India’s ambition to build its own homegrown global professional services champions is achievable—but only if the country addresses deep structural hurdles in its audit ecosystem, says Jamil Khatri, ex-KPMG India audit head and Co-Founder and CEO of Uniqus, an Indian-origin consulting firm with a global presence.
In an exclusive interaction with ETCFO, Khatri cautioned that while the government’s recent move to explore ways of nurturing Indian-origin firms capable of competing with global giants is timely, the path forward requires sharper focus, meaningful reforms, and market-led solutions—not protectionism.
Audit fees in India are pathetically low. The regulatory environment creates fear without matching incentives. And frankly, auditing is no longer an aspirational profession. Without fixing remuneration, reputation, and regulation, you can’t build a global audit brand.
Jamil Khatri, ex-KPMG India audit head and Co-Founder and CEO of Uniqus
Consulting or Audit?
Last month, the Prime Minister’s Office (PMO) set up a special committee to examine how India could encourage the creation of domestic professional services firms with global potential. But Khatri believes the first step is to define what India is really trying to build.
“Are we talking about building global audit firms or global consulting firms? Because the two are entirely different journeys,” he said. Khatri pointed out that in consulting and advisory, Indian firms like Uniqus are already competing globally without the need for special government support.
Infosys, TCS, Wipro—none of these firms needed government help to become global names. The same applies to consulting Khatri said.
Audit Ambitions Face Deep Hurdles
The real challenge, Khatri noted, lies in the audit business—where outdated fee structures, excessive regulatory constraints, and waning talent interest have made scaling difficult.
“Auditors in India are underpaid, over-regulated, and undervalued. Young professionals no longer see auditing as an exciting or respected career,” he said.
“Without fixing these basics—better pay, a supportive ecosystem, and restored prestige—you can’t expect to create global-scale audit firms.” He highlighted France’s Mazars, which expanded significantly due to joint audit mandates—suggesting that India could consider similar incentive-driven models to help local audit firms scale.
“You can’t legislate greatness. Someone in India has to find it attractive enough to build this,” he said.
Reform Without Protectionism
Khatri cautioned against any protectionist approach that might seek to curb the presence of foreign players in a bid to promote Indian firms.
We don’t need to restrict foreign firms to build Indian ones. In consulting, there are no barriers —Indian firms just need to step up Khatri said.
While he acknowledged that certain restrictions imposed by professional bodies—such as on advertising and firm structures—have hampered growth, he stressed that the larger issue is the lack of financial and social incentives in the audit profession.
Global Trend Towards Audit-Consulting Separation
Khatri also pointed to the global trend of separating audit and consulting services—a move aimed at reducing conflicts of interest.
“I personally believe you can build a world-class audit firm without a consulting arm. That’s the direction the world is heading in, and India will likely follow,” he said.
Private Sector Must Lead India’s Global Firm Dream
While the government has set the stage for discussion, Khatri emphasized that the private sector must ultimately take the lead in building Indian-origin firms with global ambitions.
“The government can help with reforms and incentives, but the private sector has to build. Just as Uniqus is doing in consulting—someone has to take that step in audit too,” he said.
A Moment for India to Build Global Champions
The push to create Indian-origin global professional services firms reflects India’s broader ambition under the Atmanirbhar Bharat vision to build self-reliance and national champions in key sectors.
At a time when global audit and consulting firms are under increasing scrutiny to separate their businesses and enhance governance, India has a unique opportunity to create its own world-class brands—provided the right conditions are in place.
“The problem is solvable,” Khatri concluded. “But it needs purposeful action—not just committees.”
Source: ETCFO
