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Finance Minister asks ICAI to Establish Indian Auditing Firm to Compete with the Big Four


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Finance Minister Nirmala Sitharaman urged the Bihar chapter of the Institute of Chartered Accountants of India (ICAI) to establish an Indian auditing firm that can aspire to be among the prestigious Big Four and attract global clients. During her interaction with the ICAI in Patna, Sitharaman emphasized the importance of this initiative as part of their 100-day agenda for Viksit Bharat by 2047.

Encouraging Bihar to showcase its leadership abilities, the finance minister stated that one of the Big Four chartered accountancy partnerships should emerge from the Bihari mindset. She challenged them to establish a strong CA firm that can be recognized as one of the top four companies globally. She questioned why Indian CAs, who are highly respected worldwide, only become leaders and partners in Big Four firms instead of forming their own Big Four in India.

Currently, Deloitte, EY, KPMG, and PwC are globally renowned as the Big Four in the accounting world.

Sitharaman also urged the state to implement policy changes that would attract the industry. She highlighted that today’s industries are more open-minded when it comes to the location of their factories. As an example, she mentioned a semiconductor unit in Assam, which was established due to the proactive efforts of the state government, rather than relying on an existing ecosystem.

The finance minister emphasized the need to bring industries to Bihar, stating that growth will come from the eastern region of India. The Central government aims for the eastern states, including Bihar, West Bengal, and Odisha, to become engines of growth for the entire country. This aligns with the goal of making India a developed country by 2047.

One Comment

  1. Finance Minister has struck proper note to establish Indian Audit Firm in line with international standards

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