As Commerce and Industry Minister Piyush Goyal revealed the government’s ambitious plan to create sizable, domestic companies that can compete with international leaders like Deloitte, PwC, Ernst & Young (EY), and KPMG, India is poised to see the rise of its own “Big Four” accounting and consulting giants.
Speaking in Bern, Switzerland, Goyal said he is confident that Indian companies will soon join the ranks of these global giants that now control the country’s accounting and consulting market.
Goyal emphasized a dramatic change in the nation’s economic and regulatory landscape, pointing out that prior regulations and business practices did not support the establishment of sizable alliances or mergers amongst Indian chartered accountancy (CA) businesses. Indian CA firms have historically been led by individuals, which has hindered their ability to grow and compete on a global basis. Nonetheless, the foundation for the development of Indian accounting giants is being established by changing legislation and a rising recognition of cooperative collaborations.
In line with Prime Minister Narendra Modi’s goal of developing Indian leaders in the international financial and consulting services industry, the minister emphasized that the government is actively attempting to promote this change. To develop a strategy plan for creating indigenous companies that can compete with the well-established multinational behemoths, a group nominated by the government has been formed.
Assuring that international businesses participating in India are recognized as Indian enterprises and have similar chances and safeguards, Goyal further emphasized India’s commitment to a non-discriminatory investment climate. He positioned India as an open and alluring location for international investors, contrasting this strategy with other nations that place restrictions on foreign companies.
The effort to create India’s own “Big Four” is a symbolic and strategic step. It seeks to improve India’s reputation internationally, guarantee independence in auditing and consulting, and create a significant number of jobs in the professional services industry. A larger economic strategy to develop world-class skills, lessen dependency on foreign consulting firms, and strengthen India’s standing as a top location for innovation and investment includes the drive for local giants.
Goyal also met with the recently formed Zurich Chapter of the Institute of Chartered Accountants of India (ICAI) while in Switzerland. They talked about ways to highlight India’s fintech capabilities and encourage cooperation in the banking, financial services, and insurance (BFSI) industry, especially in the creative startup ecosystem. Further highlighting the growing global interest in India’s trained workforce, cost-competitive environment, and developing economic potential were his discussions with Swiss business executives.
With a transformative vision for the nation’s professional services industry, the government’s push to establish an Indian “Big Four” promises increased economic growth, global competitiveness, and self-reliance in the years to come.