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India: Global accounting firms set up shop in India's smaller cities

GCCs of multinationals may hire half a million in India this fiscal​


Huge numbers, would also mean office space absorption of more than 30 million square feet by GCCs alone. Great news for commercial office developers as well.
A combination of factors including wide availability of specialised skilled professionals, especially in the areas of technology, digital, analytics and AI, as well as a favourable cost environment make India a preferred destination, said top executives at Citi, PwC, EY and Grant Thornton.

According to EY estimates, the GCC headcount in the country is currently about 2 million.

This is estimated to increase to 4.5 million by 2030.

Citigroup, which recently exited its consumer banking business in India, is among those looking at a talent acquisition spree. Head of human resources Sara Wechter said Citi Solution Centres (CSCs) in India will hire at least 5,000 people in the next two years, taking the strength to more than 32,000 from 27,000 now. The focus will be on specialised skills in the areas of engineering, technology, analytics, AI, cloud and risk among others.

"India is a favoured ground for GCCs due to its robust engineering and technology arbitrage, along with a mature startup ecosystem," said Jaspreet Singh, partner, Grant Thornton Bharat. The emphasis on innovation, coupled with cost-effectiveness, enhances the appeal.

PwC India plans to double headcount at its Regional Delivery Centre in next two-three years, said Shirin Sehgal, deputy people officer.

"Over the last two years, our Regional Delivery Centre headcount has been increasing and stands at close to 10% of our total headcount," she said. "The range of services we offer has expanded to include more in-demand skill sets like digital transformation, cyber, forensics, analytics, cloud and emerging technologies like GenAI."


 
Big news! A Big-4 company is going to set up operations in Coimbatore city in Tamil Nadu.
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Why in Tamil Nadu ? Many big Western service companies who set up offices in Indonesia will chose Jakarta.
It is mentioned in the 1st post of the thread. To save costs and also maybe due to the fact that finding talent in smaller cities of India is easier than maybe cities outside Jakarta or Surabaya.
 
It is mentioned in the 1st post of the thread. To save costs and also maybe due to the fact that finding talent in smaller cities of India is easier than maybe cities outside Jakarta or Surabaya.

Well if that is the case, then the strategy is intended to penetrate Indian market. I am sensing local service companies are not happy with this development as their market in middle size companies who set up HQ in tier 2 cities will be penetrated by foreign companies setting up office in India.
 
Asian Development Bank to set up International Fintech Institute in GIFT City


In past one month:
> Google to set up Global Fintech Operations centre in GIFT City
> Singapore and South East Asia's largest bank DBS to setup base in GIFT City
> French tech giant Capgemini to setup an innovation centre in GIFT City
> Abu Dhabi Investment Authority, the sovereign wealth fund of the Emirate of Abu Dhabi will setup operations in GIFT City.


And now this:
Cygnet receives approval from IFSCA to operate in India’s GIFT City, further strengthening global footprint

Read more at:

Well if that is the case, then the strategy is intended to penetrate Indian market. I am sensing local service companies are not happy with this development as their market in middle size companies who set up HQ in tier 2 cities will be penetrated by foreign companies setting up office in India.
These are mostly export oriented, and since real estate in India is overpriced, it makes sense to move to smaller cities where talent is abundant and cost of operations is low. Other than that it also helps in distribution of growth instead of concentration into one or few cities.
 
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ServiceNow opens innovation centre in Hyderabad









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USA Based Cistron Technologies India office in Tiruchirapalli city (also known as Trichy in short), Tamil nadu.
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Nokia, TSSC open 5G skill development centre in India​

 
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