There is a clear gap in the market in many services that local CA can fill: Rakesh Nangia of Nangia & Co

With the Prime Minister’s office recently held a brainstorming session on how to expand the scope of accounting, review, review and consulting Indian to compete with the global giants, Rakish Nangia, Nangia & Co administrative partner, in an interview with BT, it says it needs the hour and will help Indian companies to develop and mature. Excerpts edited:

The government and ICAI are working on plans to expand accounting, review, audit, and review companies. Does Indian companies have the ability to compete with international accounting companies and the four major companies?

It is not a matter of whether we have the ability or not. This is the need for the watch. Thinking about the government is that India needs self -reliance and does not depend on any other country, whether it is manufacturing or services. This is the genesis of Atmanirbhar Bharat. We have already achieved self -reliance in many sectors. Our information technology sector is an example, as we have over the past two decades have become among the largest world. India has also achieved self -reliance in sectors such as defense, space and nuclearians, which have been slowly opened to completely depend on international companies. Even in the semi -conductors, India takes great steps. I will give you a classic example of my profession. The government opened the BFSI space for the four BIG companies. All CA companies have seen a jump in its practice. The government did not do much, but it was only released by some provisions. It is a slow and gradual process, and people and companies must get used to. There should be no disruption to the economy. The government gives a message that we will continue to open up.

Q: What kind of measures needed to increase the construction and size of Indian companies?

It is related to opening the economy. The government was very clear about moving in this direction for ease of doing business without causing any disturbances. This also applies to CA companies and helps them grow. We do not compare ourselves with the four major companies, which have been around for more than 100 years, and we have huge amounts of capital, network and talent. But when the government opens rulings in the gradual stages, it helps in making local CA companies more self -acquisition and independent without any disturbance. I will give some examples. For example, why can’t we get joint audits for more companies? Regardless of the Big Four, there will be 50 to 100 medium -sized local companies from CA that will start competition. They will get the stadium level. They have teams specialized in place, and they will be able to meet the demand. There is a clear gap in the market in many services that these companies can fill. In BFSI space, CA companies operate a good size, whether it is bank audits or insurance companies. All of these companies have obtained very good opportunities to provide services, and they work well. The government can gradually open the sector, and ultimately after two to three years, it can open the sector completely. The level of satisfaction for customers is very high.

Amendments to the Companies Law are looking at more provisions such as joint scrutiny ….

Yes, one of the rulings is that joint scrutiny should not be limited to a few companies and must be opened. I will not be surprised if they follow and open the BFSI model. My company is a classic example in the BFSI sector. The level of satisfaction for customers is very high, although previous concerns that there will be no good services or there will be no professionalism enough. CA Indian companies have knowledge and experience to serve customers in this sector.

Indian review and consulting companies are usually owned by the family and are generally proud of their heritage and proportions. Will they be ready to integrate and become big?

It is related to maturity, and I think this is happening now. There is some frequency, but when the door opens, it can lead to huge opportunities. The nature of businesses today changes, and CA companies also need to develop.

What are your focus areas in terms of expansion and capacity building?

Nangia & Co LLP was founded in 1984 and has experience through taxes, scrutiny, guarantee, integration and acquisition, assessments, corporate financial consultations, GST, cybersecurity, sustainability, forensic medicine, government consultations, and health care, among other areas of services. We are reasonably an aggressive company. The challenges are always present for an Indian company that is smaller in value and talent. We have good talent. We have some cultural spirit-speed in decision-making, faster and more light shift. I create my own area in the profession.