Business Standard

To be global, become strong within India first

- RAGHU AIYAR

This is a subject of national interest. Suffice it to say that it has now been recognised at highest levels that our national interest in this field has been harmed. ICAI’s Central Council approved two Reports, first in 2003, repeated eight years later in 2011, on operations of multinatio­nal audit firms. ICAI has damaging findings including FEMA, FIPB violations, cross sharing and the infamous “surrogate marketing”. The illegaliti­es, said ICAI, tilt the “level playing field”. Two decades of inaction subverted this unsettling question – do Indianowne­d firms have a future? Last week found Citizens Whistle blower Forum writing to the Finance Ministry. Inexpedien­t audit firm rotation imparted a gift: an insurmount­able three-year downward spiral to our national interest, striking equivalent­ly at the roots of credibilit­y of its well-educated votaries. The embarrassi­ng monopoly of a handful of foreign brands now zooms to unsurpasse­d levels in the top 500 companies. The concentrat­ion in the tax and consulting arenas is more lethal than in auditing – it is silent, since these are non-regulated entities. Indianowne­d firms can have a bright future. With some stanchion could we not have accomplish­ed in the last three decades, the vision our PM expressed at the 68th Founding Day of ICAI, of having four global Indian firms out of a Big Eight? Instead the plight recounted in our PM’s disconcert­ing expression is: “Sadly, there is no Indian firm there”.

Slated to be among the top three countries globally in terms of GDP by 2030, should India gratify foreign powers and never have global Indian firms? This week’s news supplement­s this design with an Indian firm, probably our 51st, hunkering-down.

The universall­y appealing idea of a global Indian firm has one prerequisi­te: become strong within India first. There is another factor than re-setting the “level playing field” through resuscitat­ors, such as change of law requiring mandatory joint audit and resurrecti­on of ‘swadeshi’ in company boards. Let’s patiently re-build our Indian brands by not comparing them at this forsaken juncture with foreignbra­nds. Foreign companies don’t miss any opportunit­y in appointing their own? Our mantra is ‘Make-in-India’.

 ??  ?? Let’s patiently rebuild our Indian brands by not comparing them with foreign brands
Let’s patiently rebuild our Indian brands by not comparing them with foreign brands

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