Talent war for Consultants! BRICS holds summit in Russia, India-China conduct bilateral talks, and new BRICS currency revealed! Check it out!!🔻🔻

Hello Readers,

Did you hear?

PM Modi attended the BRICS summit!

Indian Prime Minister Narendra Modi visited Russia for the BRICS summit! This 3-day conclave held in Kazan, Russia was the largest gathering of world leaders held in decades as all leaders from all 5 member nations (Brazil, Russia, India, China, and South Africa) attended the session alongside leaders from other countries like Iran, UAE, Egypt, and Ethiopia attended the summit! What did PM Modi say?

PM Modi does not want BRICS to be anti-West!

In his address, he stated that BRICS should not aspire to replace global organizations, even though Russia and China are trying to do just that. “We must be careful to ensure that this organization does not acquire the image of one that is trying to replace global institutions,” he said as he called for BRICS to be an ‘example for the world’ by uniting in calls to reform global institutions! But that’s not the best part!

Modi and Jinping held bilateral talks!

On the sidelines of the BRICS summit, PM Modi and President Xi Jinping held their first bilateral talks in five years. They discussed border issues and underscored the importance of ‘mutual respect’ and border peace as the basis of their relations. In fact, China praised the meeting, claiming it carried ‘great significance’ as both parties reached ‘important common understandings’ to develop their relations and bring the relations back on a path of steady development!! But this is still not the best part!!

BRICS has introduced an alternative trade currency!

A symbolic BRICS banknote was unveiled at the summit, featuring the flags and key features of the 5 founding members. This banknote is the biggest step by the group to reduce its reliance on the Dollar and to establish a more independent economic system that does not rely on Western financial institutions. President Putin supported the currency but also added that it was not to substitute the US Dollar, but to prepare alternatives if the Dollar continued to be used as a weapon! But wait, there’s more!

The IMF is interested in this payment system!!

The International Monetary Fund (IMF) has sought details about the cross-border payments system proposed at the BRICS summit! Since Russia managed to get a joint declaration to boost banking networks and settlements within BRICS nations, it will be a significant force. Moreover, it will be designed to rival the European SWIFT system! IMF MD Kristalina Georgieva stated that the IMF wanted more data on it to take a firm stance! Big changes in world order coming!!

Speaking of the world, did you hear about the developments in the world of Consultants!!

There’s a talent war!

Latest media reports suggest that the Big 4 firms: Deloitte, KPMG, EY, and PwC are on a hiring spree in India. Deloitte, in particular, has announced 10,000 new job openings in the country! In fact, these firms are going so far as to poach employees from each other!

Moreover, PwC has opened an immersive learning facility called ‘Vidyapeeth’ in Hyderabad! It is a 60,000 sq. ft. facility that will provide leadership and development programs to over 10,000 people this fiscal year alone!!

As the companies scale up their businesses and presence in India, their partners are also being poached. Deloitte alone is bringing in 50 new partners in the upcoming months with almost 25 being from KPMG!!!

These companies have been firing scores of employees across global offices, but are actively hiring in India! But why?

• As the fastest-growing major economy, these companies see a rise in auditing and consultation services in India. Thus, these companies are expanding their presence in the country to take advantage of the opportunity using their brand value and resources.
• Secondly, India has the greatest number of educated youngsters. With a median age of only 28.7, India has the youngest demographic in all major economies. With relaxed labour laws and a weak currency, these companies get competent workers from India for global work!!

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