Set Up a Big-Four like Indian Firm: Finance Minister tells ICAI

Currently, Deloitte, EY, KPMG, and PwC are recognized globally as the “Big Four” in accounting
ICAI - Set Up a Big-Four - Indian Firm - tax news - Taxscan

Finance Minister Nirmala Sitharaman on Tuesday encouraged the Bihar chapter of the Institute of Chartered Accountants of India ( ICAI ) to establish an Indian auditing firm that could eventually join the ranks of the Big Four and attract global clients.

Speaking with the ICAI in Patna, Sitharaman urged them to commit to this goal as part of their 100-day agenda for a Viksit Bharat by 2047.

Highlighting Bihar’s potential for leadership, she emphasized that one of the Big Four CA firms should be born from Bihari talent. “You should establish a CA firm strong enough to be recognized as a top four company… What stops us from doing it?” she asked.

Sitharaman questioned why, despite the high quality of Indian CAs, they predominantly become leaders and partners in the Big Four firms rather than forming a Big Four firm within India. She also called for policy changes to attract industry to the state, noting that modern industries are more flexible regarding the locations of their factories.

Industries need to be brought here. Growth will come from East India. The Central government aims for eastern states — Bihar, West Bengal, Odisha — to become engines of growth for the entire country as part of the vision to make India a developed country by 2047, Sitharaman stated.

Citing a semiconductor unit in Assam as an example, she attributed its establishment to the efforts of the state government rather than an existing ecosystem.

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