Indian economy is growing at a very fast pace and this is a fact which is globally recognized. A fast pace growth can be noticed in the service sector. The sector contribution is 50%of the GDP.
An increase in the demand for consulting services can be seen in both the domestic as well as the foreign firms. Study by an institution states that the consulting sector in India to grow at an annual rate of 30 per cent. Countries like the US, UK, Japan, China, Saudi Arabia and Gulf nations acknowledge the competence of Indian consultancy firms.
Competence of the Indian consulting companies can be noted in areas like civil engineering, telecom, power, metallurgy, chemical and computer software. Low cost structures, professional competence, low cost structure, Diverse capabilities, high level of adaptability and quick learning capability act as the major strengths of the consulting companies in India.
Low quality assurance, low local presence overseas, low equity base, lack of market intelligence, low level of R&D are the weaknesses of the Indian consulting organizations. These weaknesses act as a hindrance for the growth of consulting sector in the country.
Over the decades, the management consulting industry has responded creatively to the changing needs of clients, leading to the growth of a thriving industry. The insights of history provide guidance as consultants seek the innovations to meet the future needs of clients.
Consulting are of the following type:-
- Management consulting
- Biotechnology consulting
- Environmental consulting
- Faculty consulting
- Franchise consulting
- Human resource consulting
- Information technology consulting
- Performance consulting
- Political consulting
- Supply chain consulting
- Trial consulting