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KPMG India Sees Stronger Growth in Short Term
November 18, 2012
By Michael Foster, Big4.com Blogger
In an article written for Business Today, an Indian business newspaper, KPMG India CEO Richard Rekhy said that advisory services continues to be its primary strength in India.
After nearly two decades of operations in the subcontinent, KPMG has seen double digit expansion thanks to the nation’s booming economy and demand for consulting services. “We would complete 20 years next year in India. Our strength is advisory services. We have the largest advisory services among the big four. I was earlier running the advisory division, which contributed to almost 50 per cent of the firm’s revenues. We have made it big in the last six to seven years in the advisory space. Nearly, 3,500 employees out of total 7,000 staff are employed in the advisory division,” Rekhy wrote in the Indian paper.
Rekhy noted that the firm’s advisory services has grown by other 20 per cent–but that it had grown by over 40 per cent in previous years. While this slowdown in growth is partly the result of the growing base of operations, Rekhy cited “difficult market conditions” in his op-ed as a cause for the slowdown in growth.
Tax services have grown by over 30 per cent, according to Rekhy, and improving economic conditions in the country might signal higher growth rates in the short term.
Finally, Rekhy ended his piece by citing Japanese expansion into India as a source of possible growth in the future. Interest in a Japanese-India corridor for freight transport is resulting in higher demand for KPMG’s services in the country, Rekhy said.