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U.S. accounting firms including RSM US, Moss Adams, Bain Capital-backed Sikich and Apax Partners-backed CohnReznick are expanding their operations in India to tackle an acute shortage of accountants at home. The surge in recruitment has started boosting enrolment in specialised commerce courses in India, and could establish Asia's No. 3 economy as a hub for accounting talent, reminiscent of the 90s outsourcing boom that revolutionised the tech industry. "This could be the breakthrough moment for public accounting firms in India," Balaji Iyer, managing partner at Moss Adams India, told Reuters. "Right now, the U.S. is facing a significant and growing shortage of certified public accountants, a trend that will only intensify in the coming years." About 1.78 million people were working as accountants in the United States in 2024, about 10 percent fewer than in 2019, according to U.S. Bureau of Labor Statistics data, as many seasoned accountants retired without a reliable pipeline of qualified replacements. The American Institute of CPAs (AICPA), the national body that conducts and grades qualifying exams and sets auditing standards for the profession, admitted a "talent pipeline issue" as it commissioned an independent study last year. About half its members are over the age of 50. "The accountant shortage is being acutely felt throughout the market," the National Talent Advisory Group study found, adding that several businesses such as toymaker Mattel reported a delay to annual reports and other key filings due to the shortage. Accountancy - known for long hours, lower pay than many other finance jobs, and a rule effectively requiring a fifth year in university for CPA licensing - has also become unpopular with younger people. "Fewer students are majoring in accounting, partly because the field is seen as less exciting than tech or finance, and automation has added uncertainty," said Rebecca Hann, associate dean of research at University of Maryland's Robert H. Smith School of Business. Hann published a research paper on the country's accountant shortage last year. RSM US aims to more than double its India workforce to 5,000 by 2027, the firm told Reuters. Sikich also said it was increasingly hiring in India to fill vacancies for accountants and auditors, as well as tech talent to support its automation and AI-related efforts. "Ultimately, it's less about filling roles one for one and more about transforming how we deliver services, using both highly skilled talent and advanced technology to meet evolving client demands," said Bobby Achettu, principal at Sikich and India operations lead. The firm has a 200-member team in India, accounting for around 10% of its global workforce. Larger rivals Deloitte, EY, KPMG, and PwC, the "Big Four" of accounting, had a combined headcount of between 140,000-160,000 people in their India global capability centres (GCCs) as of 2024, according to market intelligence firm UnearthInsight. The Big Four companies did not respond to emails seeking comment. TALENT PIPELINE The turn to India for accounting talent echoes similar moves in tech over the past two decades, where global companies including Walmart, Microsoft and JPMorgan Chase have set up offices in India to tap into the South Asian country's engineering talent. The U.S. Bureau of Labor has projected the number of accountant and auditor jobs will grow 6% from 2023 to 2033, outpacing the average for all occupations. Some of the mid-sized accounting firms are so desperate to solve the recruitment gap that they are hiring direct from Indian campuses and even offering to sponsor CPA courses for their younger talent. "First, it was the 'Big Four' accounting firms. Then, mid-sized firms such as EisnerAmper and BDO also started hiring from us," said Biju Toms, Director, Department of Professional Studies at Christ University in Bengaluru. That has boosted demand for specialised courses such as the college's Bachelor of Commerce (International Finance), which got around 3,000 applications for the 120 available places. "There is always the need for trained talent with industry exposure, and cost arbitrage into play, when you operate from India," Toms said. "So, similar to outsourcing in tech, accounting is a new area that is really opening up."

Global funds are returning to Indian stocks, signaling that this month’s rally in Asia’s best-performing equity market likely has more legs.Having largely been sellers in the months since Indian benchmarks scaled records in September, foreigners are coming back amid growing optimism that a domestically-driven economy will make the South Asian nation withstand the global trade war better than most peers. A sharp advance from this month’s low already boosted India’s market’s value by $489 billion to nearly $4.4 trillion at the end of last week.Overseas funds bought $589 million of Indian shares on a net basis last Friday, marking an eighth straight day of purchases, according to data compiled by Bloomberg. The buying streak means they have now invested about $680 million in April. At one point, they were sellers of more than $3 billion for the month.“Foreigners are coming back as India is perceived to be relatively better placed than other emerging markets due to its faster economic growth despite the trade war,” said Sneha Tulsyan, an investment analyst at Tokio Marine Asset Management International Pte. in Singapore. Expectations of further monetary easing and moderating crude oil prices will continue to drive a “positive narrative” for India, she said.120715981Global money was the missing piece in India’s recent rebound that was aided by purchases from local investors, an interest-rate cut and also the central bank’s cash injections — which wiped out a monthslong cash deficit in the financial system. Money managers at Franklin Templeton and Federated Hermes have in recent days touted India as a bright spot amid global tariff uncertainties, while UBS Group AG has abandoned its long-held bearish view on the market.Sentiment may get a further lift from US Treasury Secretary Scott Bessent’s latest comments, who said in an interview with CNBC that he wouldn’t be surprised if a trade deal with India is the first to be announced.The benchmark NSE Nifty 50 Index has risen over 3% in April, almost double the gain in the broader MSCI Asia Pacific Index.The challenge for Indian stocks comes from relatively expensive valuations as well as rising tensions with neighboring Pakistan after last week’s militant attacks in the northern region of Kashmir that killed 26 people. Some analysts have also warned of the risk of earnings downgrades for the market.120716016For now, investors are looking past those concerns, with the benchmark jumping the most since April 17 on Monday.“Foreigners will continue to chase India as it offers fantastic opportunity to capture strong demographics, economy and upcoming global supply chains,” said Sumeet Rohra, a fund manager at Smartsun Capital Pte. “Any dip due to the border tension will be an opportunity to add.”

Mumbai: Is silver on the cusp of a catch-up rally with gold? A ratio measuring the price of silver versus gold indicates the white metal might be poised for a run-up as its recent underperformance is perceived as excessive. The gold to silver ratio - measured by dividing gold prices by silver - is at 100, the highest since Covid in 2020. It is also trading above its average levels for the current century of around 85 levels, according to data from Samco Securities. The gauge, which compares the prices of gold and silver, signals that silver offers better value now."We find ourselves at an interesting threshold for silver because the gold-silver ratio has surpassed 100, which marks a significant event that has only occurred three times in the past 50 years (in 1991, 2020, and now)," said Ramesh Varakhedkar, head - commodities at ICICI Securities. "Historically, this ratio being above 100 has often led to a strong recovery in silver prices as it (silver) tends to play catch-up with gold, which has rallied more swiftly in recent times."The ratio had made an all-time high of 126.5 in March 2020, from where silver prices had doubled by the month of August. Investors looking to bet on silver could consider buying its exchange traded funds (ETFs).Gold was trading at $3,300 per ounce and silver was at $32.99 per ounce as of 7 PM on Monday.International gold prices surged over 25% in 2025, according to data from investing.com, fuelled by growing demand for safe-haven assets in the wake of Donald Trump tariff actions. Silver has gained only 14.5% this year."Should geopolitical tensions continue to escalate, gold may maintain its upward trajectory, potentially reaching the $3,600-3,700 range," said Navneet Damani, head of research - commodities & currency at Motilal Oswal Financial Services."Conversely, if geopolitical risks subside - particularly if President Trump resolves with China - market sentiment could shift, leading to a correction in gold and a relative outperformance in silver." Damani remains bullish on silver because the metal's supply is in deficit for its fifth consecutive year."For investors who missed the recent rally in gold, silver presents an attractive opportunity," he said.Apurva Sheth, head of research at Samco Securities, said the ratio indicates that silver is currently undervalued compared to gold, and should see some catch up in the coming months.Long Silver-Short Gold?Damani recommends investors buy silver and bet against gold, with the expectation that the gold-to-silver ratio could decline by approximately 10%, targeting the 90 level. His target for silver is $35-36, or ₹1,02,000-1,10,000 per kilogram.Varakhedkar expects silver to cross the $35 mark and potentially reach $40 by the end of the year, translating to around ₹1,10,000 per kg of silver in local currency."For investors, this presents a prime opportunity to diversify their portfolios. Incorporating silver alongside gold not only balances exposure to precious metals but also positions investors to take advantage of silver's anticipated price movement," he said.Sheth said moves in silver are usually swift and shorter compared with gold. "We would suggest traders buy it at current levels, to take advantage of the rally."

India is considering the closure of its airspace to Pakistani carriers, a move that would force the rerouting of planes over China or Sri Lanka to reach Southeast Asian destinations such as Kuala Lumpur, said people with knowledge of the matter. India is also contemplating a ban on Pakistani ships from calling at Indian ports. Pakistan had shut its airspace to Indian airlines following New Delhi’s measures against its neighbour after the terrorist attack in Pahalgam on April 22 that killed 26, mostly tourists.India has already suspended the Indus Water Treaty and revoked the visas of Pakistani citizens.The latest development comes amid small arms firing from Pakistan along the border that India said it responded to. New Delhi has said two of the three terrorists who carried out the attack were Pakistani.Islamabad has denied involvement. China has urged restraint. State-owned Pakistan International Airlines (PIA) uses Indian airspace to access several destinations in Southeast Asia, including Kuala Lumpur and other cities in Malaysia besides Singapore and Thailand. The closure of Indian airspace could have an impact on the health of the airline as this would force planes to take a longer way round. On June 30, 2020, the European Air Safety Agency had banned PIA from operating in Europe due to safety reasons. That ban was only lifted on November 29, 2024.In 1971, when India had shut its airspace to Pakistani airlines, PIA rerouted its planes over Sri Lankan airspace, said the people cited above.Following the terrorist attack, the Cabinet Committee on Security decided on a series of measures last week. One of the first actions taken was the suspension of the Indus Waters Treaty of 1960, effective immediately. This suspension would remain in place until Pakistan credibly and irrevocably ceased its support for cross-border terrorism. In addition, the Attari check post was ordered to be closed immediately. Those who had already crossed into India through this route were instructed to return before May 1, 2025, using the same checkpoint.The Committee also acted on the SAARC Visa Exemption Scheme (SVES). Pakistani nationals were prohibited from travelling to India under this scheme, and any SVES visas previously issued to Pakistani citizens were annulled.Pakistani holders of these visas were given 48 hours to leave India. Furthermore, it declared the defence/military, naval, and air advisors at the Pakistani High Commission in New Delhi persona non grata. These individuals were given a week to leave India. India would also withdraw its own defence, naval, and air advisors from the Indian High Commission in Islamabad, it was announced, with these posts in the respective high commissions deemed annulled. Additionally, five support staff from the service advisors in both high commissions would be withdrawn. As part of broader diplomatic reductions, the total number of staff at both high commissions would be reduced to 30 from the current 55, with the necessary cuts to be completed by May 1, 2025.