India’s Big Four Blueprint: Goyal Sets the Stage for Homegrown Giants

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India will produce its own version of the world Big Four accounting firms, with Commerce and Industry Minister Piyush Goyal sure that Indian behemoths will come into being in the near future. Speaking to a Swiss audience, Goyal outlined the government's vision of developing large-scale Indian accountancy firms to compete with Deloitte, PwC, Ernst & Young, and KPMG.

Regulatory Reforms and Industry Transformation

Goyal emphasized that previous regulation had dissuaded mergers, preventing Indian firms from growing.

Mindset shift is a reality now that is enabling partnerships, opening up the door to massive domestic consultancy firms.

The government is striving hard to promote a discrimination-free investment environment to attract foreign business.

India's Competitive Advantage in Professional Services

Indian Chartered Accountancy practices have traditionally been independent entities, yet joint models are now most in vogue.

The effort to have homegrown accounting behemoths fits with India's overall economic policy of self-sufficiency.

Foreign companies investing in India are treated on par with Indian companies, with equal opportunities.

Future Prospects and Global Status

Emergence of India's own Big Four will further consolidate India's role in the international financial services.

Free trade agreements will most probably further boost the image of India as an investment destination of choice.

The move is India's desire to develop world-class professional services and decrease dependence on foreign consultancy firms.

Sources: ANI, Economic Times, Rediff.