Self -sufficient in the field of consulting and auditing
The Government of India is now preparing to become self -sufficient in the field of consulting and auditing. For this, the government has proposed to make multi-disciplinary partnership (MDP) firms. These firms will directly challenge international legendary companies like PWC, DELOITTE, KPMG, Ey, McKinsey and Bain.
What are MDP companies?
It is the idea of the government that such companies should be formed in India, which should provide different types of services at one place. These services will include accounting, auditing, legal services, management, valuation, company secretarial work and cost recording. This means that now Indian companies will also be able to provide complete facilities related to consulting and auditing to customers as a package.
Government preparation
The Ministry of Corporate Affairs (MCA) has formed an Inter-Minnistor Group (IMG) for this. This group will be chaired by MCA Secretary. The Ministry has invited all stakeholders to give their opinion and suggestions by 30 September.
The ministry says that this step has been taken to strengthen Indian companies and compete globally.
Why this step was taken?
The global market for consulting and auditing is about $ 240 billion, but most of it is occupied by international networks and strategy firms. There is no shortage of talent in India, but the local companies here are still working on a small level.
Experts believe that India’s companies lag behind in large projects or high-value audit, because there are still many structural and regulatory challenges here.
In the direction of self -sufficient India
The government wants India to have its own global branded companies, which should not only make an identity in the country but also in the international market.
- There will be a special focus on these companies
- ESG (Environment, Social and Governance)
- Advisory and Compliance
- Audit and Multidisiplinary Consultancy
- IT and Management Services
This initiative is still at an early level, but if it is implemented properly, Indian companies can make their strong place in the international market in the coming time. The ministry says that this is not just a step of economic strength, but is also an attempt to give the right direction to India’s professional talent and to recognize globally.