DELOITTE INDIA
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
This European country will be the world's most visited destination by 2040
The tourism industry is poised for significant changes by 2040, with Spain projected to surpass France as the world's top destination. A study by Google and Deloitte forecasts emerging middle-class travelers from markets like China and India will boost Spain's ascent, due to its cultural richness, landscape diversity, and tourism investment.
Most of top-level executives have positive perception of GST: Deloitte survey
A Deloitte survey shows growing confidence in India's GST among C-suite executives, with 84% perceiving it positively in 2024, up from 72% in 2023. Key reforms suggested include rationalizing tax rates, improving dispute resolution, and enhancing automation and technology. The survey also highlights the need for further simplification and support for MSMEs.
Central Excise Bill may be introduced in budget session
The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exemptions for SEZs. It also empowers authorities to demand duty and introduces the concept of 'related persons' from customs and GST laws.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
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No tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty.
Global capability centres go big on hiring gig employees
India's multinational hubs are increasingly turning to hiring contingent workers to meet immediate talent needs while remaining cautious about permanent recruitment due to a bearish global outlook. There has been a significant rise in demand for gig employees in the last six months, with an expected increase of up to 70,000 gig workers in the next six months. This trend allows companies to create a balanced workforce that is agile and cost-effective, with access to specialized skills.
Timely rescue of firms pushes IBC recovery to 49%
Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The IBC was introduced eight years ago and has been the most challenging to address due to litigation-related holdups. Experts have called for amendments to the IBC to address this issue.
The rising importance of the chief trust officer
Businesses are emphasizing trust by appointing a Chief Trust Officer (CTrO) to oversee trust-building initiatives. This role involves assessing trust levels within and outside the organisation, focusing on domains like corporate culture, compliance, and customer experience.
Industrial policy is back. Is this what India needs for an ‘atmanirbhar’ economy?
Mere rise in GDP growth numbers are not enough. What India needs to become a global manufacturing powerhouse is a well-outlined policy that gets the wheel spinning on job creation, skills and holistic growth — especially as the world tilts towards protectionism.
MNCs now offer best salary package to seasoned professionals to scale up their GCCs in India
Industry leaders report that multinational corporations are offering substantial compensation packages to recruit experienced professionals for their global capability centers (GCCs) in India. Over the past two years, there has been a noticeable increase in GCCs offering annual salaries ranging from Rs 3-6 crore to specialized leadership talent.
Attrition rates continue to remain high for MBA graduates; drop in pre-placement offers: Study
Deloitte India's study on MBA graduates reveals high attrition rates, location preferences, and trends in compensation and skills assessment.
Attrition for MBA campus talent highest across degrees; employee turnover among campus hires drops in 2023 vs 2022, survey shows
A survey by Deloitte has revealed that the attrition rate among MBA graduates hired directly from campus was the highest across disciplines in 2023, with the highest one-year (40%) and two-year (38%) attrition rates. Infant attrition was the highest among Graduate in Management (BBA / BCom /others) degree holders, with 33% of fresh hires leaving organisations in less than a year of joining. However, the survey showed a reduction in attrition rates from 2022, with MBA hires from Top-10 and Tier-1 colleges attriting at 24% (infant), 40% (one-year), and 38% (two-year) in 2023.
Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms
Despite a Delhi High Court stay, the Institute of Chartered Accountants of India (ICAI) has published orders penalizing two PwC affiliate partners. PwC had obtained a stay against ICAI's disciplinary action, challenging fines and membership removal. The institute's move to upload the order on its website has sparked a legal battle. This follows a similar dispute with EY affiliates. The Big Four firms are contesting ICAI's disciplinary actions, demanding an appellate tribunal be established first.
India ranks first in adoption of GenAI across Asia Pacific: Deloitte survey
The report, titled ‘Generative AI in Asia Pacific’, said 93% of students and 83% of employees in the country are actively engaging with GenAI.
Reliance Retail partners with ASOS to bring brands like ASOS Design to India
Reliance Retail and ASOS have announced a long-term partnership to establish a multi-channel presence for ASOS's own brands in India. Reliance Retail will manage all online and offline channels, including exclusive brand stores, multi-brand store expressions, and digital commerce platforms. This marks ASOS' first country-wide exclusive retail partnership.
CapitaLand India Trust (CLINT) appoints Gauri Shankar Nagabhushanam as Chief Executive Officer-Designate.
Gauri Shankar Nagabhushanam is set to become the Chief Executive Officer of CapitaLand India Trust (CLINT) in August 2024. He brings over 20 years of experience in real estate private equity, fund management, and corporate finance. Previously, he served as CEO of India Business Park at CapitaLand Investment, overseeing the growth of business parks in India. Gauri holds a Master's in Finance from the London Business School and has worked with companies like Ascendas-Firstspace, Deloitte, TAIB Bank, and Samba Financial Group.
Gen Z, millennials say purpose at the core of job satisfaction and wellbeing; expect AI to improve work-life balance
Gen Zs and millennials prioritize purpose, reject non-aligning work. Deloitte's survey on 22,800 reveals career shifts towards climate action. Excited about GenAI impacting work-life balance and reskilling needs.
CSR activity transcends compliance boundaries, companies embrace impact investing: Deloitte
Indian companies are expanding their corporate social responsibility (CSR) initiatives beyond compliance, with a focus on strategic impact investing such as social bonds and pay-for-success models, according to a Deloitte India survey. While interest in innovative models is high, navigating complexities remains a challenge. CSR is increasingly seen as a key driver of corporate strategy, with firms re-evaluating their strategies in response to changing regulations and ESG norms.
Indian companies show interest in impact investing but face challenges: Deloitte CSR survey
Deloitte India's CSR preparedness survey reveals that only 28% of Indian organizations feel very prepared for impact investing, despite high interest. The study shows a shift towards CSR as a strategic driver of corporate strategy, with increased investment in technology solutions and focus on accountability.
Govt plans to make anti-fake review rules mandatory for e-commerce firms
The government issued the new quality norms for e-tailers a year ago, prohibiting them from publishing paid reviews and demanding disclosure of such promotional content.
Government exploring options to roll out labour codes
The ministry of labour and employment is considering several options including a gradual repeal of the old labour laws to ensure there is no legal void in states that are yet to draft rules. Besides, the ministry is holding talks with states that are behind in publishing rules, urging them to expedite their compliance.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
Govt may review tax sops offered to IFSC
The government may need to reconsider the tax incentives offered to units in the International Financial Services Centre (IFSC) in Gujarat due to the impact of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report. Pillar Two aims to ensure that large multinational companies pay a minimum effective rate of tax of 15% on profits in all countries. Units in IFSC may not have enough employees and assets to avail of the benefits, so they will need to evaluate the overall tax impact in India after the implementation of Pillar Two rules.
Deloitte projects India's FY25 GDP growth at 6.6%
Deloitte India predicts India's GDP growth at 6.6% in the current fiscal, citing factors like consumption, exports, and capital inflows. The middle-income class's rise boosts purchasing power, spurring demand for luxury goods. Concerns over inflation and geopolitical uncertainties persist. Deloitte advocates corrective measures like rural employment and infrastructure investment to sustain household spending.
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