Local firms' global aspirations: Can India birth the next big four?
Recent reports suggest that the Prime Minister's Office (PMO) is actively exploring how India can nurture the next generation of global accounting and consulting giants. This is a bold and welcome step one that aligns perfectly with the ambition of Atmanirbhar Bharat and recognises the strategic potential of homegrown professional services firms to compete globally.
To appreciate the significance of this moment, we must first understand how the existing Big Four firms Deloitte, PwC, EY, and KPMG rose to global prominence.
Their ascent wasn't accidental it coincided with the post-war expansion of American and European multinationals. As clients went overseas, audit firms followed, building an international presence out of necessity. Over time, they evolved from audit specialists to multi-disciplinary giants, leveraging trust in their audit work to offer services in tax, technology, human capital, and beyond.
In India today, less than 25% of the Big Four's revenues come from audit work, the rest flows from taxation services, advisory, digital transformation, government projects, and technology consulting. What began as compliance partners became transformation enablers.
There was a critical moment in the last two decades when Indian firms could have seized this space. As Indian IT and pharmaceutical companies went global, they required international credibility to access capital markets. Naturally, they turned to the global Big Four for audits and certifications, often overlooking Indian firms even for domestic work.
This created a paradox: Indian companies powered global markets, but Indian professional services firms were left behind.
The question is no longer whether Indian firms should go global. It is how quickly they can.
India's IT sector offers a clear blueprint. Firms like TCS, Infosys, and Wipro started as cost-efficient service providers and evolved into global consulting leaders. Today, consulting and systems integration drive over 40% of TCS's revenue, thanks to consistent investments in capabilities, leadership, and scale.
This transformation was driven by a sharp focus on quality, bold scaling strategies, and strategic brand-building. Indian IT firms exceeded global standards, expanded through global delivery centres and acquisitions, and built strong reputations by engaging in thought leadership and global partnerships.
To replicate this success in the accounting and advisory space, Indian firms must embrace three imperatives. Firstly, global trust comes from global standards. Indian firms must invest in training, governance, and cutting-edge technologies such as Artificial Intelligence (AI) for audits, predictive analytics in tax advisory, or ESG benchmarking. Only then can they inspire the same confidence as their global peers. Secondly, the Indian professional services ecosystem remains fragmented. Many firms stay small by choice due to governance challenges, reluctance to share leadership, or legacy thinking. But scale is not optional. It brings depth, diversity, and staying power. Consolidation, collaboration, and strategic investment are the need of the hour.
Thirdly, the Institute of Chartered Accountants of India (ICAI), while rightly focused on ethics, must re-evaluate some of the restrictions. Indian firms are still barred from advertising, even from having prominent name boards. In a global digital economy, such rules are not merely antiquated; they would be counterproductive. Visibility is not vanity; it is a prerequisite for credibility.
The PMO's support for Indian firms is laudable, but to create lasting impact, this support must be institutionalised. Just as the IT sector thrived in the 1990s with SEZs, tax breaks, and export incentives, Indian consulting firms now need structured support to scale globally.
This could take the form of a Global Indian Firm programme offering financial and logistical aid for international expansion, along with simplified pathways for cross-border operations—including regulatory clarity on foreign affiliations and the mobility of Indian professionals.
India already has the market size, talent, and credibility to build global consulting powerhouses. What's needed now is an enabling environment and the will to make it happen.
We now stand at a crossroads. The convergence of government intent, regulatory reform, and firm-level ambition can change the game. If we seize this moment, India will not just be a marketplace for global consulting firms. It will be their birthplace.
The next Big Four can and should have Indian names. Let's not miss this moment.
This article is authored by Dinesh Kanabar, CEO, Dhruva Advisors LLP.
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