Deloitte's global CEO, William G. Parrett confirmed on Thursday the expansion plans for India. Deloitte local investment will be in excess of $50 million over the next 5-6 years.
The expansion includes the recently announced addition of 2500 people to support the local practices and global activities in India.
In addition, Deloitte's member firms (in India) are expecting annual revenue growth of over 20 percent per year for the next 4 years.
In his first visit to the sub-continent as Global CEO, William G. Parrett said, âIndia 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%) India is a strategic market for Deloitte.
"The current expansion plans will enable Deloitte firms here and across the globe to deliver more value to clients. One of the unique strengths of Deloitte is we are not just an American, Asian or European firm â but local firms operating in a global market.â
The revenue growth will be seen across service offerings, however consulting and tax advisory services will experience the strongest growth.
Deloitte's expansion plans for India complement its China activities. Deloitte has approximately 3000 professional in China and is expecting to see this increase three fold in the next 5 years â at an estimated local investment of US150 million.
âThe local investment in India is likely to be in excess of US$50 million over a 5-6 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.
âWhat 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 - our people and the infrastructure to support them. In our business it is all about people, Mr Parrett said.
Concluding, Mr Singh, Asia Pacific CEO added, âWith India and China the two fastest growing markets in the world, it is important for Deloitte to build its capability. More and more of our clients are expanding their operations in the Asia Pacific Region and we must be prepared to meet their demand.â