Overview

• Commerce and Industry Minister Piyush Goyal announced government plans to build large homegrown accountancy and consultancy firms.
• Recent policy shifts have eased merger restrictions and promoted a mindset supportive of domestic consolidation.
• The Institute of Chartered Accountants of India approved draft guidelines for overseas partnerships and will invite public comments.
• Current big four players audit 326 of the 486 Nifty-500 companies and generated over Rs 45,000 crore in combined revenue last fiscal.
• Officials expect the new framework will enable Indian firms to pursue global expansion and compete directly with Deloitte, PwC, EY and KPMG.