PwC India Announces New Business Strategy ‘The New Equation’

NEW DELHI:
PwC India today unveiled The New Equation, a new approach in how the firm sees new opportunities to serve clients as they work to build trust and deliver sustained business outcomes to their stakeholders.

The New Equation is based on analysis of trends and thousands of conversations with clients and stakeholders. This refreshed strategy speaks to the two most fundamental needs clients and organisations are grappling with today. First is the urgency to successfully respond to and change in the face of the major shifts shaping the world: technological disruption, the risks of climate change, fractured geopolitics, social tension, and the continuing effects of COVID-19. Second is the need to build trust at a time when it is both more fragile and more complicated to earn. The two are interdependent, and PwC India with its continued investments in its people and capabilities is uniquely positioned to deliver trust and sustained outcomes to its clients.

Sanjeev Krishan, Chairman PwC in India said: “India has strong economic fundamentals, a huge advantage in the form of its demographic dividend and an ecosystem to boost innovation. Our new strategy will enable us and our clients to further the country’s economic development, harness the potential of the domestic market and create more opportunities for society at large.”

Sanjeev said: “The fractured and disrupted world around us calls for fresh thinking, a new approach and revisited priorities. With our new strategy, we will relentlessly focus on helping our clients, people and all stakeholders create the virtuous circle between earning trust and delivering sustained outcomes necessary to succeed in this changed world.”

At PwC, we are a passionate community of problem solvers, committed to quality and delivering human centric solutions to our clients. We believe that when the best of human ingenuity and the best of technology come together, we can achieve almost everything for our clients and ourselves.”

As part of the India commitments, PwC in the next five years will seek to:
• Invest upto INR 1,600 crs and create over 10,000 additional jobs – a large proportion of these would come in the areas of Digital, Cloud, Cyber, Analytics and Emerging Technologies
• Focus the go-to-market around our four platforms – ESG, Deals, Risk and Regulatory and Transformation
• Enhance focus on existing tech-led alliances and explore avenues in areas of emerging technologies
• Increase campus hiring by over 5 times
• Work towards a minimum of 40% gender diversity
• Continue to spend at least 1% of revenues in upskilling people and partners
• Set up a PwC Research Institute to assist clients in identification of emerging trends across sectors
• Enhanced focus on entrepreneurial and private businesses, including Unicorns and start ups
• Through the PwC India Foundation, we are committed to our people spending over 100,000 hours as volunteering skills for supporting India’s humanitarian, environmental and educational challenges. We will continue to address the needs of communities, across the length and breadth of the country, in a way that is meaningful and creates lasting and sustainable long term impact.

Sanjeev added: “Technology is a key driver of our strategy. We look at it as an enabler to help our clients achieve their strategic outcomes. We will couple the power of technology with expertise in areas like strategy, risk, deals, management consulting, and tax strategy, among others, to create sustained value for our clients.”’

PwC’s approach to building trust is designed to meet rising expectations of transparency and stakeholder engagement. It combines multidisciplinary expertise with an expansion of specialist capabilities including cyber security, data privacy, ESG and Artificial Intelligence. It recognises that reporting and compliance are just one link in a chain that includes organisational culture, executive mindset, aligned standards, certified professionals, stringent controls, tailored technologies, and appropriate governance.

Similarly, delivering sustained outcomes requires an integrated approach. Primarily, what distinguishes PwC’s fit-for-future approach is the focus on enterprise value, or outcomes—a contrast to the industry trend of the last two decades where technology, not value, has been the North Star, and transformations have not achieved their full potential.

Sanjeev added: “Our commitments affirm the kind of firm we will be for the long-term. Our investments and efforts will not only help make our clients and people fit-for-future, but will also help us support Indian business to build trust and deliver sustained outcomes in a world mired with uncertainties.”