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With the government on Friday brainstorming on scaling up home-grown accounting, audit & advisory firms, Rakesh Nangia, Managing Partner of Nangia & Co LLP tells businessline that Indian audit firms are globally competitive and lists out policy support measures required for further boosting their prospects. Excerpts from the interaction.
What is the significance of the discussion that the government held today?
This discussion has a strategic importance as it is a move towards enhancing India’s self-reliance in professional services sector.By fostering the growth of large-scale Indian firms in audit, tax and advisory, we can build institutions that are more closely aligned with the Indian regulatory and business landscape. This initiative also lays the foundation for creating globally competitive Indian firms capable of exporting high-value professional services, much like the success witnessed in the IT sector. Such brainstorming sessions provide a vital platform for collaboration among the Government, industry, and professionals to collectively define a long-term vision, identify systemic gaps, and formulate policy interventions.
What are your competitive strengths vis-a-vis the big global 4s?
Our core strength lies in our deeper understanding of the Indian regulatory framework, business landscape and client expectations. In contrast to global firms, we deliver agile, customised solutions, supported by swift decision-making and direct partner level involvement.We place strong emphasis on building long-term client relationships, our approach is anchored in trust, accessibility and continuity. As an Indian Firm, we bring deep domain expertise combined with cultural context, allowing us to respond more effectively to the needs of emerging sectors and high-growth enterprises. Most importantly, as a founder-led firm, we bring a high degree of ownership, accountability, and agility, which allows us to remain responsive and forward-looking in a dynamic business environment.
What future do you envisage for home-grown audit and accounting firms?
The potential for homegrown audit and advisory firms is immense. As one of the world’s fastest-growing economies, India is witnessing rapid expansion in its startup ecosystem, capital markets, and regulatory landscape all of which demand credible, high-quality professional services. Indian firms are well-positioned to meet this demand, offering advantages of local expertise, cultural alignment, and operational agility. With the right policy support, whether through public sector procurement, capacity building or regulatory facilitation, these firms can scale effectively and emulate the global success as achieved by India’s IT sector. The opportunity extends beyond domestic service delivery – it is about positioning Indian firms as global providers of tax and advisory talent. With sustained investments in technology, governance frameworks, and service quality, there is every reason to believe that Indian firms can emerge as globally competitive players within this decade.
What kind of policy measurers and regulatory changes are required to help home grown firms?
First, public sector procurement norms should actively promote the inclusion of Indian firms in large-scale audit, tax, and advisory mandates. This would offer them greater visibility, institutional experience, and the ability to scale. Second, regulatory parity is crucial. While Indian firms are subject to rigorous standards, many global networks operate through affiliate models with varying levels of accountability. Establishing a level playing field will ensure fair competition. Third, investment in talent development is key. There is a pressing need to skill, reskill, and retain professionals in emerging areas such as digital audit, ESG, and international tax. Government-led programmes, in collaboration with the Institute and industry bodies, can play a transformative role in this regard. Finally, it is essential to introduce supportive reforms that make it easier for Indian firms to grow and compete globally. This includes simplifying rules that allow Indian firms to expand internationally.
What are your plans for expansion?
Ultimately, our expansion plan is centred on building a strong, sustainable institution that delivers high-quality services consistently while adapting to the changing business environment. We are committed to deepening our expertise and broadening our geographic reach, nationally and internationally, so that we can support clients wherever they operate. By investing in advanced capabilities, we aim to be recognized as a credible Indian firm that offers global-level execution and insights. We are also investing significantly in next-generation capabilities particularly in tax technology, compliance automation, AI and data analytics to enhance service delivery and drive greater efficiency. Our goal is not only growth in scale but also in reputation – becoming a trusted advisor known for integrity, innovation, and responsiveness. In essence, we want to create a legacy – a firm that stands the test of time, built on solid foundations of quality, client trust, and forward-thinking leadership. This is the roadmap that would guide our journey in the years ahead. We expect 35 per cent cumulative growth on year to year basis.
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