The Institute of Chartered Accountants of India Dubai Chapter hosted a major event focusing on India’s ambitious vision to establish its own global consulting powerhouses to rival the traditional Big Four firms. Lok Sabha MP and former Information & Broadcasting Minister Anurag Singh Thakur served as chief guest at the gathering themed “Future of Audit & Global Consultancies: Automate. Adapt. Assure.”
Speaking at the event, ICAI Chairman Jai Prakash Agarwal emphasized the urgent need for India to develop indigenous consulting capabilities, noting that the existing Big Four consulting firms currently generate revenues of INR 38,000 crores from India in 2024, with projections reaching INR 45,000 crores by 2025. “The vision is to create our own Big Four consulting firms from India,” Agarwal stated, highlighting the substantial opportunity for domestic players.
Chief guest Shri Anurag Singh Thakur underscored the strategic importance of building homegrown consulting giants, citing national and data sovereignty concerns. “India’s growth story can’t be dependent on foreign firms. We need to cultivate our own,” he said and emphasized that establishing domestic consulting capabilities is not merely aspirational but represents a critical national requirement.
The event highlighted India’s remarkable economic transformation, with the MP noting the country’s evolution “from the Fragile 5 to the top 5 economies.” He cited impressive statistics demonstrating India’s digital revolution, including UPI’s dominance in global real-time digital payments at 49% of worldwide transactions, processing over 12 billion monthly transactions.
India’s startup ecosystem has experienced explosive growth, expanding from just 450 startups in 2014 to 185,000 registered startups currently, making it the world’s third-largest startup ecosystem with 120 unicorns. The country now hosts over 10,244 fintech entities, ranking third globally in this sector.
Thakur projected substantial future demand for professional services, estimating that India will require one million professionally trained Chartered Accountants by 2030 as the economy moves toward becoming the world’s second-largest. He emphasized the need for the profession to evolve from traditional auditing toward technology-driven, multidisciplinary solutions.
Shri Anurag Singh Thakur highlighted India’s strategic position in the emerging India-Middle East-Africa economic triangle, describing it as “the growth triangle of the 21st century.” With India-Africa trade surpassing $100 billion and Dubai serving as a crucial services hub linking Asia and Africa, the region presents significant opportunities for Indian consulting firms to expand globally.
ICAI Dubai Chapter, identified as the largest and most vibrant of ICAI’s 50 overseas chapters, plays a crucial role in this expansion strategy. The institute has established reciprocity agreements with professional bodies across Qatar, UAE, Kuwait, Oman, Tanzania, Nigeria, and Kenya, creating pathways for Indian professionals to operate internationally.The event also addressed practical concerns for regional practitioners, including guidance on UAE Corporate Tax compliance and new audit report requirements. Participants learned about emerging sections that auditors must include and document when filing corporate tax returns in the UAE.
