The government has put forward a plan to set up multi-disciplinary partnership (MDP) firms that can compete with global consulting and auditing giants. These new firms would provide a range of services under one umbrella. This includes cost record maintenance, accounting, auditing, assurance, company secretarial work, legal services, valuation and management. The move is aimed at creating Indian alternatives to global names such as PwC, Deloitte, KPMG, EY, McKinsey & Company and Bain & Company, PTI reported. According to a statement issued on Wednesday, the ministry of corporate affairs (MCA) has formed an Inter-ministerial Group (IMG) to build the domestic ecosystem of consulting and auditing firms. The group will be chaired by the MCA Secretary. Stakeholders have been invited to share their views on the proposal by September 30. The ministry said it wants to strengthen Indian firms so they can grow beyond the local market and compete internationally. It also pointed out that the global consulting and auditing business is worth nearly $240 billion and is dominated by international networks and leading strategy firms, according to PTI. India has a strong talent pool but local firms remain small players, especially in high-value audits and consulting. The ministry said this is partly due to structural and regulatory challenges. It also highlighted the need for Indian global brands in areas such as ESG (environmental, social and governance), audit, advisory, compliance, multidisciplinary consultancy and IT services. The initiative is part of the government’s wider vision to reduce dependence on multinational corporations for strategic audits and consulting, and to move towards an Atmanirbhar Bharat in professional services.
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