India to Establish Its Own ‘Big Four’
CA Amit Bansal
CA Amit Bansal is a Fellow Chartered Accountant with over a decade of experience in accounting, auditing, and advisory. As Partner at GMCS & Co. and Founder of ABVS Management Consultancy, he leads key assurance and compliance projects across industries. He holds ICAI certifications in Forensic Accounting (FAFD), Concurrent Audit of Banks, ADR, and IND AS, and is a certified Peer Reviewer, known for his commitment to audit quality and integrity.
Why India Needs Its Own Big Four
The dominance of foreign-headquartered firms in India’s audit and consulting space has long been a point of debate. While these firms bring credibility, global networks, and expertise, India’s homegrown talent and firms often get overshadowed.
With a strong domestic economy, world-class professionals, and growing demand for digital and financial advisory services, the time is ripe for India to build its own Big Four—Indian-origin firms with global recognition, scale, and integrity.
Who Can Take the Initiative?
1. The Government of India
a. Lead Role: Policy reform, funding frameworks, and international support.
b. Current Action: PMO-led strategic meetings, Ministry of Commerce involvement.
c. Ministries such as the MCA (Ministry of Corporate Affairs) and the DPIIT can frame incentives, provide startup support, and implement regulatory reforms.
d. Next Steps:
- Liberalize capital access (allow PE/VC investment in CA firms).
- Incentivize mergers, acquisitions, and international expansion.
- Launch branding and export promotion schemes for professional services.
2. Institute of Chartered Accountants of India (ICAI)
a. Lead Role: Structural and regulatory reforms.
b. Recent Moves:
- Formation of the Committee for Aggregation of CA Firms.
- Updates on multidisciplinary partnerships (MDPs), advertising rules, and quality controls.
c. Next Steps:
- Push for amendments to the CA Act to allow external funding with safeguards.
- Support mentorship and capability building for mid-sized firms.
3. Leading Indian Firms
a. Examples: Grant Thornton Bharat, BDO India, Nangia Andersen, Dhruva Advisors.
b. Companies such as Lodha & Co., S.R. Batliboi, Grant Thornton India, and Haribhakti & Co.
c. Merging mid-sized firms can pool talent, infrastructure, and credibility.
d. Role: Take bold steps toward consolidation, investment, and global alliances.
e. Actionable Steps:
- Raise capital (potential PE stake sales).
- Acquire smaller firms domestically and in key global markets.
- Invest heavily in technology, branding, and global credibility.
4. Private Equity & Institutional Investors
a. Opportunity: Back Indian firms looking to scale globally.
b. How They Can Help:
- Provide funds for tech, talent, and international expansion.
- Assist with board-level expertise, governance, and strategic planning.
5. Indian Startups and Unicorns
a. Tech-driven firms in fintech, regtech, and legaltech can disrupt the consultancy space with innovation and scalability.
b. Founders with global ambitions may pivot from service–based to advisory-based
6. Industry Bodies
a. Institutions like ICAI, ICSI, and CII can promote Indian alternatives and give them a platform to scale.
When Can This Happen?
2025–2026: Reform Phase
1. ICAI to finalize reforms.
2. Indian firms prepare for international positioning.
3. Audit rotation rules set for April 2027—an inflection point.
2026–2027: Execution Phase
1. Strategic mergers and capital infusions.
2. The government introduces incentives and brand support schemes.
3. Indian firms bid for top-tier audit, infra, and advisory mandates.
2027–2030: Scale and Global Visibility
1. India’s “Big Four” firms become known names across Asia and Africa.
2. Entry into global rankings and acquisition of overseas firms.
Steps to build India’s Big Four:
1. Identify core service verticals
a. Audit & Assurance
b. Taxation & Compliance
c. Risk Advisory
d. M&A and Business Consulting
e. Legal Structuring
2. Consolidate Talent and resources
a. Form alliances or mergers between 2-3 mid-level firms to rival foreign players.
b. Attract retired experts, former Big Four partners, and domain consultants.
3. Build a Technology Backbone
a. Use AI, automation, and analytics to drive efficiency and accuracy.
b. Invest in a secure, scalable platform to manage client operations.
4. Create a National Brand identity
a. Brand with a global appeal – professionalism, trust, and Indian values.
b. Leverage government support and regulatory credibility.
5. Go Global, think local
a. Open offices in Southeast Asia, the Middle East, and
b. Partner with Indian embassies, trade bodies, and international chambers.
Steps to Establish the Indian Big Four:
1. Identify core service
a. ESG and sustainability services
b. Risk & Governance consulting
c. Financial Advisory
2. Promote collaboration and consolidation
a. Encourage alliances between mid-sized firms to combine resources and clients.
b. Consider mergers to create scale and branding power.
3. Invest in Technology
a. Leverage artificial intelligence, cloud computing, and automation to offer a cutting–edge
b. Build secure platforms for compliance, auditing, analytics, and client dashboards.
4. Create a strong National brand
a. Position the new Indian firms as trusted, ethical, and client-focused.
b. Launch under a unified national identity supported by government and industry.
When should it happen?
Now—With India’s rapidly expanding startup ecosystem, increased global investment, and greater demand for transparency and governance, the timing is perfect. The next five years are critical for laying the foundation of indigenous global consulting and audit giants.
DIFFERENTIATORS:
What Will Set India’s Big Four Apart?
- Global-Local Blend: Deep Indian roots + global scale + regional sensitivity
- Tech-First Audit: Homegrown audit AI tools, ESG scorecards, blockchain-led forensic accounting
- Multi-disciplinary Capability: Audit + law + ESG + digital transformation under one roof
- Affordability with Excellence: Cost-effective yet globally compliant services
- Purpose-Driven: Focus on building trust, not just ticking checkboxes
Conclusion
India’s “Desi Big Four” won’t rise overnight — but the will, structure, and talent are already in place. What’s needed is coordinated execution: If the Government creates the runway, ICAI sets the rules, firms show ambition, and investors bring fuel. India has the talent, the entrepreneurial spirit, and the market size to create its own “Big Four.” This vision will require collaborative efforts from government, industry, academia, and entrepreneurs. The emergence of Indian-owned, world-class firms in auditing, consulting, and advisory services will not merely represent a business milestone but also a national achievement. The future belongs to those who build it. India will have its own Big Four by 2030.
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