New Delhi: The Ministry of Corporate Affairs (MCA) has unveiled a proposal to establish multi-disciplinary partnership (MDP) firms capable of offering a broad suite of professional services under a single umbrella.
The initiative, aimed at strengthening India’s domestic consulting and auditing ecosystem, invites public feedback until 30 September, according to an official statement released on 17 September.
The planned MDPs would provide a wide range of services, spanning cost record maintenance, accounting, auditing, assurance, secretarial and legal support, valuation and management consultancy, designed to compete with international heavyweights such as PwC, Deloitte, KPMG, EY, McKinsey & Company and Bain & Company.
An Inter-Ministerial Group, chaired by the MCA Secretary, has been set up to guide the framework and explore how Indian multi-disciplinary partnership firms can scale globally.
The ministry noted that while India boasts a strong talent pool, domestic firms remain minor players in high-value audits and consulting due to structural and regulatory hurdles.
With the global consulting and auditing industry estimated at nearly $240 billion, the government aims for Indian companies to emerge as global brands in areas such as ESG advisory, compliance, IT services and multidisciplinary consultancy.
The proposal aligns with the government’s broader Atmanirbhar Bharat vision, aiming to reduce reliance on multinational corporations for strategic audits and advisory work.
Discussion about this post