The Institute of Chartered Accountants of India (ICAI) Dubai Chapter convened an event centred on India’s initiative to form global-scale consulting firms, reported DD News.
The session, themed “Future of Audit & Global Consultancies: Automate. Adapt. Assure.” was attended by notable figures including Lok Sabha MP and former Information & Broadcasting Minister Anurag Singh Thakur.
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This follows the earlier media report by Moneycontrol, regarding the home-grown consulting to rival the Big Four—Deloitte, PwC, EY, and KPMG, citing a meeting chaired by principal secretary to the Prime Minister Shaktikanta Das.
At the gathering, ICAI chairman Jai Prakash Agarwal addressed the imperative for India to bolster its own consulting sector.
He referenced the revenue generated by the Big Four within India, which is anticipated to grow from Rs380bn ($4.3bn) in 2024 to Rs450bn by 2025.
Agarwal said: “The vision is to create our own Big Four consulting firms from India.”
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By GlobalDataThakur, the event’s chief guest, highlighted the importance of nurturing national consulting entities, linking the initiative to broader concerns of national and data sovereignty.
He asserted that the development of such capabilities is a vital national interest.
The discussion also showcased India’s economic progress, with Thakur noting it as “the growth triangle of the 21st century”.
He presented data on India’s leadership in digital payments through UPI and the expansion of its startup landscape, which now ranks as the third largest globally.
Thakur projected a growing need for professional services in India, with an estimated requirement for one million professionally trained chartered accountants by 2030.
He advocated for an evolution in the accounting profession towards technology-integrated and interdisciplinary approaches.
Thakur stated: “India’s growth story can’t be dependent on foreign firms. We need to cultivate our own.”
The event further highlighted the geographic positioning of India within the India-Middle East-Africa economic corridor, identifying it as a key region for growth in the 21st century.
The ICAI Dubai Chapter, an overseas division of the ICAI, was acknowledged for its role in facilitating international opportunities for Indian professionals through reciprocity agreements with several nations.
Additionally, the event served as a platform to address practical matters for practitioners in the region, providing updates on UAE Corporate Tax compliance and new audit report requirements.
