The government has proposed to set up multi-disciplinary partnership firms to take on global consulting and auditing giants and invited public comments by September 30.
Multi-disciplinary Partnership (MDP) firms will render multiple services like maintenance of cost records, accounting, auditing, assurance, secretarial, legal, valuation, and management, among others, under one umbrella.
Global consulting and auditing giants include PwC, Deloitte, KPMG, EY, McKinsey & Company and Bain & Company.
The Ministry of Corporate Affairs has constituted an Inter-ministerial Group (IMG) on developing the domestic ecosystem of consulting and auditing firms under the Chairpersonship of the MCA Secretary, according to a statement released on Wednesday.
Stakeholders have been asked to submit their suggestions on the proposal by September 30, the statement said.
The ministry is committed to strengthening Indian firms so that they can operate not just in the domestic market but also on a global scale, it added.
According to the ministry, the global consulting and auditing industry is valued at nearly USD 240 billion and is dominated by international networks and global strategy majors.
While India has a strong talent pool, its domestic firms remain marginal players, particularly in high-value audits and consulting, partly due to structural and regulatory barriers.
It also stressed the importance of creating Indian global brands in various areas, such as environmental, social and governance, audit, advisory, compliance and multidisciplinary consultancy, including IT services.
The initiative is part of the government's vision to reduce reliance on multinational corporations for strategic audits and consulting and to move towards an Atmanirbhar Bharat in professional services.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
