Can India Build a ‘Big Four’ Challenger?

As India positions itself to become the world’s third-largest economy by the end of this decade, one glaring gap remains: its underrepresentation in global professional services and advisory markets. Despite immense talent and a robust domestic economy, India has yet to produce a formidable rival to the global giants—Deloitte, PwC, EY, and KPMG, collectively known as the ‘Big Four’.

The Modi government, recognizing this shortfall, first voiced the ambition to scale domestic accounting and advisory firms back in 2017. Now, with 2025 underway and little progress made, the Prime Minister’s Office (PMO) appears to be reigniting this mission. A newly constituted committee of senior officials is tasked with crafting a pathway forward.

But here’s the truth: regulatory tweaks alone will not be enough. The real transformation must begin with mindset changes across the Indian professional services sector. After over 35 years in this industry, I believe the following strategic shifts are essential for India to build world-class advisory firms.

1. From Centralized to Shared Ownership Structures

One major roadblock to scale is the highly centralized ownership seen in most Indian firms. In contrast, the global Big Four evolved as distributed ownership models—from partnerships to LLPs and corporate frameworks—that enable greater capital access and talent retention.

India should leapfrog directly into corporate structures, offering equity to key professionals from the outset. Shared ownership not only attracts the best minds but also allows for external capital infusion and a culture of shared success and scalability.

2. Evolving Business Models Beyond Compliance Services

Globally, professional services have moved far beyond audit and tax compliance. The future lies in value-added offerings such as:

Governance and risk advisory
M&A and turnaround consulting
Insolvency and restructuring services
Technology and process management
Global capability center (GCC) consulting

Indian firms must adapt their business models accordingly to remain relevant and competitive in a fast-digitizing economy.

3. Data and Knowledge-Driven Consulting

It’s ironic that firms advising clients on data strategy and analytics have yet to implement these solutions for their own growth. Global firms are leveraging data lakes, AI, and anonymized benchmarking tools to derive insights and enhance value delivery.

Indian firms must build internal capabilities to harness client data (with strict confidentiality protocols) to drive smarter, insight-led services across industries.

4. Unified Global Profit Pooling

One of the Big Four’s biggest strengths is their single global profit pool. This model facilitates seamless collaboration across geographies and practice areas, while insulating the firm from dependency on any single client or revenue stream.

Indian firms should adopt globally integrated delivery models, particularly leveraging India’s strength in back-office operations, to serve clients worldwide while building a sustainable, diversified revenue base.

5. Consolidation for Scale

India’s professional services landscape is fragmented, with thousands of subscale firms serving limited local markets. This fragmentation prevents investment in talent, technology, and systems.

Consolidation is critical. Merging smaller practices can:

Reduce dependence on anchor clients
Elevate service quality
Create robust, tech-enabled systems
Attract global clients and foreign investments

Large Indian firms could even become targets for international acquisitions or global tie-ups, placing them firmly on the global map.

6. Regulatory Reforms Must Encourage Growth, Not Fragmentation

A pro-growth regulatory mindset is essential. Some reforms that could accelerate change include:

Shifting focus from ‘audit vs. non-audit’ conflict to overall client dependency thresholds
Phasing out incentives that promote firm fragmentation (e.g., arbitrary bank audit allocations)
Removing outdated restrictions on advertising, branding, and mandatory partnership models
Allowing firms the freedom to choose their corporate holding structures

Like industry, professional services firms must be allowed flexibility to innovate, scale, and compete.

7. Branding Beyond Partner Names: Time for Indian Multinational Firms

To stand out, Indian firms need to build strong, independent brands—not ones named after founding partners. A recognizable, globally trusted Indian brand in professional services can only emerge through:

High-quality delivery
Ethical governance
Regulatory clarity
Branding freedom

‘Made in India’ Advisory Firms – A Real Possibility

Firms like EY and KPMG have shown that India can build world-class practices, given the right mindset and partnerships. EY India, for instance, achieved tremendous growth based largely on domestic client relationships, not just international capital.

The lesson? India doesn’t lack capability—it lacks the mindset shift.

Final Thoughts: A New Era Beckons

The Indian professional services sector stands at a historic crossroads. With the country rising as an economic powerhouse, the time is ripe to build Indian-origin global firms that can rival the Big Four—not just in scale, but in value, vision, and innovation.

Change won’t happen overnight. But with bold mindset shifts, smart consolidations, regulatory reforms, and talent-focused equity structures, India can indeed lead the next chapter in global professional services.