Image Source: The420.in
In a landmark move aimed at reshaping India’s professional services landscape, the Prime Minister’s Office (PMO) has scheduled a high-level meeting on September 23, 2025, to deliberate on the creation of homegrown consulting and audit firms that can rival the global Big Four. The initiative, first envisioned by Prime Minister Narendra Modi in 2017, seeks to establish at least four large Indian firms capable of competing globally in the $240 billion auditing and consultancy market.
The meeting will be chaired by Shaktikanta Das, Principal Secretary to the Prime Minister, and will include senior officials from the Ministry of Finance and the Ministry of Corporate Affairs. It follows a series of consultations and stakeholder inputs aimed at removing regulatory bottlenecks and enabling multidisciplinary firm structures.
Key Highlights of the Upcoming PMO Meeting
The meeting will focus on regulatory reforms to enable the formation of large-scale Indian audit and consultancy firms.
Multidisciplinary firm structures, allowing collaboration among chartered accountants, lawyers, actuaries, and company secretaries, will be a central topic.
The move aims to reduce India’s dependence on foreign consulting giants and promote corporate sovereignty.
Stakeholder feedback has already been sought by the Ministry of Corporate Affairs to guide the reform agenda.
Current Market Dynamics and Foreign Dominance
The Big Four’s Grip on India
EY, Deloitte, KPMG, and PwC, along with firms like Grant Thornton and BDO, dominate India’s audit ecosystem.
As of March 2025, these firms handled assignments for 326 of the 486 Nifty-500 companies.
Industry estimates suggest their combined Indian affiliate revenues exceeded ₹45,000 crore in the last fiscal year.
Challenges for Domestic Firms
Indian firms face restrictions on advertising, fundraising, and cross-professional collaboration.
Licensing and compliance are fragmented across regulators, limiting scalability and global competitiveness.
Public procurement and empanelment processes often favor established foreign networks.
Reform Agenda and Strategic Goals
The meeting will explore easing restrictions on forming multidisciplinary firms (MDFs), a model common among global consultancies.
Proposals include lifting bans on advertising, streamlining licensing under a single-window system, and enabling global partnerships.
Capital constraints and fundraising limitations will also be addressed to help Indian firms scale operations.
Institutional Support and Framework Development
The Institute of Chartered Accountants of India (ICAI) has submitted a draft framework to support the creation of MDFs.
The framework outlines governance models, ethical standards, and operational guidelines for integrated firms.
The PMO is expected to review progress made since the June 2025 consultations and finalize a roadmap for implementation.
Global Opportunity and National Vision
India’s fast-growing economy demands robust domestic oversight and advisory capabilities.
Establishing indigenous Big Four firms will enhance self-reliance, reduce foreign dependency, and create global champions.
The initiative aligns with India’s broader vision of Atmanirbhar Bharat, promoting domestic excellence across sectors.
Conclusion
The September 23 meeting at the PMO marks a pivotal moment in India’s journey toward building world-class consulting and audit institutions. By addressing structural barriers and enabling multidisciplinary collaboration, the government aims to empower Indian firms to compete on the global stage. As the country prepares to redefine its professional services ecosystem, the seeds of a new consulting renaissance are being sown—one rooted in sovereignty, scale, and strategic ambition.
Sources: The Economic Times, The420.in, Organiser India
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