India is poised to develop its own “Big Four” accounting and consulting firms, a move aligned with Prime Minister Narendra Modi’s vision for fostering domestic champions in the global professional services sector. This significant push towards self-reliance was articulated by Union Minister Piyush Goyal, who stated on Monday that India is rapidly moving towards this ambitious goal.
Speaking on the sidelines of his visit to Switzerland, Goyal emphasized the scale of India’s current engagement with the existing global accounting behemoths. “Each of the existing Big Four is hiring over 100,000 people in India,” he noted, highlighting the immense human capital already contributing to the sector. “Now we are trying to create our own Big Four,” he added, underlining the strategic intent to cultivate indigenous firms capable of competing on the international stage.
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Nurturing Indian Talent and Values
The drive to establish India’s own set of global-scale auditing and consulting firms stems directly from Prime Minister Modi’s past appeals to the Indian private sector and regulatory bodies. Modi has consistently urged the development of firms rooted in Indian talent and values, capable of offering world-class services. This initiative is seen as a crucial step towards enhancing India’s global standing in the financial and consulting domains, ensuring greater independence in vital audit and advisory functions.
In line with this strategic directive, a government-appointed panel was recently constituted. This panel has been tasked with charting a comprehensive roadmap for building a homegrown accounting powerhouse, designed to compete effectively with the long-established global giants in the professional services industry. The government’s proactive approach signals a clear commitment to fostering a robust, self-sufficient ecosystem for high-end financial and consulting expertise.
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Strategic Imperatives: Jobs, Technology, and Global Standing
Beyond the immediate goal of creating Indian-owned accounting powerhouses, the initiative is deeply intertwined with India’s broader economic aspirations. Goyal underscored India’s growing economic appeal, noting that increased Foreign Direct Investment (FDI) into the country will not only bring in crucial technology and foster research and development and innovation but also lead to substantial job creation across various sectors.
The development of a domestic “Big Four” is viewed as a multifaceted strategic and symbolic move. It aims to elevate India’s position in the global economic landscape, reduce reliance on foreign entities for critical audit and consulting services, and significantly boost large-scale employment opportunities within the professional services sector. This self-reliance in professional services is expected to bolster India’s economic resilience and further solidify its position as a global economic powerhouse.