Indian CA firms often face challenges like global recognition, intense competition, and the need to adapt to rapidly changing international standards.
In 2017, Prime Minister Narendra Modi delivered an inspiring speech to the Chartered Accountants community on the Foundation Day of the ICAI (Institute of Chartered Accountants in India). He urged them to work hard and strive to be counted among the top four accounting firms in India. His words were clear, "I want to see the name of Indian accounting firms in the list of 'Big 4'." Nangia & Co. LLP, founded by Rakesh Nangia, proudly ranks amongst the top accounting firms in India, 2023, and is dedicatedly progressing towards achieving the PM's visionary goal. In a conversation with Rakesh Nangia, Founder and Managing Partner, Nangia & Co LLP-Let's explore the firm's mission to rise to the India's leading CA firms and delve into his plans for this commendable vision.
Could you share your thoughts on Prime Minister Narendra Modi's call to the CA community to propel Indian firms into the league of the 'Big 4' global accounting firms?
Prime Minister Modi's call in 2017 was indeed a remarkable moment for our profession. It served as a source of inspiration for us and many other CA firms in India. His vision to see Indian firms competing on a global scale motivated us to set ambitious goals and work relentlessly towards achieving them.
Nangia & Co LLP has been ranked among the Top 10 CA firms, 2023 in India. Can you tell us about your journey and what steps you have taken to move closer to fulfilling the Prime Minister's dream?
Our journey has been one of continuous growth and evolution. We have always strived to provide the highest quality services to our clients and build a team of talented professionals. To approach the Prime Minister's dream, we have been focusing on a few key areas:
- Global Expansion: We are expanding our global presence, opening offices in key financial hubs to serve our clients more effectively on an international scale.
- Enhanced Expertise: We've invested heavily in upskilling our team and developing specialized expertise in various sectors to cater to the complex demands of the global market.
- Technology Adoption: We understand the significance of technology in today's world. Embracing cutting-edge technologies has helped us improve efficiency, accuracy, and service delivery.
What are the specific challenges that Indian CA firms face when aiming to compete on a global level, and how is Nangia & Co LLP addressing them?
Indian CA firms often face challenges like global recognition, intense competition, and the need to adapt to rapidly changing international standards. To tackle these issues, we have initiated various strategies:
- Quality Assurance: Ensuring the highest quality in our services is a top priority. We implement stringent quality control processes and invest in technology to maintain accuracy and consistency.
- Training and Development: Investing in continuous education and training programs for our teams to ensure they are up-to-date with Domestic and International accounting standards and best practices.
What role does innovation play in Nangia & Co LLP's journey towards becoming a global CA firm?
Innovation is the lifeblood of progress. We encourage our team to think creatively and adapt to evolving business environments. We continuously explore innovative ways to streamline our processes, enhance service delivery, and leverage data analytics to provide valuable insights to our clients.
In your opinion, how far are we from seeing Indian CA firms among the top global players, as envisioned by Prime Minister Modi?
While we have made significant progress, we must acknowledge that becoming a top global CA Indian firm is a long-term goal. It will require sustained effort, collaboration, and the support of the government and the entire CA community. However, I am confident that with the commitment and dedication of Indian CA community, we can get closer to realizing Prime Minister Modi's vision.
What message do you have for aspiring CAs and the CA community in India who aim to make their mark on the global stage?
My message is simple – dream big and work hard. The world is full of opportunities, and by honing your skills, fostering innovation, and staying true to the highest standards of professionalism, you can contribute to not only Prime Minister Modi's vision but also leave a lasting impact on the global stage. Remember that every small step counts, and together, we can achieve great heights.
Nangia & Co LLP's journey is indeed an inspiring example of dedication and commitment towards achieving this dream.
Can you tell us about your plans for the future and how you envision Nangia & Co LLP's role on the global stage in the coming years?
We have a clear roadmap for the future. Our plans include further expansion into key international markets, strengthening strategic partnerships, and engaging in collaborations that enhance our global reach. We aim to position Nangia & Co LLP as a leader in providing not just accounting and financial services but also comprehensive business solutions on a global scale.
How important is collaboration and networking for achieving global recognition, and how does Nangia & Co LLP engage in these aspects?
Collaboration and networking are pivotal for global recognition. We actively engage with international associations, participate in global conferences, and establish partnerships with esteemed organizations. By fostering strong relationships and sharing knowledge, we enhance our understanding of international markets and continually refine our services to meet global expectations.
Could you shed some light on the values and ethos that drive Nangia & Co LLP in its quest for excellence and global prominence?
Integrity, client-centricity, innovation, and continuous improvement are at the core of our values. We believe in transparency, professionalism, and the highest ethical standards. Our commitment to quality and unwavering dedication to our clients' success drive us to deliver exceptional services and set new benchmarks in the industry.
The journey of Nangia & Co LLP towards fulfilling Prime Minister Modi's dream is an inspiring narrative of ambition, hard work, and a commitment to excellence. The firm's vision to elevate itself to the league of global CA giants is driven by a passionate team and a steadfast dedication to providing unparalleled services. As they continue expanding their horizons and embracing innovation, Nangia & Co LLP is set to leave an indelible mark on the international stage, showcasing the capabilities and potential of Indian CA firms.
We thank Rakesh Nangia for sharing his insights and wish Nangia & Co LLP continued success in their journey towards global recognition and fulfilling the Prime Minister's vision for the CA community in India.