ICAI Pushes for Global-Scale Indian Multi-Disciplinary Firms: Funding, Tech, and Policy in Focus
The Apex body of chartered accountants, the Institute of Chartered Accountants of India (ICAI), is working towards developing a report that focuses on bringing the finances of firms for expanding their capacities on a global scale. This is being done to set up big homegrown multi-disciplinary partnership firms.
This move is focused on having global-scale Indian Multi-Disciplinary Partnerships (MDPs) that bring together auditing and consulting entities, as a part of an initiative to become a developed economy by 2047.
On Sunday, the president of ICAI, Charanjot Singh Nanda, said that the government is discussing the matter and looking into the issues. The global consulting and auditing industry is worth about USD 240 billion, and most of it is dominated by foreign companies. The government wants to encourage the growth of large Indian professional service firms, and free trade deals with other countries offer opportunities for Indian companies to expand.
ICAI President Charanjot Singh Nanda highlighted that to develop big Indian firms, five key things are important, including rules and regulations, technology, funding, and skill development. He also emphasised that it is very important to change the mindset to grow MDPs.
A team at the Institute of Chartered Accountants of India (ICAI) is preparing a report on how to raise funds for homegrown professional service firms. The president, Nanda, said, a team from ICAI has been working toward developing a report on how to get funding for Indian MDPs. The report will look at things like funds needed to establish offices and infrastructure.
A special group has been formed called the Inter-ministerial Group (IMG) by the Ministry of Corporate Affairs to develop the domestic ecosystem of consulting and auditing companies. MDP firms will offer several services together under one roof, like cost record maintenance, accounting, auditing, assurance, secretarial work, legal help, valuation, and management.
