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Rakesh Nangia, Managing Partner of Nangia & Co LLP, emphasizes the global competitiveness of Indian audit firms and outlines the necessary policy support to further enhance their prospects. The government's initiative to brainstorm on scaling up home-grown accounting, audit, and advisory firms signifies a strategic move towards bolstering India's self-reliance in the professional services sector. Nangia asserts that fostering the growth of large-scale Indian firms in these domains will cultivate institutions more attuned to the Indian regulatory and business environment. This initiative also serves as a cornerstone for creating globally competitive Indian firms capable of exporting high-value professional services, mirroring the achievements of the IT sector. These brainstorming sessions provide a crucial platform for collaboration among the government, industry stakeholders, and professionals to collectively define a long-term vision, identify systemic gaps, and formulate effective policy interventions. Nangia highlights the competitive strengths of Indian firms, particularly their deeper understanding of the Indian regulatory framework, business landscape, and client expectations. Unlike global firms, Indian firms offer agile, customized solutions characterized by swift decision-making and direct partner-level involvement. Nangia underscores the importance of building long-term client relationships based on trust, accessibility, and continuity. As Indian firms, they possess deep domain expertise coupled with cultural context, enabling them to respond effectively to the needs of emerging sectors and high-growth enterprises. Furthermore, Nangia emphasizes that as founder-led firms, they exhibit a high degree of ownership, accountability, and agility, allowing them to remain responsive and forward-looking in a dynamic business environment. He envisions immense potential for homegrown audit and advisory firms, given India's status as one of the world's fastest-growing economies. The rapid expansion of India's startup ecosystem, capital markets, and regulatory landscape necessitates credible, high-quality professional services. Indian firms are well-positioned to meet this demand, leveraging their local expertise, cultural alignment, and operational agility. Nangia believes that with the right policy support, including public sector procurement, capacity building, and regulatory facilitation, these firms can scale effectively and replicate the global success achieved by India's IT sector. The opportunity extends beyond domestic service delivery, aiming to position Indian firms as global providers of tax and advisory talent. Sustained investments in technology, governance frameworks, and service quality are essential for Indian firms to emerge as globally competitive players within this decade. Nangia calls for specific policy measures and regulatory changes to support the growth of homegrown firms. Firstly, public sector procurement norms should actively promote the inclusion of Indian firms in large-scale audit, tax, and advisory mandates, providing them with greater visibility, institutional experience, and the ability to scale. Secondly, regulatory parity is crucial to ensure fair competition, as Indian firms are subject to rigorous standards, while many global networks operate through affiliate models with varying levels of accountability. Thirdly, investment in talent development is essential to address the pressing need to skill, reskill, and retain professionals in emerging areas such as digital audit, ESG, and international tax. Government-led programs, in collaboration with the Institute and industry bodies, can play a transformative role in this regard. Finally, Nangia advocates for supportive reforms that simplify rules and facilitate the international expansion of Indian firms.
Nangia articulates the firm's expansion plan, which is centered on building a strong, sustainable institution that consistently delivers high-quality services while adapting to the changing business environment. The firm is committed to deepening its expertise and broadening its geographic reach, both nationally and internationally, to support clients wherever they operate. By investing in advanced capabilities, the firm aims to be recognized as a credible Indian firm that offers global-level execution and insights. Nangia emphasizes significant investments in next-generation capabilities, particularly in tax technology, compliance automation, AI, and data analytics, to enhance service delivery and drive greater efficiency. The firm's goal is not only growth in scale but also in reputation, aspiring to become a trusted advisor known for integrity, innovation, and responsiveness. In essence, the firm aims 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 roadmap will guide the firm's journey in the years ahead, with an expected cumulative growth of 35% year-on-year. The discussion that the government held is significant because it is a strategic move towards enhancing India’s self-reliance in the professional services sector. By fostering the growth of large-scale Indian firms in audit, tax, and advisory, India 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. Nangia's competitive strengths vis-a-vis the big global 4s lie in their deeper understanding of the Indian regulatory framework, business landscape, and client expectations. In contrast to global firms, they deliver agile, customised solutions, supported by swift decision-making and direct partner level involvement. Nangia & Co LLP place a strong emphasis on building long-term client relationships, their approach is anchored in trust, accessibility, and continuity. As an Indian Firm, they bring deep domain expertise combined with cultural context, allowing them to respond more effectively to the needs of emerging sectors and high-growth enterprises. Most importantly, as a founder-led firm, they bring a high degree of ownership, accountability, and agility, which allows them to remain responsive and forward-looking in a dynamic business environment.
The future for homegrown audit and accounting firms is bright. 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. Policy measures and regulatory changes required to help home grown firms include the fact that 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.
Source: Founder-led desi firms brings high degree of ownership and accountability: Rakesh Nangia