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The context for this move is the growth of the Indian arms of the Big Four, which have seen their revenues soar. Credit: LALAKA/Shutterstock.
The Indian government is considering the establishment of home-grown consulting firms to rival the Big Four—Deloitte, PwC, EY, and KPMG, reported Moneycontrol citing government sources.
The move is reportedly a bid to lessen dependence on foreign advisory firms and foster global capabilities in the professional services sector.
A high-level meeting, chaired by Shaktikanta Das, principal secretary to the Prime Minister, has been scheduled for 5 June 2025, to deliberate on this initiative.
The meeting will feature a presentation by Sanjeev Sanyal, a member of the Economic Advisory Council to the prime minister (EAC-PM), to evaluate the feasibility and devise a roadmap for creating Indian consulting majors with global standing.
This initiative is expected to spark a broader conversation within the government on how to cultivate scale, quality, and competitiveness among Indian consulting firms.
The context for this move is the growth of the Indian arms of the Big Four, which have seen their revenues soar, driven by demand from mid-market clients and government contracts.
For the fiscal year 24, these firms reported a combined revenue of Rs388bn ($4.52bn) and are projected to exceed Rs450bn in FY25, outpacing the growth of some of their multinational parent companies.
Government-related assignments, including project management, financial advice, support in disinvestment, PSU stake sales, and policy advice, have significantly contributed to this growth.
“These firms have become deeply embedded in the functioning of government and PSUs. The next logical step is to explore whether India can create its own champions in this space”, Moneycontrol reported citing a source.
The aspiration to build a domestic counterpart to the Big Four aligns with the government’s broader vision of strategic self-reliance, particularly in areas such as tax consulting, digital governance, and infrastructure planning.
The meeting is anticipated to outline potential policy interventions that could facilitate the scaling up of Indian players through reforms or targeted incentives for knowledge services.
The sources stated: “This isn’t just about creating competition to the Big Four. It’s about recognising consulting as an important industry.”
India’s professional services sector has seen significant evolution over the past decade, with digital adoption, expanding financial markets, and complex regulatory compliance needs driving growth.
While the Big Four dominate the audit and advisory space, India also has mid-sized players like Grant Thornton Bharat, BDO India, and domestic firms such as Nangia Andersen and Dhruva Advisors.
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