BIG ON NATION BUILDING

Chartered Accountants and leading consultancies are India's "Economic Guardians," crucial to shaping the nation's financial stability and economic strength

- ASHISH SINHA & NOOR FATHIMA WARSIA

CHARTERED ACCOUNTANTS (CAs), revered as India’s ‘Economic Guardians’, are integral to the nation’s financial architecture and an essential ingredient driving the Indian economy towards achieving its goal of becoming a $10 trillion economy in the next few years. Amid evolving business practices of the Big Four – Deloitte, PwC, EY and KPMG – in India, the Indian government seeks to empower domestic CA firms through amendments to the LLP Act, fostering their growth into global-scale audit giants. These initiatives aim to fortify India’s economy, ensuring its resilience and global competitiveness.

It is a fact that today homegrown and locally trained CAs have emerged as indispensable architects of India’s economic progress and custodians of its financial integrity. Agreeing with this, S. Ravi, Founder of Ravirajan & Co. & former Chairman of the Bombay Stock Exchange (now BSE), terms CAs as the ‘heart of the economy’. “The CAs drive financial planning, ensure compliance, file returns and oversee books. Chartered accountants are the conscience keepers of the financial system,” he adds. “Despite being a small community with a vast population, their impact is immense. They have a privileged position with a significant role in shaping the Indian economy,” says Rajan.

The conventional role of CAs is also witnessing rapid transformation. “Traditional auditing services, while still essential, are being complemented by a growing demand for comprehensive advisory services. Clients are increasingly seeking holistic solutions that address their strategic, operational, and technological challenges, which is steering the industry towards a more consultancy-focused model,” says Yezdi Nagporewalla, CEO, KPMG India.

Core Role