Government initiates formation of interdisciplinary joint venture entities; ministry seeks public feedback
The Indian government has put forth a series of questions aimed at shaping the future of the consultancy sector in the country. Nine questions have been posed to various stakeholders, seeking their input on rules, regulatory safeguards, and global best practices.
One of the key questions concerns the regulations that currently prevent Indian firms from offering services in India, similar to global consultancy firms operating both domestically and internationally. This issue is of significant importance as it could potentially level the playing field and foster competition.
Another question focuses on the mechanism to settle disputes among professionals in a Multidisciplinary Practice (MDP). The establishment of a fair and effective dispute resolution process is crucial for the successful implementation of the MDP framework.
The government is also interested in learning about successful MDP models in other countries and which best practices should be adopted in India. This question underscores the government's commitment to ensuring Indian firms become globally competitive players.
In addition, the questions address specific changes in Rules/Regulations governing different professionals in India. The government seeks to understand how these changes can be implemented effectively to promote growth and competitiveness.
The issue of brand building for Indian firms without opening the sector to solicitation/advertising is another important point of discussion. The government is keen to find ways to encourage brand building while maintaining the integrity and professionalism of the sector.
The status of presence of Indian Consultancy firms in the international market is also a topic of interest. Understanding the current standing of these firms will provide valuable insights into the challenges they face and the strategies they can employ to become more competitive globally.
Lastly, the government is open to suggestions from respondents about any other issue they deem relevant. This question provides an opportunity for stakeholders to voice their concerns and offer solutions.
In a significant development, the Ministry has selected four Indian companies - Tech Mahindra, Fractal Analytics, BharatGen, and Avataar AI - to develop large language models (LLMs). This move is expected to boost the capabilities of Indian firms in the field of artificial intelligence and machine learning.
The answers to these questions will play a crucial role in shaping the future of the consultancy sector in India. The government's proactive approach in seeking stakeholder inputs demonstrates its commitment to creating an environment that fosters growth and competitiveness for Indian firms.
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