India needs real mergers, not paper alliances, to build globally competitive firm
Veteran chartered accountants are calling on Indian accounting and consulting services firms to move beyond symbolic partnerships and pursue genuine mergers to build globally competitive institutions. Their comments come amid a wave of consolidation interest across the sector, as more firms evaluate strategic combinations and the government pushes for homegrown firms with global capabilities. ICAI President emphasized the need for multi-disciplinary capabilities under one unified firm, citing technology and management consulting as essential components in global advisory competitiveness. As per experts, there must be some relaxation of how advisory arms can source work, execute it, and showcase their successful transactions. Branding, not advertising, will be key for building global firms. Branding should apply to consulting, analytics, M&A, ESG, and other non-audit services, not statutory audit functions.
Former ICAI secretary Ashok Haldia stressed that Indian firms remain disadvantaged by outdated regulatory and procurement structures. He pointed to legacy frameworks, including qualification norms for government and large private sector mandates, that effectively limit opportunities for Indian-origin firms. “Rewriting these rules is essential if we want a level playing field for Indian firms to scale and compete globally.”
