New Delhi: Global audit, tax and consultancy firm Mazars will be increasing its head count in India by over three times from the existing 1,300 professionals to 5,000-plus within five years to tap the growing business opportunities, said Rudi Lang, global head of financial services for Mazars.
“We see exponential growth in India,” Lang said. The group will establish centres of excellence, catering not just to the business in India, but also for its requirement in other markets, he added.
Consulting firms’ increasing interest in India is good news for accounting professionals and those in other disciplines such as engineering and data analytics, as firms like Mazars set up inter-disciplinary teams to meet the complex needs of advisory services.
“Today, we are 1,300 people in India, including 45 partners, and we are a full-service practice offering audit, consulting, advisory and tax services,” said Lang. Statutory audit practice and consulting and advisory practices have been growing strongly over the years, he added.
“Our India goal is to become a 5,000 professionals firm. I think, access to talent in India, is unmatched globally and it is one of the major competitive advantages of India… Looking at (Mazars’) growth trajectory over the past few years, there is a real chance we will reach this number. Business in Mumbai, Delhi, Bengaluru and Ahmedabad are seeing growth and we will be investing the locations. We will also be carefully looking at other cities and centres of growth,” said Lang, who is also a member of the Mazars Group Executive Board.
Bharat Dhawan, managing partner at Mazars in India, said in addition to its deal advisory and financial advisory services it is focussing on areas such as technology consulting, cyber security and government advisory. Growing areas of practice include statutory audit, technology and cyber security and environment, social and governance (ESG), he added.
Lang said the firm will continue to invest and inter-disciplinary cooperation—engineering, traditional accounting, data, among other skills— among professionals will be an important aspect of expanding operations. Sustainability will be accelerating this approach, Lang added.
Sustained economic growth following the pandemic with nominal gross domestic product likely to cross ₹300 trillion in FY24, up 10.5% from FY23, and potential to have a larger pie of the global supply chain are attracting consultants and auditors to India.
Lang said regulators are getting tougher globally, and it is a key driver for the growth of consultants and auditors. “At the moment, one of the major drivers of growth (in the profession) has been regulation.”
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Updated: 24 Sep 2023, 11:44 PM IST