The Indian government is launching a plan to create multi-disciplinary partnership (MDP) firms. These firms will compete with major global consulting and auditing companies like PwC, Deloitte, and McKinsey & Company. The goal is to provide a variety of services, such as accounting, auditing, legal services, and management, all in one place.
The Ministry of Corporate Affairs (MCA) has formed a group to help build this ecosystem. The group is seeking input from stakeholders until September 30. The aim is to strengthen Indian firms, allowing them to expand beyond local markets and into international ones.
The global consulting and auditing industry is worth around $240 billion and is dominated by international firms. Despite having a strong talent pool, Indian firms have remained small players, especially in high-value audits and consulting. This is due in part to structural and regulatory challenges.
Experts believe this initiative is timely. According to a recent survey by consulting firm Statista, only 10% of Indian businesses currently trust local firms for critical consulting. There’s a real opportunity for growth if the government can expand support for these initiatives.
The push for local consulting brands is part of a broader vision for “Atmanirbhar Bharat,” or self-reliant India. This move aims to reduce reliance on foreign firms for essential audits and consulting services, fostering a sense of national pride and economic independence.
In addition to consulting and auditing, there is a rising demand for expertise in areas like environmental, social, and governance (ESG) criteria. Many businesses are now prioritizing sustainable practices and compliance, creating a significant growth area for future firms.
In social media discussions, users have expressed excitement about the potential for homegrown consulting brands. Many view this as a step toward a more self-sufficient economy.
As India continues to develop its own consulting capabilities, this could reshape how businesses operate, potentially leading to more localized strategies that cater specifically to the Indian market.
For authoritative insights, you can explore reports on the consulting industry from sources like McKinsey or Deloitte, which regularly publish data on market trends and projections.
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