It’s been almost ten years since prime minister Narendra Modi first floated the idea of India homebrewing their own consulting firms to compete on the global stage against the real ones and about a year since his office started to take a serious look into what they’d actually have to do to pull this off.
We hadn’t heard much about it since but on the occasion of his country’s 80th Indepence Day on August 15, he brought it up again.
Among the ambitions he articulated was the need for Indian banks and pharmaceutical companies to secure a place among the world’s top five in their respective sectors. He also emphasised the need for Indian firms in consulting, legal services, accounting and credit ratings to emerge as globally competitive institutions, arguing that India possesses both the talent and capability required to excel in these fields.
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Indian firms that develop sufficient scale and expertise could expand overseas, generating export revenues and creating high-value employment.
Do they realize the damage they could do if everyone over there who’s working for Western accounting firms quit at the same time? It’s unlikely they’d ever be able to create something that can compete against Big 4 but they sure should cripple them if they wanted.
At this point, it doesn’t look like this idea will get off the ground but you never know.
