Deloitte outlines global expansion plans
Deloitte has announced expansion plans in India worth $50m (£25.7) over the next five years.
Link: Birch drops FA for Deloitte
Deloitte has added its name to a long list of firms stepping up their operations in India by announcing expansion plans worth $50m (£25.7) over the next five years.
The expansion includes the addition of 2,500 staff employed to support local practices in India.
In a statement, the Big Four firm said its Indian member firms are expecting annual revenue growth of over 20% per year for the next four years.
Global CEO, William Parrett, said: ‘India is a priority market for Deloitte globally. The local investment here is a testament to this. Clients of Deloitte’s member firms are increasingly strengthening their Indian operations, and with strong economic growth predicted at 7%.’
It said that revenue growth would be seen across various sectors, but that consulting and tax advisory services would experience the strongest growth.
Deloitte has also expanded in Asia with around 3,000 employees in China. It said it expected to see this increase ‘threefold’ in the next five years – at an estimated local investment of $150m (£77m).
‘The local investment in India is likely to be in excess of $50m over a five- to six-year period, in line with expected GDP growth. This is comparable with the investment in China, considering foreign direct investment in India is one tenth of that of China.
‘What is important is that Deloitte’s local member firms have been operating in India for about 100 years and are well established. The investment in the coming years will not disappear in bricks and mortar, but will build world-class capabilities,’ added Parrett.