EY's top executives are bullish on India's economic prospects, citing demographic advantages and a potential shift in global supply chains from China.
"Almost everyone I talked to is very bullish in terms of India," Carmine Di Sibio, Global Chairman and CEO, EY, told CNBC-TV18 at the World Economic Forum in Davos, Switzerland.
Referring to a recent EY report projecting India's long-term GDP at $26 trillion by 2047, Di Sibio added, "When I talk to our clients from India, they say we should do better than that. We should do better than what we came out with. So, lots of tailwinds with India, in terms of obviously the demographics but also the opportunity to take on some of the supply chains away from China. We are seeing some of that. So there's some real opportunities, and assuming nothing goes wrong, your political system in the long term."
Incoming Global Chair and CEO, Janet Trunclae, emphasised the importance of India's talent pool, expressing excitement about the entrepreneurial spirit and innovation emerging from the country.
“So many of our new ideas and our new technology or new assets are developed by our talent . So that will continue to be a big part of our traditional businesses, but it's also about our future as well. We see a lot of our clients continuing to make investments in India, and that's what I'm most excited about, building things together with our clients, changing the operating models of our clients' businesses, as well as changing ours with the talent pool that we have in India," she added.
Di Sibio provided concrete numbers to support EY's commitment to India's growth, revealing, "India, we have 100,000 people in India. Out of 400,000, 60,000 of our global delivery service and 40,000 of our practice are in India. We will continue to grow in terms of talent and retaining talent."
Despite facing challenges post-pandemic, EY's attrition rates have decreased from the mid-20s to single digits.
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