India is eyeing a shake-up in the professional services space. The government has proposed the creation of multidisciplinary partnership (MDP) firms that can deliver accounting, auditing, legal, valuation, and management services together, positioning them as domestic challengers to the world’s largest consulting and auditing firms.
Breakdown
The Proposal:
The plan envisions MDP firms that bring diverse services such as cost accounting, assurance, secretarial, legal, valuation, and management, under a single structure.
The Objective:
By allowing firms to operate across verticals, the government hopes to build local entities that can match the scale and scope of global consulting giants.
The Competitive Landscape:
The move is targeted at reducing reliance on international players such as PwC, Deloitte, KPMG, EY, McKinsey & Company, and Bain & Company, which dominate India’s high-value consulting market.
Why This Matters
If implemented, MDP firms could change how businesses in India access professional services. Instead of fragmented providers, companies could tap into one integrated entity, improving efficiency and reducing costs. For domestic firms, it represents a rare chance to scale up and compete globally.
The Bigger Picture
Professional services are critical to governance, compliance, and business growth. With India’s economy expanding and regulations becoming more complex, the demand for sophisticated advisory is rising. By nurturing homegrown multidisciplinary firms, India aims to capture more value domestically while building globally competitive champions in consulting and auditing.