In a significant strategic push, the Prime Minister’s Office recently convened a high-level meeting, led by Principal Secretary Shaktikanta Das, to accelerate the development of India's own "Big Four" accounting and consultancy firms.
This initiative aims to cultivate large, globally competitive homegrown entities capable of rivalling international powerhouses like EY, KPMG, Deloitte, and PwC.
This drive stems from Prime Minister Narendra Modi's 2017 vision for India to foster domestic firms that can rank among the world's top eight.
The move addresses a perceived structural gap in the Indian audit sector, currently dominated by foreign Big Four affiliates, which oversee most Nifty 500 audits and generate over ₹45,000 crore annually.
The government believes this reliance stifles domestic capacity and innovation.
To facilitate this transformation, proposed reforms from the Institute of Chartered Accountants of India (ICAI) include easing mergers, extending registration deadlines, and waiving certain fees for Indian firms.
New regulations would also mandate formal registration of global affiliations and the appointment of senior partners as compliance officers for cross-border mergers, enhancing transparency and accountability.
Through this comprehensive framework, the government envisions Indian firms not only robustly serving domestic markets but also emerging as formidable global leaders in audit and consultancy services.
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