Amid global economic downturn which has impacted the earnings of companies, India Inc now needs to focus on core businesses in the new financial year and head towards consolidation, international audit and consultancy firm Deloitte says.
“Corporates after their initial aggressive cost cuts, trimming of work forces, etc, would now need to focus on their core businesses in the new financial year. Consolidation of their resources, manpower, markets and business intelligence will be the inevitable corrective measures,” said Udayan Sen, CEO and managing partner, Deloitte Haskins & Sells.
Further, Sen advised that even in this economic situation, India Inc can be cautiously optimistic and look at the crisis as an opportunity.
As governments is taking necessary domestic measures to ensure that financial institutions and companies adhere strictly to high standards and conduct, it should be accompanied with greater international co-operation and coordinated action in this regard.
“India will bring to the global discussions considerable weightage and meaningful contribution for a more credible and viable financial structure. The instances of financial imprudence, which can put global welfare at jeopardy, cannot be allowed to happen again,” Sen added.