ICAI Pushes Changes to Help Homegrown Firms Compete Globally
What Happened
The Institute of Chartered Accountants of India (ICAI) is preparing proposals to amend the Chartered Accountants Act, with a draft expected within the next two months. The reforms aim to help Indian accounting and consulting firms scale up, expand service offerings, and compete more effectively with global giants such as EY, Deloitte, KPMG, and PwC.
Key Takeaways
The reforms are part of a broader push to create large, globally competitive Indian professional services firms. ICAI and the government see consolidation, multidisciplinary partnerships and access to capital as crucial for helping domestic firms capture a bigger share of the global auditing and consulting market.