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Prime Minister Narendra Modi in 2017 had stated that there are so many accounting firms in India, but none of them has managed to find a place among the top global players
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Commerce and Industry Minister Piyush Goyal on Thursday asked the chartered accountants to look at scaling up the sector to serve clients worldwide.
Institute of Chartered Accountants of India (ICAI) should resolve that when it turns 75, can 'we look at having our first set of global world-class chartered accountancy firms serving clients worldwide,' the minister said.
Goyal said he would like to see some of the domestic firms working out of the US, Europe, UAE, Gulf nations, Japan and Korea and hire CAs from those countries to work in their companies.
'That's we all have to aspire...what we need is a complete mindset change, a reset of our ambitions as a profession and we need to have some targets,' he said while speaking at 73rd Chartered Accountants' Day Programme of ICAI.
Prime Minister Narendra Modi in 2017 had stated that there are so many accounting firms in India, but none of them has managed to find a place among the top global players. He had called for creating four big Indian accounting firms that are counted among the world's 'big eight'.
'I would urge the leaders of the profession to see how we are going to encourage more and more of our CAs to look at a scale, to look at larger firms, to look at the possibilities of mergers, acquisitions, partnerships...,' Goyal said, adding, 'I think, we need to have a little bit of hunger towards that ambition'.
Further, the minister also suggested the CA fraternity not to misguide clients and not encourage people to try and beat the system.
'I think, finding loopholes and devices to beat the spirit of the law is a relic of the past, it is a bygone story,' he said.
(PTI)