Finance Minister Nirmala Sitharaman In a dynamic call to action, asked the Bihar chapter of the Institute of Chartered Accountants of India (ICAI) to spearhead the creation of a challenging Indian auditing firm. For this firm she envisages must aspire to join the ranks of the globally renowned Big Four and draw international clients.
In a meeting with ICAI in Patna, Sitharaman highlighted the significance of setting ambitious goals as part of their 100-day agenda desired to realize the vision of Viksit Bharat by 2047. She emphasized that Bihar can demonstrate noteworthy leadership and innovation in the accounting field.
You must develop an effective CA firm that comes under the top four companies. What restricts us from doing the same? Sitharaman contested, emphasizing the prowess and potential of Indian Chartered Accountants who are highly appreciated all across the world.
In the present time, the dominant players in the accounting field are Deloitte, EY, KPMG, and PwC. Sitharaman asked instead of making a new top-tier ca firm why don’t Indian CAs aim to become leaders within such existing firms even if they own the global respect and capabilities?
“Why is it that despite the large number of high-quality CAs in India – respected all over the world – our CAs become (only) leaders and partners in Big Four firms? Why would you rather become a partner in a Big Four but not form a Big Four in India?” Sitharaman asked individually.
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FM supported the revisions in the policies to draw industries to Bihar, underlining that modern industries are adaptable to their locations. She added with the instance of a semiconductor unit in Assam that has been achieved via the proactive efforts of the state government instead of the existing industrial ecosystem.
She stated, “Industries are required to be brought here. Growth will come from East India. The Central government wants eastern states – Bihar, West Bengal, Odisha – to become engines of growth for the whole country as part of the goal to make India a developed country by 2047,” emphasizing the strategic importance of eastern states in the national growth plan.
Bihar ICAI has been challenged by the call to action of the Finance Minister, desiring to grow the status of the region in the financial sector along with contributing towards the more comprehensive vision of a developed and economically robust India by 2047.
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