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

[Musalman]

Does India use national standards or have they adapted ifrs?

Kindda, they have their own standards which are based on IFRS. Unlike Pakistan, where we totally adopt IFRS and then regrets coz dunno what to do.

 

[CallSignMaverick]

https://twitter.com/x/status/1689920658627534849

https://www.aninews.in/news/business/business/socionext-strengthens-design-and-development-capabilities-with-new-office-in-bangalore-india20230811104552/

https://www.recyclingtoday.com/news/everestlabs-india-office-opening-recycleos-ambati/

Japanese law firm TNY Legal to launch India office | Asian Legal Business

TNY Legal is set to become the first Japanese law firm to establish an office in India, almost five months after the country opened its domestic legal market to foreign players.

www.legalbusinessonline.com

 

[CallSignMaverick]

https://twitter.com/x/status/1690933291392671744

 

[surmabhopali]

A report by Ernst & Young in June said it expects multinationals to set up "global capability centres" for all types of industries in tier-2 cities such as Jaipur, Vadodara, Kochi, and Chandigarh. The number of such centres could expand to 2,400 by 2030 from 1,600, adding 2.6 million jobs and over $100 billion to the economy.


In Bhubaneswar, the capital of the eastern state of Odisha, Deloitte, PwC, and IBM have opened offices to serve Indian and global clients.

https://twitter.com/x/status/1678985444589969408

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A fascinating article on growth of Accountancy firms in India. These MNCs are supposed to create 2.6 Million Jobs in this decade.

Also, the service sector has been completely dominated by IT exports. But now, business exports are growing at much faster pace.

Very nice and welcome news for the finance guys .

 

[CallSignMaverick]

Very nice and welcome news for the finance guys .

Some more, this time from a biggie!
HSBC opening a big office in Hyderabad!

https://twitter.com/x/status/1690936285945528320

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Another biggie in Hyderabad!

Inspire Opens Innovation Center in Hyderabad, India

Inspire has hired nearly 100 team members to date in Hyderabad, with plans to bring on significant additional talent.

stories.inspirebrands.com

 

[waq]

Opening of offices by big 4 is not due to favourable policies or something. Its mainly due to the availabilty of cheap labour and lax labour laws which are then ruthlessly exploited.

Case in point, the standard working hours of big 4 in UK are 35-40 hours per week whereas their Indian counterparts are working 50-60 hours per week and that too at a fraction of the wage rate.

Also Pakistan is getting its fair share of global accounting firms.

 

[CallSignMaverick]

Also Pakistan is getting its fair share of global accounting firms.

Such as?

 

[Paji]

Not a surprise. India has a long-established and successful KPO business model. Wages in tier 1 cities are now so high that accounting firms, which pay lower than investment banks or consulting firms, are now being priced out. So, it is not surprising that they are moving to cities with lower costs.

 

[surmabhopali]

Opening of offices by big 4 is not due to favourable policies or something. Its mainly due to the availabilty of cheap labour and lax labour laws which are then ruthlessly exploited.

Case in point, the standard working hours of big 4 in UK are 35-40 hours per week whereas their Indian counterparts are working 50-60 hours per week and that too at a fraction of the wage rate.

Also Pakistan is getting its fair share of global accounting firms.

Fare share is how much , how many companies opened office in pakistan , recently shell closed it in pakistan , they are coming to India .

 

[waq]

Such as?

All the leading accounting firms have presence in Pakistan. EY MENA recently started practice under the style of EY Rapid (this is in addition to EY Pakistan). Other big 4 are expected to follow suit.

Fare share is how much , how many companies opened office in pakistan , recently shell closed it in pakistan , they are coming to India .

Nothing new. A few years back, Chevron exited from Pakistan while Total stepped in. Shell is divesting from other countries as well in addition to Pakistan due to some global strategy. Your enormous numbers always save you otherwise we would be witnessing an exit of Shell from India as well lol.

 

[CallSignMaverick]

We're not talking about having some minor presence but actual outsourcing centres, R&D centres, GCCs etc.

Anyways this is an India-thread.

The auditors want to leave

Deloitte’s left, and EY is reportedly on the verge of a similar decision. We explain what is happening and why it can hit Pakistan hard

profit.pakistantoday.com.pk

All the leading accounting firms have presence in Pakistan. EY MENA recently started practice under the style of EY Rapid (this is in addition to EY Pakistan). Other big 4 are expected to follow suit.



Nothing new. A few years back, Chevron exited from Pakistan while Total stepped in. Shell is divesting from other countries as well in addition to Pakistan due to some global strategy. Your enormous numbers always save you otherwise we would be witnessing an exit of Shell from India as well lol.

 

[surmabhopali]

All the leading accounting firms have presence in Pakistan. EY MENA recently started practice under the style of EY Rapid (this is in addition to EY Pakistan). Other big 4 are expected to follow suit.



Nothing new. A few years back, Chevron exited from Pakistan while Total stepped in. Shell is divesting from other countries as well in addition to Pakistan due to some global strategy. Your enormous numbers always save you otherwise we would be witnessing an exit of Shell from India as well lol.

Pakistan's political and general atmosphere is not conducive for the business development model of these companies , once pakistan is free from terrorism and political system is stable then only international companies will feel safe to operate in pakistan

 

[CallSignMaverick]

https://twitter.com/x/status/1691307795747065856

 

[CallSignMaverick]

https://twitter.com/x/status/1691640536946585942

 

[CallSignMaverick]

TPG-backed Planview opens capability centre in Bengaluru, to invest $125 million

Read more at:

TPG-backed Planview opens capability centre in Bengaluru, to invest $125 million

The Texas, US-headquartered company Thursday said the investment will go into hiring and centre operating expenses over the next four years to drive a strong growth trajectory in the country.

economictimes.indiatimes.com