PMO Meeting scheduled for 23rd Sept to Boost Homegrown Consulting Giants Against Big Four

The Prime Minister’s Office (PMO) has scheduled a high-level meeting on September 23, 2025, to explore regulatory reforms aimed at nurturing large Indian audit and consulting firms capable of competing with global Big Four firms — Deloitte, Ernst & Young (EY), KPMG, and PwC. This strategic push comes as India accelerates its ambition to build a stronger digital infrastructure, consulting industry, and corporate governance framework.

A Strategic Push for Homegrown Audit Firms

Prime Minister Narendra Modi first highlighted the need in 2017 for at least four homegrown consulting firms that could rank among the world’s top audit and advisory networks. The September 23 meeting, chaired by Principal Secretary Shaktikanta Das, will bring together senior officials from the Ministry of Finance and Ministry of Corporate Affairs to chart the roadmap for globally competitive Indian firms.

Current Dominance of the Big Four in India

India’s consulting market is currently dominated by affiliates of the Big Four audit firms, along with players like Grant Thornton and BDO. As of March 2025, these global firms managed assignments for 326 of the 486 Nifty-500 companies. Industry estimates suggest their combined revenues in India have crossed ₹45,000 crore, driven by strong brand value, international scale, and regulatory advantages.

 

One major reform being considered is the creation of multidisciplinary firms (MDFs), where chartered accountants, lawyers, actuaries, and company secretaries can collaborate under one entity. This model mirrors global consulting firms that already operate as integrated networks, offering end-to-end business advisory services.

Key Challenges Facing Indian Firms

● Despite India’s growing economy, domestic audit and consulting firms face several barriers:

● Ban on advertising and marketing of services.

● Fragmented regulation across professional bodies.

● Restrictive procurement rules in public sector contracts.

● Limited global partnerships restricting international growth.

● Capital constraints that hinder fundraising and scaling.

Addressing these bottlenecks is seen as critical to making Indian firms globally competitive.

The Institute of Chartered Accountants of India (ICAI) has recently approved a draft framework to enable alliances between Indian audit firms and global consulting networks. This reform could help Indian players build expertise, scale, and credibility in global markets.

The global audit and consulting industry is valued at over $240 billion (₹20 lakh crore). Capturing even a fraction of this market would not only boost India’s revenues but also strengthen corporate independence, transparency, and trust. For policymakers, building indigenous audit giants is not just about business growth but also about ensuring India’s corporate sovereignty and reducing long-term dependency on foreign consulting networks.