26 July 2004 - More good news for member firms in India as strong growth raises MSI's profile in the burgeoning Indian accountancy market.

The combined annual fee income of Indian member firms of MSI helped us achieve third spot in the International Accounting Bulletin's annual league table of associations of independent firms in India. A 77 per cent increase in turnover to US$2.3 million mirrored the general growth of the mid tier in India and the expected eight per cent growth in India's economy in 2004.

The IAB survey showed mid-tier firms growing annual fees by 26 per cent, building on the momentum of recent years. In contrast, the Big Four firms remain in dispute with the Institute of Chartered Accountants of India, accusing it of protectionism. The Big Four refused to take part in the survey, although they reportedly already have a 15 per cent share of the market.

Congratulations to Chokshi & Chokshi and our other member firm in India, who are quoted in the survey as follows: "Chokshi and Chokshi retained an important contract with the Financial Services Commission of Mauritius and was appointed as central statutory auditor of the Bank of Rajasthan. Another success for the network's member firms was the internal audit contracts with Bharti Tele-Ventures, which has branches peppered from the north to the south of India.