Surge in Management Consulting Jobs | India Reduces UN Funding & More

Hello Reader,

Did you hear?

Indian farmers are still protesting!

Ten days have passed since the protests began and there has been no progress. Clashes have continued as dozens have been injured and one farmer died during said clashes. However, in a brief moment of relief, farmers have decided to postpone their ‘Delhi Chalo’ march till 29th February as FM Nirmala Sitharaman announced the set up of a three-member ministers’ committee to negotiate with the farmers.

Speaking of India, India slashed its UN funding by half!!

India will be contributing only $21 million to the UN’s budget as opposed to $47 million contributed last year, down 54%! But why? Due to the lack of reforms. India has been asking for a permanent seat on the UNSC while joining hands with other countries like Germany, Japan, and Brazil in asking for reforms. Although India’s budget cut won’t hamper the UN’s functioning greatly, but it is certainly a bold move by a democratic superpower.

When speaking of democracy, how can we forget Pakistan?

After almost 3 weeks of political turmoil, Pakistan is finally setting up a government with PML-N’s Shehbaz Sharif beginning his second term as PM while PPP’s Asif Ali Zardari will become the President. However, Pakistan still faces trouble as ex-PM Imran Khan has called for an Election Audit by the IMF. The US had also urged for a probe in Pak elections earlier and is now asking Pakistan to lift social media restrictions and ‘respect freedom of expression’!

About the US, it vetoed a Gaza ceasefire resolution. Again!!

Making it the third time, the US has exercised its veto power and blocked a draft resolution that called for a ceasefire in Gaza! The move has been widely criticized by several countries including China. The US ambassador stated that the resolution for an immediate humanitarian ceasefire could jeopardize hostage talks between the US, Qatar, Egypt, and Israel. The number of deaths is mounting as the unemployment rate in Gaza is now at three-quarters of its workforce, the highest in decades!!

Regarding employment and the United States, were you aware that New York City serves as a global hub for consulting?

2023 was a rough year for consulting as the number of deals tanked significantly and hundreds were fired! The Big 4 audit firms fired over 9,000 people from their US and UK offices as layoffs in the consulting landscape were the new norm. 

However, that is about to change. According to a study by PwC, 2024 will see a rebound in deal-making as low levels of deals have resulted in pent-up buyer demand and a buildup in seller assets. Moreover, several megadeals (transaction value of $5 billion or more) have already been announced such as Hewlett Packard Enterprise’s proposed $14bn acquisition of Juniper Networks, Blackrock’s$12.5bn proposed acquisition of Global Infrastructure Partners, Chesapeake Energy, Southwestern’s proposed$7.4bn merger, and many more.

How will that benefit India?

With a growing economy, weaker currency, rising education, and growing skill levels among the young demographic, a larger amount of services are now being outsourced to India. Several MNCs are now setting up multiple offices in India to take advantage of lax labour laws and a smart workforce. In fact, 16 governmental ministries gave the Big Five consultancies 308 assignments worth Rs 500 crores over the last 5 years, indicating the government’s acceptance and reliance on consulting.

Moreover, the global management consulting market is set to grow at a CAGR of 10.2% to reach $811.3 billion to reach new horizons. As such, firms like KPMG, Deloitte, EY, PwC, and McKinsey are expanding their presence in the country and ramping up hiring. But are you taking advantage of it?

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