Panel may be set up for creating local 'Big Fours'
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
The government may set up a panel under corporate affairs secretary Deepti Gaur Mukerjee to prepare a framework to build an "enabling ecosystem" to create large home-grown chartered accountancy (CA) firms comparable to the 'Big Four,' people familiar with the development said. The plan follows a meeting by the Prime Minister's Office (PMO) on Friday to deliberate on creating a system where CA firms would be encouraged to pursue expansion and growth, they said.The meeting was chaired by Shaktikanta Das, principal secretary-2 to Prime Minister Narendra Modi , and attended by senior officials from the PMO and the corporate affairs ministry , among others.The planned panel will likely suggest changes required to the extant policy and regulatory frameworks to enable small firms to scale up through both local and global tie-ups, the people said. It could also review impediments currently discouraging firms to grow in size.Currently, the Big Four-EY, Deloitte, KPMG, PwC-along with Grant Thornton and BDO dominate the Indian audit ecosystem "With policy support, regulatory momentum, and entrepreneurial drive, it is realistic that India could produce its own Big 4 in this decade itself," said Rakesh Nangia, founder & managing partner at Nangia & Co LLP."Indian firms must invest in quality, governance, and global presence, while regulators must enable visibility and innovation," added Dinesh Kanabar, chief executive at Dhruva Advisors.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
29 minutes ago
- New Indian Express
Embed Indian carbon market in global trade context
The PAT experience Though there are several areas where PAT, launched in 2012, could be implemented better, it has created industry familiarity with a measurement, reporting and verification (MRV) mechanism and a good number of accredited energy auditors. The carbon credit trading scheme (CCTS) will reduce the PAT reporting frequency from three years to an annual basisthereby increasing the spend on the MRV as well as speed of emissions reduction. Absent renewable energy, a majority of industrial emissions emerge out of energy consumption. PAT compliance has entailed over ten years of industry efforts to reduce energy consumption. The low hanging fruit of energy intensity has already been picked. Industry majors have invested in best available technology. Without further investment in technology, can the obligated entities reduce emissions further or will they simply bear the cost of purchasing carbon credits from other better performers? Indian carbon market embedded in global decarbonisation PAT was an autonomous measure to discipline industrial energy consumption. It did not function under any multilateral pressure or even context. CCTS on the other hand will have to respond to linkages and contestation with several carbon markets. CCTS will be a tool to defend Indian industry against cheap imports as well as to gain access to carbon conscious export markets. Building the trade dimension into the Indian Carbon market is imperative to create policy and business opportunities. The PAT experience Though there are several areas where PAT, launched in 2012, could be implemented better, it has created industry familiarity with a measurement, reporting and verification (MRV) mechanism and a good number of accredited energy auditors. The carbon credit trading scheme (CCTS) will reduce the PAT reporting frequency from three years to an annual basis thereby increasing the spend on the MRV as well as speed of emissions reduction. Absent renewable energy, a majority of industrial emissions emerge out of energy consumption. PAT compliance has entailed over ten years of industry efforts to reduce energy consumption. The low hanging fruit of energy intensity has already been picked. Industry majors have invested in best available technology. Without further investment in technology, can the obligated entities reduce emissions further or will they simply bear the cost of purchasing carbon credits from other better performers? Indian carbon market embedded in global decarbonisation PAT was an autonomous measure to discipline industrial energy consumption. It did not function under any multilateral pressure or even context. CCTS on the other hand will have to respond to linkages and contestation with several carbon markets. CCTS will be a tool to defend Indian industry against cheap imports as well as to gain access to carbon conscious export markets. Building the trade dimension into the Indian Carbon market is imperative to create policy and business opportunities.
Time of India
an hour ago
- Time of India
12k of SAIL's 16k tonnes of steel for tallest rail bridge supplied by Bhilai plant
Raipur: The Steel Authority of India Ltd (SAIL) has played a pivotal role in the construction of the world's tallest railway bridge over the Chenab River in Jammu & Kashmir, supplying a total of 16,000 tonnes of steel — with its Bhilai Steel Plant alone contributing 12,000 tonnes to the project. Tired of too many ads? go ad free now A senior official from the Bhilai plant confirmed the figure on Friday, hailing it as a proud moment for the Indian steel industry and a major milestone in nation-building. The Chenab Railway Bridge, inaugurated by Prime Minister Narendra Modi on June 6, 2025, is now the highest railway arch bridge on the planet, rising 359 metres above the riverbed — even taller than the Eiffel Tower. The bridge is part of the strategically crucial Udhampur-Srinagar-Baramulla Rail Link (USBRL) project and aims to bring seamless all-weather connectivity to Kashmir, significantly improving both civilian and military mobility. SAIL's contribution to the bridge included a wide range of steel products such as TMT bars, heavy plates, structural steel, and hot strip mill products. From the total volume supplied, the Bhilai Steel Plant alone provided 5,922 tonnes of TMT bars, 6,454 tonnes of steel plates, and 56 tonnes of structural steel. The remaining steel was delivered by SAIL's IISCO, Durgapur, Rourkela, and Bokaro plants. Officials said that the construction of this 1.3 kilometre long bridge involved the use of approximately 29,000 metric tonnes of fabricated steel, over 10 lakh cubic metres of earthwork, 66,000 cubic metres of concrete, and a vast network of 84 kilometres of cable anchors and rock bolts. Engineered to endure wind speeds of up to 266 kmph and strong earthquakes, the bridge is being seen not just as an engineering feat, but a strategic lifeline to India's northern frontier. SAIL's Bhilai Steel Plant, known for producing high-grade TMT bars with earthquake- and corrosion-resistant properties, has been a consistent contributor to key national infrastructure. Its steel has previously been used in iconic structures like the Bandra-Worli Sea Link, Atal Setu, Sela and Atal Tunnels, and even in defence applications including warships like INS Vikrant. Tired of too many ads? go ad free now According to the Bhilai plant official, the bridge is yet another example of how SAIL's quality steel is powering India's most ambitious projects. "From high-altitude tunnels to bullet trains and now the world's tallest railway bridge, SAIL steel — especially from Bhilai — is proving essential to India's infrastructure push," the official said.
Time of India
an hour ago
- Time of India
Procurement rules for scientific research eased
Mumbai: In a resounding shift, the ministry of finance eased a long-standing bottleneck in procurement rules that once tethered researchers to the govt e-Marketplace (GeM), now allowing them to source scientific equipment and consumables from outside it. The revision in monetary ceilings and procurement channels, officials say, required the direct intervention of Prime Minister Narendra Modi. For the scientific community, this isn't just administrative reform—it's an acknowledgment and a huge relief. "Science cannot be caged in platforms and progress cannot always be L1," said a frustrated scientist, who said procurement was running into long delays because of cost and quality issues. The spirit behind GeM portal is, in principle, noble, said most scientists—designed to uplift Indian suppliers and foster a self-reliant manufacturing ecosystem. "But behind the digital veneer of transparency and procurement lies a troubling reality." "As a scientist, I ask—what truly serves the nation? If I want to order a computer that serves my requirements today, I cannot buy one unless it is L1," said professor at the School of Biotechnology at Jawaharlal Nehru University, Binay Panda. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Successful Way of Intraday Trading is "Market Profile" TradeWise Learn More Undo Five amendments have been made to existing procurement rules. Vice-Chancellors and directors of India's top scientific and academic institutions no longer have to wait for clearances to procure scientific equipment and consumables for research. Under the newly eased rules, they now hold the power to approve Global Tender Enquiries—up to a staggering Rs 200 crore—if they believe the need is justified. No central nod, no extra scrutiny. Just their judgment. Similarly, the ceiling for direct purchases—those made without quotations—has been raised from Rs 1 lakh to Rs 2 lakh. And what once required a drawn-out trail of tenders—purchases from Rs 1 to 10 lakh—can now be cleared by a purchase committee for anything up to Rs 25 lakh. Additionally, the limits on limited tender enquiry have been lifted—from Rs 50 lakh to Rs 1 crore. And perhaps, most telling of all, said scientists—the need for open tenders—earlier triggered at Rs 50 lakh—will now apply only to purchases above Rs 1 crore. Minister of State for Science and Technology, Jitendra Singh, took to social media and termed this as "a landmark step" for enabling #EaseOfDoingResearch. "This will reduce delays, also enhance autonomy and flexibility for research institutions—empowering them to innovate faster," he added. Secretary of the Department of Science and Technology, Prof Abhay Karandikar, said, "It was made possible by the collective efforts of everyone, including other scientific secretaries, PSA, Department of Expenditure and Cabinet Secretariat. " Another scientist explained that in this "algorithm-driven marketplace, the lowest bidder always wins, never mind if the product fails the test of quality. What use is cost-efficiency if it sacrifices precision and most importantly, the requirements of a scientific experiment? What use is patriotism if it's only glued on?" "They don't really make these products here," added Prof Panda. "They import many parts, assemble them locally, and slap on a Make in India sticker—as if that alone sanctifies the machine." He quickly added, "If there is a good Indian product, we do not think twice. We prefer make-in-India by default—it's more affordable, support is better, and it's close by." Most scientists echoed this. However, "We don't want to buy an Indian product if science suffers. "
