All sectors of the Indian economy are anticipated to witness exceptional development as it works to reach its goal of $5 trillion in GDP by the end of 2022. By the end of 2017, the consulting business had grown by only 7% annually on average since 2013, reaching $11.5 billion. By the end of 2020, the industry is expected to grow at a staggering 30% annual compound rate and be worth $3.8 billion. The Indian consulting business is one of India's fastest-growing industries, with approximately 8000 organisations.
Many organisations lack the technological, strategic, and project management skills necessary to manage market and technical changes in the constantly expanding market as a result of the unintentional reduction in workforce. Therefore, currently, the business world desperately needs consulting assistance. It is projected that by the next three years, there would be more than 2.2 lakh people getting employment in almost 10,000 consultancy firms across the nation.
Owing to the shortage of enough qualified people, some consulting firms have already devised creative solutions by launching their own accredited MBA programs. Many people are inclined towards this profession because of its heightened demand and visibility, along with enticing salary packages. The major strengths that set Indian consultancy firm above the consultancy organizations of developed economies are professional competence, low-cost structure, high acceptability, flexible thinking, high learning agility, strong interpersonal skills, focused approach and overall business understanding. Moreover, their expertise in diverse areas and familiarity with the local conditions are a few other reasons that help them to score over the global players.
The Consulting Industry in India is growing at fast pace and soaring new heights all across the world. This time, it is required to make an action plan to exploit the tremendous potential available for growth of consulting market. Also, there is a need to strengthen the framework of Indian consulting industry by embracing innovation, nurturing talent, improving the quality of consulting services, and enhancing consulting skills. This edition is dedicated to the Consultants that have made it to the top serving organizations and helping them do better business achieving more productivity and profitability.