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.<o:p></o:p>

Brief history of Deloitte<o:p></o:p>

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.<o:p></o:p>

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 &amp; Sells to form Deloitte Haskins &amp; Sells in 1972 and with Touche Ross in the US to form Deloitte &amp; Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte.<o:p></o:p>

Deloitte’s revenue from India business<o:p></o:p>

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.<o:p></o:p>

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.<o:p></o:p>

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.<o:p></o:p>

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.<o:p></o:p>

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.<o:p></o:p>

<o:p>&nbsp;</o:p>

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.

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. 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. 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. 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.

Deloitte targets five billion revenue from India by 2030

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs.&nbsp;

The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to&nbsp;layoffs tracking platform Layoffs.fyi.

The platform&nbsp;showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/thousands-lose-jobs-as-big-four-deloitte-ernst-young-kpmg-announce-job-cuts-one-after-another-584954">Thousands set to lose jobs as 'Big Four' announce job cuts one after another</a>

According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts.&nbsp;

<h2>Why such mass layoffs?</h2>

Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions.

Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023.&nbsp;

ALSO READ | Gravitas: Tech layoffs: Is your job safe?

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Among the 'Big Four' financial consulting giants, Ernst &amp; Young executed 3,000 job cuts in the United States last month.

KPMG laid off close to 2 per cent of its US staff in February.

Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months.

McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023.

Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure.

Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year.

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Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.fyi. The platform showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year. ALSO READ | Thousands set to lose jobs as 'Big Four' announce job cuts one after another According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts. Why such mass layoffs? Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions. Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023. ALSO READ | Gravitas: Tech layoffs: Is your job safe? × Among the 'Big Four' financial consulting giants, Ernst & Young executed 3,000 job cuts in the United States last month. KPMG laid off close to 2 per cent of its US staff in February. Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months. McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023. Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure. Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hundreds of thousands lose jobs in 2023 as tech giants race to cut costs

China has advised&nbsp;its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of&nbsp;Chinese firms listed in the stock indices of New York. The&nbsp;four accounting firms are&nbsp;Ernst &amp; Young, KPMG, PricewaterhouseCoopers LLP, and Deloitte.&nbsp;

<h2>Why does China want to phase out international accounting firms?</h2>

First, the Chinese authorities have repeatedly asserted their concerns about data security when it comes to&nbsp;state-owned enterprises dealing with foreign firms for their professional accountancy services. Secondly, China is seeking to encourage its local accounting industry, according to individuals who are cited to be familiar with the matter by Bloomberg.

<h2>The US-China powerplay</h2>

For years, China has been suggesting its state-owned firms to either avoid or phase out the services of the 'Big Four' accounting firms. But after the China-US audit deal last year, which prevented the ouster of 200 Chinese firms off the American exchanges, analysts said that the United States and China could co-exist despite competitive business practices in the areas of technology and commerce.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/beijing-and-washington-sign-pact-allowing-regulators-to-vet-us-listed-chinese-companies-510519">Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies</a>

In December, the US Public Company Accounting Oversight Board (PCAOB)&nbsp;completed its first-ever on-site work paper inspection of some of the largest Chinese companies. The board said that it&nbsp;was able to&nbsp;review audit documents during the trip to Hong Kong, which was hosted by PwC and KPMG.

ALSO WATCH |&nbsp;China and its growing alliances: Is China uniting all of US' foes?

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The board is planning further reviews this year, whose fate remains unclear after recent Chinese advisories against using the services of 'Big Four', whose&nbsp;combined revenue from all Chinese clients in 2021 was $3 billion, according to the finance ministry data cited by Bloomberg.&nbsp;

(With inputs from agencies)

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China has advised its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of Chinese firms listed in the stock indices of New York.

China has advised its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of Chinese firms listed in the stock indices of New York. The four accounting firms are Ernst & Young, KPMG, PricewaterhouseCoopers LLP, and Deloitte. Why does China want to phase out international accounting firms? First, the Chinese authorities have repeatedly asserted their concerns about data security when it comes to state-owned enterprises dealing with foreign firms for their professional accountancy services. Secondly, China is seeking to encourage its local accounting industry, according to individuals who are cited to be familiar with the matter by Bloomberg. The US-China powerplay For years, China has been suggesting its state-owned firms to either avoid or phase out the services of the 'Big Four' accounting firms. But after the China-US audit deal last year, which prevented the ouster of 200 Chinese firms off the American exchanges, analysts said that the United States and China could co-exist despite competitive business practices in the areas of technology and commerce. ALSO READ | Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies In December, the US Public Company Accounting Oversight Board (PCAOB) completed its first-ever on-site work paper inspection of some of the largest Chinese companies. The board said that it was able to review audit documents during the trip to Hong Kong, which was hosted by PwC and KPMG. ALSO WATCH | China and its growing alliances: Is China uniting all of US' foes? × The board is planning further reviews this year, whose fate remains unclear after recent Chinese advisories against using the services of 'Big Four', whose combined revenue from all Chinese clients in 2021 was $3 billion, according to the finance ministry data cited by Bloomberg. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China asks state-owned companies to phase out services of ‘Big Four’ accounting firms

Treacherous and unfamiliar challenges lie in wait as the British Open returns to Royal Troon this week, and Rory McIlroy returns to the hunt for the Claret Jug. 
 
McIlroy, who leads a host of the sport&#39;s biggest names to have withdrawn in controversial circumstances from next month&#39;s Rio Olympics, is bidding to win his fifth major and second Open after his victory at Hoylake in 2014.&nbsp; 
 
Twelve months ago McIlroy was missing from the field in St Andrews after suffering an ankle injury while playing football, but he will tee off on Thursday morning in the same group as Bubba Watson and Japan&#39;s Hideki Matsuyama. 
 
&quot;I&#39;m excited to be back and to a golf course that I&#39;ve never played before,&quot; the Northern Irishman, number four in the world, told reporters on Tuesday.&nbsp;&quot;I don&#39;t really have any experience here at Troon, so it was good to get a couple of good looks at it last week, and then I just played another 18 holes this morning.&quot;&nbsp; 
 
Troon is where Tiger Woods first played in the Open as a professional in 1997. The ailing 14-time major winner is not in this year&#39;s field and instead the focus is on the current &#39;Big Four&#39; of McIlroy, Jordan Spieth, Jason Day and recent US Open winner Dustin Johnson.&nbsp; 
 
They have all withdrawn from the Rio Games amid much-publicised fears about the Zika virus, with Spieth pulling out at the last minute on Monday. 
 
The 22-year-old Texan will be relieved to be able to focus on the Open now after being hit with a barrage of questions about the Olympics on Tuesday.&nbsp;He is targeting the Claret Jug and a third major title having won the Masters and US Open last year.&nbsp; 
 
&quot;This is a very, very special tournament; everybody knows that.&nbsp;I crave to have that trophy in my possession at some point, and to reach a third leg of the Grand Slam this week would be a fantastic achievement and a life-long goal of mine,&quot; said Spieth, who is not in the best of form but has history on his, or at least his country&#39;s, side. 
 
The Open has been played at Troon eight times, with the last six winners all American, most recently Todd Hamilton in 2004. In 1997 the winner was Justin Leonard, a Texan just like Spieth. 
 
&quot;I don&#39;t think it impacts you, but I think it&#39;s very cool to walk through the clubhouse halls to see that,&quot; said Spieth of Troon`s history. 
 
Dustin Johnson may be the favourite and Day the world number one, but all of the sport&#39;s leading players must beware the potential pitfalls in store.&nbsp;Troon is home to one of golf&#39;s most iconic and deeply unpredictable holes, the 123-yard par-three eighth known as the Postage Stamp.&nbsp;Here is where German amateur Herman Tissies took 15 in 1950 but also where a 71-year-old Gene Sarazen had a hole-in-one in 1973. 
 
&quot;I think I took an eight or a nine, so that didn&#39;t go too well,&quot; McIlroy said of his efforts in practice.&nbsp;&quot;If you make four threes there this week, you&#39;re probably going to gain a bit of ground on the field.&quot; 
 
Then there is the 11th, a 482-yard par-four with the Glasgow to Ayr railway line immediately over a four-foot high stone wall to the right side. Jack Nicklaus took 10 here in 1962. 
 
&quot;They&#39;re both incredibly difficult, yeah,&quot; acknowledged England&#39;s Justin Rose of the two holes. 
 
With this being the first Open at Troon since 2004, the younger stars of modern golf are unfamiliar with the course, but one man who knows it all too well is Colin Montgomerie.&nbsp;This is the veteran Scot&#39;s home-town Open, and his 86-year-old father will become club president next week. 
&nbsp; 
Montgomerie came through qualifying and will hit the championship&#39;s first tee shot at 6:35 am local time (0535 GMT) on Thursday as he goes out with Luke Donald and Australia&#39;s Marc Leishman. 
&nbsp; 
The latter was involved in a three-way play-off in St Andrews last year that was won by the American Zach Johnson. It was played out in gloomy conditions on the Monday after wind and rain delayed the finish. 
 
The hope is for calmer weather this year, although Friday is expected to be particularly wet and the wind coming in from the Firth of Clyde is bound to make life difficult. 
 
&quot;If you get it breezy, like in any Open venue, this place really shows its teeth. I think it&#39;s a fantastic Open venue and a fantastic test of golf,&quot; acknowledged the current Masters champion Danny Willett. 
 
(AFP)

Rory McIlroy is targeting the Claret Jug and a third major title, having won the Masters and US Open last year

Treacherous and unfamiliar challenges lie in wait as the British Open returns to Royal Troon this week, and Rory McIlroy returns to the hunt for the Claret Jug. McIlroy, who leads a host of the sport's biggest names to have withdrawn in controversial circumstances from next month's Rio Olympics, is bidding to win his fifth major and second Open after his victory at Hoylake in 2014. Twelve months ago McIlroy was missing from the field in St Andrews after suffering an ankle injury while playing football, but he will tee off on Thursday morning in the same group as Bubba Watson and Japan's Hideki Matsuyama. "I'm excited to be back and to a golf course that I've never played before," the Northern Irishman, number four in the world, told reporters on Tuesday. "I don't really have any experience here at Troon, so it was good to get a couple of good looks at it last week, and then I just played another 18 holes this morning." Troon is where Tiger Woods first played in the Open as a professional in 1997. The ailing 14-time major winner is not in this year's field and instead the focus is on the current 'Big Four' of McIlroy, Jordan Spieth, Jason Day and recent US Open winner Dustin Johnson. They have all withdrawn from the Rio Games amid much-publicised fears about the Zika virus, with Spieth pulling out at the last minute on Monday. The 22-year-old Texan will be relieved to be able to focus on the Open now after being hit with a barrage of questions about the Olympics on Tuesday. He is targeting the Claret Jug and a third major title having won the Masters and US Open last year. "This is a very, very special tournament; everybody knows that. I crave to have that trophy in my possession at some point, and to reach a third leg of the Grand Slam this week would be a fantastic achievement and a life-long goal of mine," said Spieth, who is not in the best of form but has history on his, or at least his country's, side. The Open has been played at Troon eight times, with the last six winners all American, most recently Todd Hamilton in 2004. In 1997 the winner was Justin Leonard, a Texan just like Spieth. "I don't think it impacts you, but I think it's very cool to walk through the clubhouse halls to see that," said Spieth of Troon`s history. Dustin Johnson may be the favourite and Day the world number one, but all of the sport's leading players must beware the potential pitfalls in store. Troon is home to one of golf's most iconic and deeply unpredictable holes, the 123-yard par-three eighth known as the Postage Stamp. Here is where German amateur Herman Tissies took 15 in 1950 but also where a 71-year-old Gene Sarazen had a hole-in-one in 1973. "I think I took an eight or a nine, so that didn't go too well," McIlroy said of his efforts in practice. "If you make four threes there this week, you're probably going to gain a bit of ground on the field." Then there is the 11th, a 482-yard par-four with the Glasgow to Ayr railway line immediately over a four-foot high stone wall to the right side. Jack Nicklaus took 10 here in 1962. "They're both incredibly difficult, yeah," acknowledged England's Justin Rose of the two holes. With this being the first Open at Troon since 2004, the younger stars of modern golf are unfamiliar with the course, but one man who knows it all too well is Colin Montgomerie. This is the veteran Scot's home-town Open, and his 86-year-old father will become club president next week. Montgomerie came through qualifying and will hit the championship's first tee shot at 6:35 am local time (0535 GMT) on Thursday as he goes out with Luke Donald and Australia's Marc Leishman. The latter was involved in a three-way play-off in St Andrews last year that was won by the American Zach Johnson. It was played out in gloomy conditions on the Monday after wind and rain delayed the finish. The hope is for calmer weather this year, although Friday is expected to be particularly wet and the wind coming in from the Firth of Clyde is bound to make life difficult. "If you get it breezy, like in any Open venue, this place really shows its teeth. I think it's a fantastic Open venue and a fantastic test of golf," acknowledged the current Masters champion Danny Willett. (AFP)

Mcllroy of the 'Big Four' braces for Troon test in British Open

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Deloitte targets five billion revenue from India by 2030

Hundreds of thousands lose jobs in 2023 as tech giants race to cut costs

China asks state-owned companies to phase out services of ‘Big Four’ accounting firms

Mcllroy of the 'Big Four' braces for Troon test in British Open