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What Happened? - India

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Please see below selected pre-2016 intelligence about India. This is a synthesis of major recent developments at corporates, business schools, thinktanks, media, commentators, and other key influencers.

 

 

December 2015

 

 

 

 

 

November 2015

 

 

  • India is the only country that has the potential to change the world in the 2020s in the way that China changed it in the 2000s, argued the EIU. It will probably take a little longer than that before India really takes off but, even so, it is going to be a global growth powerhouse of the 2020s. A key driver of this would be expanding India's industrial base. This is the idea behind the government's ambitious “Make in India” campaign, a policy to turn the country into a manufacturing hub. The preconditions for a Chinese-style take-off of manufacturing do not yet exist in India, however. Basic skills and education are at a much lower level than they were in China in 2001, when its manufacturing sector globalised.

 

 

 

 

 

October 2015

 

 

  • In India, KPMG is hiring six partners and about 40 other consultants to expand its digital practice. The firm has already hired two partners from PwC while the remaining partners may join from Cisco and one of the other Big Four firms. (Rachna Nath, formerly of PwC, has joined KPMG as head of digital advisory along with her 22-member team.) "Digitisation is the first and foremost thing in the mind of CEOs these days. In India too, business-led, technology-driven transformation will be critical," said KPMG's global head of management consulting. The firm claims to have the biggest digital practice among the Big Four, with a team strength of 350 consultants. With the latest additions, the total number of partners and directors in the team will rise to 20.

 

 

  • India's fuel demand in September rose at the fastest pace in more than a decade, providing further evidence of a pick-up in industrial activity in Asia's third-largest economy. Fuel consumption - a proxy for oil demand - increased 15.1% in September from the same month a year ago, the biggest rise since August 2005.

 

 

 

 

 

September 2015

 

 

  • Prospects for India’s growth acceleration await a pick-up in external demand and reform progress. GDP decelerated in the first quarter of fiscal year 2015 (ending 31 March 2016), as external demand weakened and investors hesitated awaiting further action on structural reform. Forecasts in ADO 2015 are revised down by 0.4 percentage points to 7.4% in FY2015. Growth is expected to pick up to 7.8% in FY2016 as key elements of the government’s economic reform package reach fruition.

 

 

 

 

 

 

 

 

June 2015

 

 

  • As part of PwC Transactions Services' increasing focus on International Markets, we have launched Country Spotlight in which we share insights on our key markets. Here is Issue 2: Spotlight on India.

 

 

 

May 2015

 

 

 

 

 

March 2015

 

 

  • India’s central bank lowered its main interest rate by a quarter of a percentage point to 7.5%. It was the second cut this year, but markets were surprised by the timing, coming soon after the legal framework was approved for the Reserve Bank of India to set official inflation targets for the first time. An initial target was set at 6% until January 2016, with 4% the aim after that within a 2-6% range. Inflation has slowed considerably in India over the past two years. It was an annual rate of 5.1% in January.

 

 

  • India’s central bank lowered its main interest rate by a quarter of a percentage point to 7.5%. It was the second cut this year, but markets were surprised by the timing, coming soon after the legal framework was approved for the Reserve Bank of India to set official inflation targets for the first time. An initial target was set at 6% until January 2016, with 4% the aim after that within a 2-6% range. Inflation has slowed considerably in India over the past two years. It was an annual rate of 5.1% in January.

 

 

  • Indian media noted the recent Big Four global leadership focus on India. KPMG’s global board, led by Chairman John Veihmeyer, will visit India next week, along with 90 CEOs from its global network. EY Global Chairman and CEO, Mark Weinberger, was in India during the last week of February, meeting key clients and senior government officials. Deloitte is having a global partners’ meeting this week in India. Also noted were the four visits to India in 2014 of PwC Global Chairman, Dennis Nally, the last in November 2014.

 

 

 

 

 

February 2015

 

 

 

 

 

 

January 2015

 

 

 

 

 

 

  • The Indian economy is expected to 'turn the corner' on the back of structural reforms, posting around 7% in 2015 even as China could see an economic slowdown, PwC India said in a new report. "In the short term, low oil prices are likely to increase GDP growth, ease the pressures of India's high current account deficit and help bring down inflation," the report said.

 

 

  • FTI Consulting has teamed up with India's biggest auditing firm Desai Haribhakti, aiming to challenge the dominance of the Big Four in forensic accounting.

 

 

  • Led by the booming e-commerce sector, private equity investments in India surged over 17% with deals worth US$11.49 billion. The outlook for next year also remains positive, says a PwC report.

 

 

  • The Boston Consulting Group found that The Bombay Stock Exchange Sensex index, for example, has surged by more than 30% since the end of 2013 to reach all-time highs. One source for this optimism has been evidence that economic growth, which was below 5% last year, is enjoying a cyclical rebound. The more powerful driver, however, has been the election of a new government, led by Prime Minister Narendra Modi.
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