India to have accounting Giants, as per Shri Piyush Goyal
The Government of India is set to create at least four huge Consultant giants to totally revamp the country’s Accounting and Consultancy services sector. This transformative vision for the country’s professional services sector, will ensure greater self-reliance, global competitiveness, and economic growth in the years ahead.
India is set to witness the emergence of its own accounting and consultancy giants,at least four of them. This was announced by Shri Piyush Goyal, Commerce and Industry Minister. The plan is to build large, homegrown firms capable of competing with global leaders like Deloitte, PwC, Ernst & Young (EY), and KPMG.
Shri Goyal expressed this with full confidence, while speaking in Berne Switzerland that Indian firms will soon join the ranks of these international heavyweights, which currently dominate the consultancy and accountancy landscape in India.
Goyal highlighted a significant shift in the country’s regulatory and professional environment, noting that previous rules and business mind-sets were not conducive to the formation of large partnerships or mergers among Indian Chartered Accountant (CA) firms.
Traditionally, Indian CA firms operated under individual leadership, which limited their capacity to scale and compete globally. However, with evolving regulations and a growing appreciation for collaborative partnerships, the groundwork is being laid for the creation of Indian accounting powerhouses.
The minister emphasised that the government is actively working to foster this transformation, aligning with Prime Minister Narendra Modi’s vision of nurturing Indian champions in the global financial and consulting services sector. A government-appointed panel has been established to chart a strategic roadmap for building domestic firms that can rival the established global giants.
Goyal also underscored India’s commitment to a non-discriminatory investment climate, assuring that foreign companies investing in India are treated as Indian entities, enjoying equal opportunities and protections. He contrasted this approach with other countries that impose barriers on foreign businesses, positioning India as an open and attractive destination for global investors.
The initiative to develop India’s own “Big Four” is both a strategic and symbolic move. It aims to enhance India’s global standing, ensure independence in audit and consulting services, and generate large-scale employment in the professional services sector.
The push for domestic giants is part of a broader economic strategy to build world-class capabilities, reduce reliance on foreign consultancy firms, and reinforce India’s reputation as a preferred destination for investment and innovation.
During this Switzerland visit, the Minister also engaged with the newly established Zurich Chapter of the Institute of Chartered Accountants of India (ICAI), discussing opportunities to promote India’s fintech expertise and foster collaboration in the banking, financial services, and insurance (BFSI) sector, particularly within the innovative startup ecosystem. His meetings with Swiss business leaders further highlighted growing international interest in India’s skilled workforce, cost-competitive environment, and expanding economic opportunities.
