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Time of India
4 days ago
- Business
- Time of India
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 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 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 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.
Yahoo
4 days ago
- Business
- Yahoo
India explores creation of home-grown Big Four consulting firms
The Indian government is considering the establishment of home-grown consulting firms to rival the Big Four—Deloitte, PwC, EY, and KPMG, reported Moneycontrol citing government sources. The move is reportedly a bid to lessen dependence on foreign advisory firms and foster global capabilities in the professional services sector. A high-level meeting, chaired by Shaktikanta Das, principal secretary to the Prime Minister, has been scheduled for 5 June 2025, to deliberate on this initiative. The meeting will feature a presentation by Sanjeev Sanyal, a member of the Economic Advisory Council to the prime minister (EAC-PM), to evaluate the feasibility and devise a roadmap for creating Indian consulting majors with global standing. This initiative is expected to spark a broader conversation within the government on how to cultivate scale, quality, and competitiveness among Indian consulting firms. The context for this move is the growth of the Indian arms of the Big Four, which have seen their revenues soar, driven by demand from mid-market clients and government contracts. For the fiscal year 24, these firms reported a combined revenue of Rs388bn ($4.52bn) and are projected to exceed Rs450bn in FY25, outpacing the growth of some of their multinational parent companies. Government-related assignments, including project management, financial advice, support in disinvestment, PSU stake sales, and policy advice, have significantly contributed to this growth. 'These firms have become deeply embedded in the functioning of government and PSUs. The next logical step is to explore whether India can create its own champions in this space', Moneycontrol reported citing a source. The aspiration to build a domestic counterpart to the Big Four aligns with the government's broader vision of strategic self-reliance, particularly in areas such as tax consulting, digital governance, and infrastructure planning. The meeting is anticipated to outline potential policy interventions that could facilitate the scaling up of Indian players through reforms or targeted incentives for knowledge services. The sources stated: 'This isn't just about creating competition to the Big Four. It's about recognising consulting as an important industry.' India's professional services sector has seen significant evolution over the past decade, with digital adoption, expanding financial markets, and complex regulatory compliance needs driving growth. While the Big Four dominate the audit and advisory space, India also has mid-sized players like Grant Thornton Bharat, BDO India, and domestic firms such as Nangia Andersen and Dhruva Advisors. "India explores creation of home-grown Big Four consulting firms" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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First Post
4 days ago
- Business
- First Post
Why India is considering its own 'Big Four' accountancy firms
The Prime Minister's Office (PMO) has reportedly called a meeting today to discuss the feasibility of developing large domestic consulting firms similar to the Big Four — Deloitte, PwC or EY, and KPMG. This comes as India wants to build self-reliance in the professional services industry read more India is trying to reduce dependence on foreign advisory firms. Representational Image/Pixabay India is mulling its own 'Big Four' accountancy firms. Currently, Deloitte, PwC or PricewaterhouseCoopers, Ernst & Young (EY), and KPMG dominate the professional services industry globally. The Big Four, along with Grant Thornton and BDO, also govern India's audit environment. Now, the Central government is exploring the feasibility of creating large domestic consulting firms similar to the Big Four. The Prime Minister's Office (PMO) is reportedly holding a meeting today (June 6) to discuss the proposal. STORY CONTINUES BELOW THIS AD Let's take a closer look. PMO's key meeting On Thursday, the PMO called a meeting to deliberate on the possibility of developing homegrown accountancy firms equivalent to the Big Four, as per a Moneycontrol report. The key meeting will be headed by Shaktikanta Das , principal secretary to the Prime Minister. Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM), is slated to give a presentation to analyse the feasibility and draw a blueprint for establishing Indian consulting firms with global credibility. 'Das will hold a meeting on 'Can India build big-4 consulting firms'. There will be a presentation by Sanyal. Secretaries of economic affairs Ajay Seth, corporate affairs Deepti Mukherjee, revenue Arvind Shrivastava, and financial services M Nagaraju are also likely to attend the high-level meeting,' one of the sources told Moneycontrol. They are likely to discuss regulatory changes and other policy interventions required for the expansion of domestic accounting firms and to increase their competitiveness. What's the aim behind it? The Indian government is trying to reduce dependence on foreign advisory firms and build globally competitive names in the professional services industry. The affiliates of Big Four, along with Grant Thornton and BDO, have handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, as per a report. The Indian arms of the Big Four posted a combined revenue of Rs 38,800 crore in the financial year 24. This could further exceed Rs 45,000 crore in FY25. 'These firms have become deeply embedded in the functioning of government and PSUs (Public Sector Undertakings). The next logical step is to explore whether India can create its own champions in this space,' the source cited above told Moneycontrol. STORY CONTINUES BELOW THIS AD India's large homegrown consultancy firms would help it avoid overdependence on global players. 'This isn't just about creating competition to the Big Four. It's about recognising consulting as an important industry,' sources said. Speaking to Deccan Herald (DH) recently, Institute of Chartered Accountants of India (ICAI) President CA Charanjot Singh Nanda highlighted the steps taken to develop a big accounting firm to match up with the Big Four. 'To support the growth of Indian CA firms and emphasise the strategic importance of aggregation for enhancing operational efficiency, global competitiveness and professional growth, ICAI established the Committee for Aggregation of CA Firms (CACAF).' He also said that ICAI, a statutory body for regulating the profession of chartered accountancy, has revised guidelines for the merger and demerger of CA firms. 'The revised guidelines aim to encourage firms to explore strategic mergers which can significantly enhance their market presence, operational efficiency, among others. Recently, the Council also approved draft guidelines for Overseas Network, the same will be released shortly for Public Exposure for 21 days. These guidelines aim to establish a structured and regulated pathway for networking and collaboration,' he added. STORY CONTINUES BELOW THIS AD 'This initiative is designed to foster global connectivity, enhance professional opportunities for Indian CA firms, uphold the integrity and quality of services delivered as well as to support the evolving needs of the profession in an interconnected world,' Nanda said. With inputs from agencies
News18
4 days ago
- Business
- News18
Expected 25 Bps Repo Rate Cut, RBI Gave 50: Modi 3.0 Echoes ‘Man Ki Baat' Of Middle Class
Last Updated: As the Modi government 3.0 completes one year in office, the middle class stands -- the most influential vote bank -- stands strong and with better benefits Fiscal experts had predicted that the Reserve Bank of India (RBI) would cut the repo rate by 25 basis points, a third in a series of cuts. But the RBI inspired optimism by cutting it by 50 basis points. The move demonstrates confidence in India's growth story. As RBI chief Shaktikanta Das had pointed out that despite global turmoil and uncertainty, India seems to be surging ahead. There has been a fall in food inflation on items such as pulses and cereals. Furthermore, infrastructure development, increased exports, and cuts in imports have given the economy an upswing. This has also given the RBI confidence that economic growth is amenable to a repo rate cut. Clearly, the cut brings cheer to the middle class as it means a cut in interest rates on their home loans and more disposable income. This means the middle class would have more cash in hand and would want to spend more, bringing hope to the consumer sector. Not only this, a cut in home loan interest rates would encourage prospective homebuyers and boost the real estate sector. As the Modi government 3.0 completes one year in office, the middle class stands strong and with better benefits. There have been some positive indications for the middle class, such as the zero tax for income up to Rs 7.5 lakh. ITR filings have increased from 3.79 crore to 9.79 crore in 11 years, which shows pay slabs have increased, bringing more people under the income tax bracket. Inflation has averaged 5% between 2015-16 and 2024-25, which is down by 8%. Government sources say that with easier income tax compliance and simplification, the middle class not only has more disposable, but also engages in more transparent transactions. Overall, it reflects not just growth in the middle class but, politically speaking, shows that the government is confident. The middle class is the most influential vote bank, and most political parties, especially the Congress, are wooing it. The government hopes that with the repo rate cut and resultant positive sentiment, this middle class will be impressed by the Modi 3.0 policies. First Published: June 06, 2025, 13:31 IST
Time of India
5 days ago
- Business
- Time of India
PMO to meet today for creating India's 'Big Four'
The Prime Minister's Office is convening a meeting on Friday to explore strategies for fostering the growth of large, domestic accountancy firms to rival the dominance of the 'Big Four'. Chaired by Shaktikanta Das, the meeting will assess potential regulatory changes and interventions to facilitate the scaling up of Indian firms. Tired of too many ads? Remove Ads New Delhi: The Prime Minister's Office (PMO) is scheduled to hold a crucial meeting on Friday to deliberate on ways to create large home-grown accountancy firms akin to the so-called 'Big Four', people aware of the details told meeting-to be chaired by Shaktikanta Das, principal secretary to Prime Minister Narendra Modi-will likely discuss plans to weigh necessary regulatory changes and other interventions to make it easier for domestic accounting firms to scale up, one of the people said. It will be attended by senior officials with the Prime Minister's Office and the corporate affairs ministry, among present, the Big Four-EY, Deloitte, KPMG, PwC-along with Grant Thornton and BDO dominate the Indian audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a combined revenue of the Indian affiliates of the Big Four, by some industry estimates, may have exceeded as much as Rs 45,000 crore last meeting comes at a time when the Modi government is making a renewed push to create large home-grown accounting firms
