantum," it said. It is to be noted that deal activity ...

Auditors of GoMechanic had raised several red flags in accounting: Report

The firm did not maintain inventory records for receipts and issuance of goods directly received by the customers

Start-up funding dips 33% YoY in CY22, early-stage funding grows: PwC India

The SaaS segment witnessed a 20 per cent increase in funding during CY22 compared to CY21 and accounted for nearly 25 per cent of all funding activity this year

India's startup funding in 2022 double the pre-pandemic level: PwC

21 startups entered the unicorn club in 2022, highest from SaaS category

Consultancy companies doubling capacity in sustainability divisions

According to industry sources, about 350-400 of the 1,000 companies have already engaged the services of sustainability consultants

At $2.7 billion, startup funding in India at 2-year low in Q3: PwC India

The startup funding activity declined to $2.7 billion in Q3CY22 from $6.6 billion in Q2CY22

Asha Ramanathan, new COO; Gayathri Parthasarthy, new FSS lead at PwC India

Asha is a qualified chartered accountant (CA), and Parthasarthy is a Financial Services industry veteran

Attrition to remain high as millennials demand better pay, promotion: PwC

Most employees in India may not return to offices yet and are more inclined towards the remote and hybrid work model, shows PwC survey

PwC India completes acquisition of Salesforce consulting firm Venerate

Venerate, which was founded in 2016 in Bangalore, builds customised solutions on the Salesforce platform across multiple clouds. The solutions help organisations in managing customers and sales

PwC India completes acquisition of Venerate Solutions Private Ltd

Venerate builds and deploys customised solutions on the Salesforce platform across multiple clouds including financial services cloud, salesforce marketing cloud, etc

Five years of GST: Indirect tax reformed, but there's still some way to go

July 1 will mark five years of goods and services tax (GST) in India. Starting today, we track the journey through a series of reports