India’s Plan to Build Its Own “Big Four” Audit Firms Kicks Off with PMO Meeting on September 23, 2025

INTRODUCTION

On September 22, 2025, the Indian government made a daring move to overhaul the auditing and advising sector. To rapidly advance the reforms required to create sizable homegrown audit and consulting firms able to contend with multinationals such as EY, Deloitte, KPMG and PwC, a Prime Minister's Office (PMO) meeting is scheduled for 23 September.

Strategic Push for Indigenous Audit Power

This concept dates as far back as 2017 when Prime Minister Narendra Modi set the goal to have at least four Indian companies that could reach the global top eight consulting list. By organising this meeting, the government is clearly indicating that it intends to convert that idea into reality as soon as possible. Regulatory reforms, novel frameworks, and institutional aid will be up for discussion.

Why the Big Four Dominate Now

At the moment, the foreign networks are dominating the audits and consultancy business in India to a great extent. As of March 2025:

Most of the affiliates of the Big Four, together with Grant Thornton and BDO, were engaged in 326 of the 486 Nifty-500 companies.

The total of their revenues in India is believed to have been more than ₹45,000 crores in the last fiscal year.

This domination is also strengthened by the regulations that restrict how Indian companies can grow or work across different disciplines.

Reform Agenda: Multidisciplinary Firms & More

One of the main ideas being considered is the setting up of multidisciplinary firms (MDFs) in India—entities consisting of accountants, lawyers, actuaries, company secretaries, etc., all under one roof, working together.

Other reform ideas raised are:

● The prohibition on the promotion of audit and consulting activities being removed.

● Reorganizations of regulations to eliminate overlapping sections that represent different professional bodies.

● Greater facilitation of public procurement in such a way that domestic firms are given equal opportunities.

● Making it easier for foreign collaborations and raising capital.

Challenges to Overcome

Even with the momentum going on, there are still some difficulties:

● Decision-making in the regulatory framework is slow due to the fragmented oversight of the different professional bodies.

● The Indian regulations which prohibit advertising for Indian firms limit their exposure and growth.

● Getting capital is hard under the existing rules.

Global Opportunity

The worldwide audit and consulting business are estimated at about US$240 billion (over ₹20 lakh crore). If Indian firms could capture even a minuscule portion of it, the gains in revenue, reputation, and corporate independence would be nothing short of revolutionary. Far from being merely a reform exercise, India sees it as a beneficial one step towards corporate sovereignty and accountability.

Watch the meeting on 23 September 2025 is a turning point for professional services and regulation in India, it is the day that gets the landing station for India’s own “Big Four” set, if not the start of the era.