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In order to facilitate the government’s vision for developing big desi firms to compete with the big four audit, accounting and advisory firms, the Institute of Chartered Accounts of India (ICAI) on Sunday said it is studying ways to help such Indian companies in getting financial strength.
“Indian firms getting ready to compete with big global firms will need to open more and more branches, employ more people beside other things. All these will require financial resources. ICAI is preparing a report to help in this direction,” Charanjot Singh Nanda, ICAI President said here during special media event. He also highlighted that apart from finance, the process for desi firms to become big will require four more things – regulatory benefit, technology, mindset to change and training & capability.
The Prime Minister Office is actively working on Indian Multi-Disciplinary Partnership (MDP) firms. The Principal Secretary to the Prime Minister, Shaktikanta Das has already chaired two meetings, attended by top officials from the Finance Ministry and Corporate Affairs Ministry, among others. Last month, the Corporate Affairs Ministry invited suggestions on the establishment of Indian MDP firms. An office memorandum by the Ministry identified six key issues that need to be addressed to help Indian firms grow to an international level.
These include advertising and marketing bans, restrictions on MDPs, fragmented licencing, public procurement and empanelment processes, standalone operations, and the absence of global collaboration platforms. The global consulting and auditing industry is valued at nearly $240 billion, dominated by international networks and global strategy majors. According to MCA, Despite India’s world-class talent pool, domestic firms remain marginal players, particularly in high-value audits and consulting, partly due to structural and regulatory barriers.
ICAI’s Vision for 2047
Meanwhile, talking about ICAI’s blueprint for ‘Economic Transformation Towards Viksit Bharat 2047’, Nanda presented five-point agenda. First, aim is to have 30 lakhs highly skilled CAs to meet the growing demands of the global economy. Second, a digitally empowered economy with AI, blockchain, and IoT driving governance and businesses. Third, supporting start-ups with compliance, fundraising, and FinTech regulation. Fourth, collaborations with leading global accounting bodies and educational institutions, along with establishing global offices in each collaborating nations. And fifth, encourage the use of cloud accounting, machine learning and blockchain for transparency.
He said that effort is to nurture over 10 lakhs students while at the same ensuring the course aligned with the National Education Policy (NEP) 2020 and International Education Standards (IESs) along with Integrating AI/technology/ ESG into CA curriculum. The institute will focus on research and innovation and collaboration with universities and colleges. When asked if ICAI be a provider of dual degree, Nanda said, “We cannot do so as ours is a professional degree and we are training students.”
Nanda highlighted that, as on date, CAs are involved in audit & assurance, taxation, GST & compliances, accounting & financial reporting, risk management & advisory, corporate governance and supporting entrepreneurs. Now, there are emerging areas and these include ESG/ sustainability reporting, forensic accounting & fraud investigations, data analytics & information systems audit, insolvency & valuation, start-up / management consultancy, FinTech audits and carbon accounting & climate risk assessment and the institute is helping CAs develop strong competency, he added.
(The writer was in Goa at the invitation of ICAI)
Published on October 12, 2025
