The Indian government has unveiled an ambitious proposal to establish multidisciplinary partnership (MDP) firms, a move aimed at challenging the dominance of global consulting and auditing powerhouses. The initiative, announced by the Ministry of Corporate Affairs, envisions Indian firms capable of offering a wide spectrum of services—from auditing and accounting to legal, valuation, advisory, and management—under one umbrella. Officials say the effort is intended to strengthen domestic capacity and reduce reliance on multinational corporations that currently dominate the sector.
Breaking the Grip of the Big Four
The Big Four, along with strategy majors like the Big Three of Consulting, account for a large share of India’s high-value consulting and auditing business. Together, they form part of a global industry valued at nearly $240 billion. While Indian firms are not absent from the market, their footprint remains marginal in areas requiring deep expertise and global reach. Structural and regulatory barriers have further limited the ability of domestic firms to expand into large-scale, cross-border operations. The government’s proposal seeks to level the playing field by enabling Indian firms to compete globally, not just domestically.
A Call for Public Participation
The Ministry of Corporate Affairs has constituted an Inter-Ministerial Group (IMG), chaired by the MCA Secretary, to develop the ecosystem for MDP firms. Stakeholders—including industry associations, professional bodies, and corporate clients—have been invited to submit comments and suggestions by September 30. Officials describe the consultation as a crucial step toward designing firms that are competitive, transparent, and equipped to meet international standards. By seeking broad participation, the government hopes to ensure that the framework reflects the needs of both practitioners and clients.
Building Indian Global Brands
Beyond reducing foreign dependence, the initiative highlights the ambition to create “Indian global brands” in consulting and auditing. Officials stress that the new entities should be able to deliver in areas such as environmental, social, and governance (ESG) consulting, IT services, compliance, and multidisciplinary advisory. India’s large pool of professional talent—accountants, lawyers, and consultants—is seen as a natural foundation for the initiative. But questions remain about whether Indian firms can quickly scale to challenge entrenched global players, particularly in markets where reputation and longstanding client relationships carry immense weight.