PMO holds high-level meeting to have India’s own ‘Big 4’ advisory firms

The Prime Minister’s Office (PMO) held a crucial meeting on Friday, June 6, 2025, aimed at accelerating the development of Indian advisory firms that can compete with the global Big 4 — Deloitte, PwC, EY, and KPMG — in scale, capabilities, and influence, sources told CNBC-TV18.

Scheduled under the chairmanship of Shaktikanta Das, Principal Secretary to the Prime Minister, the meeting brought together key secretaries from the government, highlighting the strategic importance of building strong domestic advisory capacity.

Attendees and discussion points

Sources shared, “The meeting saw the participation of Deepti Gaur Mukherjee, Corporate Affairs Secretary; Arvind Shrivastava, Revenue Secretary; M Nagaraju, Secretary of the Department of Financial Services; Ajay Seth, Secretary of the Department of Economic Affairs; and Sanjeev Sanyal, member of the Economic Advisory Council to the Prime Minister (EAC-PM).”

Together, these officials deliberated on how to nurture and scale Indian advisory firms to match the stature and reach of the global Big 4.

Speaking on the government’s ambitious plan on Monday, June 10, 2025, Commerce and Industry Minister Piyush Goyal said that the country is working towards building its own Big Four, and such firms are expected soon.

Goyal added that while earlier India’s rules did not allow mergers between CA firms, the mindset has started changing. “A typical CA firm wanted to be the boss and didn’t recognise the strength of partnerships. For instance, Ernst & Young has 750 partners, our mindset is also changing.”

Why India needs its own ‘Big 4’

Sources shared that the ideas to build domestic capacities in advisory space comes on the back of the government push to shift the dominance of global majors.

Currently, the advisory and consulting market in India remains heavily dominated by these global giants, which not only command a significant share of lucrative government contracts but also influence policy implementation through their advisory roles. However, the absence of a strong, homegrown counterpart means that India is often dependent on foreign firms for strategic consulting, audit, tax advisory, and other services critical to governance and economic development.

The government’s focus on building Indian Big 4 firms stems from multiple objectives:

• Boosting Domestic Capabilities: To develop firms with deep local knowledge and global standards that can serve both government and private sector clients effectively.
• Scaling Capacity: Creating larger, more diverse firms that can handle complex advisory mandates, reducing dependence on multinational firms.
• Promoting Indian Expertise: Encouraging Indian firms to bid aggressively for government contracts and advisory roles, ensuring that economic benefits stay within the country.
• Strengthening Economic Sovereignty: Reducing reliance on foreign consultants in sensitive areas of policy and governance.
• Retaining Talent: Several Indians are at senior positions at these global giants and thus once our homegrown agencies or firms have a stronger presence and business; talent t retaining within the country will increase

Next steps and industry engagement

Significantly, at today’s meeting none of the existing Indian advisory firms or private consultants were part of this initial high-level meeting. According to sources, the PMO plans to soon invite key private players to participate in follow-up discussions, signalling an intent to build a broad-based coalition around this vision.

The government is expected to explore various policy measures, including regulatory support, incentives, and capacity-building initiatives, to help domestic firms grow rapidly. This aligns with the broader ‘Atmanirbhar Bharat’ (self-reliant India) agenda, which aims to foster indigenous enterprise in critical sectors.

Globally, the Big 4 firms dominate the audit, consulting, and advisory space, with revenues running into tens of billions of dollars. In India, their presence has expanded over decades, often eclipsing homegrown firms in scale and expertise. While India has successful consulting firms, none currently match the Big 4’s global footprint or comprehensive service offering.

The government’s push to build Indian Big 4 firms represents a strategic initiative to create institutions that not only serve the domestic market but can also compete on the global stage, enhancing India’s stature in the global knowledge economy.

Rakesh Nangia, Founder & Managing Partner, Nangia & Co LLP, said: “With policy support, regulatory momentum, and entrepreneurial drive, it is realistic that India could produce its own Big 4 in this decade itself. PM Modi has envisioned the emergence of a formidable cadre of homegrown CA Firms that can rival, in both stature and capabilities, the dominance of global Big 4s. Anchored in the broader ideological framework of Aatmanirbhar Bharat, his aspiration is to catalyse a paradigm shift wherein Indian CA Firms transcend to attain global prominence.”

Publication – CNBC TV18

By Rakesh Nangia