India will have its own big four accounting giants, says Piyush Goyal

India Gazette

5 hours ago

Bern [Switzerland], June 10 (ANI): India is actively working to establish its own version of the global 'Big Four' accounting and consultancy firms, as Commerce and Industry Minister Piyush Goyal expressed confidence that homegrown giants will emerge 'very soon.'
Speaking to reporters in Bern on Monday, Goyal outlined the government's strategy to create large domestic accountancy firms capable of competing with international leaders Deloitte, PwC, Ernst & Young, and KPMG, which currently dominate India's consultancy landscape.
'We are trying to create our own Big Four. Earlier, the rules were not friendly - we couldn't have mergers, and our mindset was also different,' Goyal explained. 'Now, gradually, people are understanding the benefits of partnerships. We will have our big four in India very soon - wait and watch.'
The minister highlighted a fundamental shift in India's approach to professional services, noting that traditional Indian CA firms previously preferred individual leadership over collaborative partnerships. This cultural change, combined with regulatory reforms, is paving the way for larger, more competitive domestic firms.
Goyal emphasised India's commitment to creating a discrimination-free investment environment, positioning the country as an attractive destination for global businesses. 'India is such a country where you will never face any discrimination. Total non-discrimination is guaranteed,' he stated.
He explained that foreign companies investing in India are treated as Indian entities once established, ensuring equal treatment and opportunities. 'If you come to India and invest, you become an Indian company. Once you become an Indian company, you will never feel any discrimination.'
The minister contrasted India's approach with other countries that 'create unnecessary barriers and trouble the industries of other countries,' emphasising India's open and welcoming investment climate.
Goyal positioned free trade agreements as crucial instruments for promoting investment, noting that India's growing reputation as a preferred investment destination is being reinforced through these strategic partnerships.
The development of domestic 'Big Four' firms represents part of India's broader economic strategy to build world-class professional services capabilities while reducing dependence on foreign consultancy giants. This initiative aligns with the government's vision of creating a more self-reliant and competitive business ecosystem.
https://x.com/PiyushGoyal/status/1932109681201496355
Earlier in the day, he met the Chairman and Committee Members of the recently established Institute of Chartered Accountants of India (ICAI) Zurich Chapter.
'Met the Chairman & Committee Members of the recently established @TheICAI Zurich Chapter. Had a detailed discussion on promoting India's fintech expertise and collaboration opportunities in the BFSI (Banking, Financial Services and Insurance) sector, especially in the innovative startup ecosystem. Friends from the media also joined us for this interaction,' Goyal wrote on X.
Goyal began his two-day Switzerland visit with an interaction with CEOs of select Swiss companies and prospective investors in India over lunch on Monday. (ANI)