Big push to power ‘desi’ firms to compete with big 4
In recent years, there has been a growing trend of Indian companies making their mark on the global stage. From IT giants like TCS and Infosys to consumer goods companies like Tata and Mahindra, Indian firms have been steadily gaining recognition and success in the international market. However, there is still a long way to go for these companies to compete with the big 4 – the four largest professional services firms in the world, namely Deloitte, PwC, EY, and KPMG. But with a big push towards empowering ‘desi’ firms, this gap is set to close in the near future.
The big 4 have been dominating the global market for decades, providing a wide range of services such as audit, tax, consulting, and advisory to clients across various industries. Their strong brand reputation, global presence, and extensive resources have made it challenging for smaller firms to compete with them. However, the Indian government and industry leaders have recognized the potential of homegrown companies and are taking steps to level the playing field.
One of the major initiatives taken by the government is the ‘Make in India’ campaign, which aims to promote and support Indian businesses to become global players. This campaign has not only attracted foreign investment but has also encouraged Indian companies to expand their operations and compete with the big 4 on a global scale. The government has also introduced policies and reforms to improve the ease of doing business in the country, making it more conducive for Indian firms to grow and thrive.
Moreover, industry bodies like the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have been actively promoting and supporting Indian companies to compete with the big 4. They have been organizing workshops, seminars, and networking events to provide a platform for Indian firms to showcase their capabilities and connect with potential clients. These efforts have not only helped in building the confidence of Indian companies but have also created a sense of healthy competition in the market.
Another significant step towards empowering ‘desi’ firms is the collaboration between Indian companies and the big 4. Many Indian firms have entered into joint ventures or strategic partnerships with the big 4 to leverage their expertise and resources. This has not only helped in enhancing the capabilities of Indian firms but has also provided them with exposure to global best practices and standards. Such collaborations have also opened up opportunities for Indian firms to work on large-scale projects and gain experience in handling complex assignments.
Furthermore, the Indian government has been promoting the concept of ‘Atmanirbhar Bharat’ or self-reliant India, which encourages Indian companies to reduce their dependence on foreign firms and become self-sufficient. This has led to a surge in the demand for Indian firms in various sectors, including professional services. With the government’s support and encouragement, Indian companies are now investing in research and development, innovation, and technology to enhance their capabilities and compete with the big 4.
The big push towards empowering ‘desi’ firms has also been driven by the changing dynamics of the global market. With the rise of emerging economies and the increasing demand for localized services, there has been a shift towards regional players. This has created a window of opportunity for Indian firms to establish themselves as strong contenders in the global market. Indian companies are now focusing on building their brand reputation, expanding their global presence, and providing specialized services to cater to the needs of their clients.
In conclusion, the big push to power ‘desi’ firms to compete with the big 4 is a positive and motivating step towards making India a global economic powerhouse. With the government’s support, industry bodies’ initiatives, and the changing dynamics of the global market, Indian companies are well on their way to becoming strong competitors to the big 4. It is an exciting time for Indian firms, and with the right strategies and efforts, they are sure to make their mark on the global stage. Let us all join hands and support our ‘desi’ firms in their journey towards success and recognition.
