The Prime Minister’s Office is set to host a high-level meeting on September 23, 2025, to deliberate sweeping reforms aimed at building homegrown audit, accounting, and consultancy giants like international Big4 companies that can match the scale, capability, and credibility of global players like Deloitte, EY, PwC, and KPMG. This signals a policy shift to reduce India’s reliance on foreign firms, spur consolidation among domestic CA firms, and help Indian firms access a larger share of the lucrative global audit and advisory market.
Policy Reforms on the Agenda
Government sources indicate the following reforms are being considered:
- Easing Merger and Growth Restrictions: By enabling easier consolidation and scaling via relaxed partnership norms, Indian CA firms can merge and compete more effectively.
- Global Standards and Peer Review: Domestic firms may be incentivized or required to adopt international audit, compliance, and transparency standards, opening the door for wider global access.
- Support Structures and Incentives: Proposals include tax breaks, streamlined access to global projects, and government-backed upskilling programs.
- Encouraging Global Tie-ups—On India’s Terms: The reforms may facilitate easier alliances with foreign players for knowhow sharing, without fueling over-dependence.
- Directing Contracts to Domestic Giants: Policies could increase Indian firm participation in large PSU audits and corporate contracts, as part of a shift in the domestic audit ecosystem.
Financial Performance of the Big4 in India and Globally
The Indian affiliates of the Big Four posted combined revenues crossing ₹45,000 crore (over $5.25 billion) for FY25.
- EY India: Over ₹13,400 crore in revenue (16-17% YoY growth), strongest in government services and global capability centers.
- Deloitte India: ₹10,000 crore revenue (29% growth). Consulting drives 60%+ of business, aiming for ₹20,000 crore by 2026.
- PwC India: ₹9,200 crore revenue (22% growth), now forecasting 3x revenue and 20,000 new jobs by 2030, with deep focus on digital and GenAI-driven consulting.
- KPMG India: ₹5,900–₹6,200 crore in revenue, growing 5–10%.
- Consulting, tax, and deal advisory together contributed over half of all revenue, highlighting a sector pivot from pure audit to diversified advisory offerings.
Globally, the Big4 raked in $212 billion in revenue in 2024:
- Deloitte: $67.2B (2024)
- PwC: $55.4B (2024)
- EY: $51.2B (2024)
- KPMG: $38.4B (2024)
Asia-Pacific—including India—is consistently among the fastest growing regions for each firm.
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Trends and Recent Updates on Big4
- Consulting Surpasses Audit: Advisory now outpaces traditional audit in revenue for all four firms in India, mirroring global benchmarks.
- Race for Talent Intensifies: Aggressive partner poaching, fast-tracked promotions, and generous pay packages are fueling major churn—especially as local firms scale up advisory services.
- Regulatory Scrutiny & Workplace Stress: Despite rapid growth, attention to audit quality, workplace conduct, and talent management remains a pressure point—EY, in particular, faced employee tragedy and renewed calls for oversight.
- GCCs and GenAI: Global Capability Centers (GCCs) and automation/AI-driven consulting are now central pillars of Big Four growth in India, both as tech solution providers and hiring engines.
- Government Action: The MCA has begun inviting comments on setting up Indian multidisciplinary partnership (MDP) firms – the next formal step for local consolidation.
Looking Ahead
If the proposed reforms succeed, India could see the emergence of globally competitive, domestically headquartered “Big4”-like firms in the next decade—reducing foreign firm dependency and capturing a greater share of the $240B+ global audit and consulting market. For domestic CA firm founders and investors, robust government backing and regulatory clarity are aligning to create a rare window for global scale
