Audit-firm PriceWaterhouseCooper has had a tough year in India, starting with the hit the brand took when the Satyam scam came to light. But the company is continues to bet on India as a growth market.
CNBC-TV18's Menaka Doshi caught up with PwC Global Chairman Dennis Nally who spoke about the audit-firm’s India plans and the road ahead.
Below is a verbatim transcript of the interview. Also watch the video.
Q: Its been a spectacularly difficult year in India, starting in January with Satyam and last few months there have been people issue in the firm. What is your outlook on India and what you are doing to be able to regain, a perception point of view, the number one spot?
A: Without question the firm has had real challenges in India but that has not changed my outlook and view on the importance of India economy to global economic picture. It’s clearly one of our most strategic markets. I think it offers tremendous opportunity for growth and we are very much committed to this market place for the future. We are investing heavily. We will add significant number of jobs in India this year versus a year ago – not only to service our clients from insurance, tax and advisory standpoint but also adding jobs in our global service delivery centre that exists in India today.
We are very optimistic about what the prospects are for India. I visit India many times and it is very important to me and to PriceWaterhouseCoopers to capitalize on what those opportunities are. It is a very important market for us.
Q: What will it take to put the brand back on track?
A: It is going to take sustained performance and nothing short of that. Everything we do is a matter of focus. It’s a matter of excellence, quality – everything that we are doing. We just need to continue to deliver, service our clients, respond to their needs, help them deal with their issues and challenges. If we do that and we do that consistently over a period of time the PwC brand in India will be as strong and as good as it has been in the past and where we want it to be into the future.
Q: But do you think at all that one-off instance like this can hurt the brand in any fashion?
A: Any one-off instance can do harm to your brand and that is the reality. Our job is to make sure we are doing everything and we have done a number of things in India to ensure that this would not happen again, we are very much focused on it and time will tell as to how successful we are really to make that happen.
