New Delhi

Global accounting firm Deloitte has set an ambitious target to quadruple its revenue from its India operations to five billion dollars (approximately Rs 40,000 crore) by 2030. This goal reflects the company's aspiration to become an undisputed leader in the professional services sector, as outlined by Romal Shetty, CEO of Deloitte South Asia as detailed in a report by The Press Trust of India.

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Brief history of Deloitte

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a British multinational professional services network. Deloitte is the largest professional services network by revenue and number of employees in the world and is considered one of the Big Four accounting firms, along with EY, KPMG, and PwC.

The firm was founded by William Welch Deloitte in London, England in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte.

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Deloitte’s revenue from India business

Further, Deloitte's revenue from its India business has already surpassed the Rs 10,000 crore mark during the fiscal year 2023-24 (June 2023-May 2024), marking an impressive growth of thirty per cent. Shetty stated, "We are the fastest growing professional services firm in the country. We want Deloitte India revenues to reach Rs 20,000 crore by 2027 and five billion dollars by 2030." Notably, Deloitte India accounted for ten per cent of the global revenue growth and seventy per cent of the growth in the Asia Pacific region.

In the fiscal year ending May 31, 2024, Deloitte's overall global revenue increased by 3.6 per cent to sixty-seven point two billion dollars. Shetty remarked on their disruptive approach in the marketplace during FY 2023-24, achieving Rs 10,000 crore in revenue.

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He emphasised that their goal is to distinguish themselves as the undisputed leader in professional services, focusing on quality, brand reputation, employee well-being, and operational scale. "Success for us is to be a kind-hearted, high-performing, and innovative firm," he added.

In a noteworthy improvement regarding employee retention, Deloitte India's attrition rate has significantly decreased from twenty-nine per cent to thirteen per cent in the 2023-24 fiscal year. This figure is considerably lower than the twenty per cent attrition rate observed among other Big Four global accounting firms. Last year alone, Deloitte hired over twenty-five thousand employees in India, raising its total workforce to one hundred and twenty thousand.

Therefore, Deloitte’s ambitious plans for growth in India marks its commitment to excellence and innovation within the competitive landscape of professional services. The firm's strategic initiatives not only aim for substantial financial growth but also focus on fostering a supportive work environment that prioritises employee satisfaction and retention.