Government Push for Homegrown Giants
The government is working to strengthen Indian audit and advisory firms so they can stand shoulder to shoulder with global giants like EY, KPMG, Deloitte, and PwC. At the core of this plan are major regulatory changes. Professionals such as chartered accountants, company secretaries, and lawyers—who were traditionally barred from advertising—may soon be allowed to build brands more aggressively. Officials believe this will give Indian firms the visibility they need to compete globally.
A high-level inter-ministerial group, headed by Shaktikanta Das, has been driving this agenda. In recent meetings at the Prime Minister’s Office, the group reviewed measures to help Indian firms break structural barriers and scale up.
Building Capacity Through Reforms
Key proposals include amendments to the Companies Act, 2013, to allow multi-disciplinary partnerships where CAs, lawyers, company secretaries, and actuaries can work under a single umbrella. This model will finally give Indian firms the ability to provide integrated services that mirror the offerings of international players.
The Public Procurement Order is also under review. Proposed changes could restrict foreign advisory firms from bagging lucrative government contracts, echoing US-style restrictions that give preference to domestic firms. With most central and state government consulting projects currently dominated by the Big Four, this move could significantly shift market share in favor of Indian companies.
ICAI and Professional Bodies at the Center
Professional institutes like ICAI, ICSI, and ICWAI are being asked to ramp up skill development, tech adoption, and overall capacity building. The government wants Indian professionals to be trained in artificial intelligence, automation, and advanced audit practices—tools that global firms already use to maintain quality and efficiency.
ICAI has already set up an internal group to revise its outdated advertising guidelines, last updated in 2008. These revisions could mark a turning point in how Indian firms present themselves to clients both at home and abroad.
Why This Matters Now
India’s professional services market has enormous potential but continues to be dominated by foreign networks. As per data, six top audit firms handled more than two-thirds of Nifty 500 audits in FY25. The government’s reforms aim to change this equation by creating strong domestic competitors.
Experts believe this shift is overdue. With the global consulting and audit industry valued at $240 billion, even a modest rise in India’s share would translate into huge opportunities. Domestic firms have already shown resilience and capability in competing overseas, and with the right regulatory push, they could emerge as serious challengers to the global Big Four.
The Road Ahead
The success of this vision will depend on how quickly reforms are implemented and whether professional bodies embrace the shift. If executed well, India could soon witness the rise of its own Big Four—homegrown advisory and audit giants that not only dominate the domestic market but also make their presence felt globally.
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