India is well placed to develop homegrown accounting firms with global ambitions, says CPA Australia President Dale Pinto.
Rapid economic growth and formalisation make this an ideal time for firms to scale and innovate.
Budget 2026 backs this push, with proposed changes to the definition of accountant under Safe Harbour Rules.
Ideal Time For Indian Accounting Firms To Expand, But Big Four Scale 'Challenging': CPA Australia President
The Indian government, led by Prime Minister Narendra Modi, has long been pushing for its own version of the Big Four firms, EY, Deloitte, KPMG and PwC. However, “achieving the scale, capability and recognition similar to the Big Four is highly challenging and may require a combination of strategic consolidation, says Dale Pinto
Dale Pinto, Global President and Chair of the Board, CPA Australia Curtin University
Summary
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India has the opportunity to develop homegrown accounting firms capable of competing globally, according to Dale Pinto, Global President and Chair of the Board, CPA Australia, one of the world’s largest professional accounting bodies. He notes that fast economic growth, a formalising economy and deeper integration into international markets make it “an ideal moment for domestic firms to scale, professionalise, innovate and expand into new markets.”
The Indian government, led by Prime Minister Narendra Modi, has long been pushing for its own version of the Big Four firms, EY, Deloitte, KPMG and PwC. In Budget 2026, Finance Minister Nirmala Sitharaman announced a proposal to “rationalise the definition of accountant for the purposes of Safe Harbour Rules”. According to her speech, this was done “to support PM Modi’s vision of home-grown accounting and advisory firms to become global leaders.”
However, “achieving the scale, capability and recognition similar to the Big Four is highly challenging and may require a combination of strategic consolidation, sustained talent investment and technology adoption, along with time and an element of luck,” said Pinto in an interview with Outlook Business.
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Pinto also discussed a range of issues in the talks, including the impact of artificial intelligence on the accounting industry, working professionals and recent reforms the Indian government has undertaken.
Here’s the edited excerpt:
With the growing formalisation of the economy, the role of accountants and accounting firms has become increasingly important, and in some cases mandatory. How do you assess the role being played by the Indian accounting profession today?
The Indian accounting profession is evolving rapidly, moving beyond traditional compliance to a trusted strategic partner in business decision-making. Today’s accountants support India’s fast growing business sector through a broad range of advisory services, including guiding strategic expansion, navigating complex operating environments and delivering financial insights that inform organisational strategies. They also continue to play a critical role in assisting business to comply with international standards and regulatory requirements.
Technology, particularly AI, is accelerating the transformation of the accounting profession. According to recent data from the central government, India now sees nearly 30% of companies using AI at scale, with over 80% of enterprises actively deploying AI as of 2025. CPA Australia research shows that businesses adopting AI are most likely to report it improves task accuracy, improves productivity and provides employees with a better experience. Importantly AI does not replace the profession’s core values: strategic guidance, professional judgment, and ethical oversight. These remain inherently human capabilities and critical to business. AI and digital tools are augmenting the role of accountants, enabling a greater focus on data interpretation, decision-making, and business partnering.
CPA Australia members observe that the business-partnering model is gaining momentum, especially among start-ups and MSMEs. Accountants are no longer solely compliance advisors; they are translating complex data into actionable insights, supporting innovation and growth and helping organisations manage risk; while upholding the ethical standards that underpin trust, transparency and confidence in the profession.
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The Indian government has long hoped for a home-grown accounting firm to rise and become part of the global Big Four. What does industry need to achieve this ambition?
India has the opportunity to develop homegrown accounting firms capable of competing globally. Rapid economic growth, a formalising economy and deeper integration into international markets make this an ideal moment for domestic firms to scale, professionalise, innovate and expand into new markets. Achieving the scale, capability, and recognition similar to the Big Four is, however, highly challenging and may require a combination of strategic consolidation, sustained talent investment and technology adoption, along with time and an element of luck.
As the sector matures, many domestic firms are naturally transitioning from founder-led structures toward more scalable, institutionally driven models. This evolution involves strengthening governance, building leadership pipelines and developing the capacity and capability to handle large, complex, multi-market engagements. In this context, scale is increasingly supported by thoughtful collaboration, stronger partnership models, and consistent delivery against global quality and risk standards.
Building a strong global brand and presence is equally critical. Indian firms can expand into key markets, establish international credibility, and attract cross-border business, while nurturing a culture of innovation, meritocracy, and professional excellence at home.
At CPA Australia, we see how globally recognized education, continuous professional development, and mentorship programs equip accounting professionals with the skills, leadership, and ethical grounding necessary to lead large, globally competitive firms. Through these initiatives, professionals gain the technical, advisory, and strategic expertise needed to drive both domestic growth and international expansion.
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Has artificial intelligence, in its current form, had an impact on the accounting profession? Which key areas do you expect AI to transform as businesses look to improve productivity?
Artificial intelligence is already having a meaningful impact on the accounting profession, particularly in improving efficiency, speed, and the quality of analysis. Across India, AI adoption is accelerating rapidly, recent surveys show that around 23% of Indian businesses have already implemented AI, with over 70% planning to expand usage in 2025, well above global averages.
In practical terms, AI is transforming areas such as transaction processing, reconciliations, audit sampling, anomaly detection, and real-time financial reporting. Automation and advanced analytics are reducing time spent on repetitive tasks, enabling finance teams to shift focus toward higher-value activities such as forecasting, scenario analysis, and business performance insights.
We are also seeing strong productivity gains across professional services more broadly. Industry research indicates that generative AI and advanced analytics could deliver productivity improvements of 46% or more in knowledge-intensive functions over the coming years, reinforcing the scale of opportunity for finance and accounting teams.
At the same time, accountability and professional judgment remain firmly with humans. Directors continue to be responsible for financial reporting, and auditors and finance leaders remain accountable for audit quality, governance, and compliance. AI enhances decision-making, but it does not replace ethical oversight, commercial judgment, or responsibility for outcomes.
AI is reinforcing, not diminishing, the accountant’s role as a trusted strategic partner to business leaders.
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Do you think the current industry workforce needs to upskill to mitigate the impact of AI?
As technology and automation become increasingly embedded across finance and regulatory processes, the work of the accounting profession is evolving rather than disappearing. Upskilling professional accountants to lead the responsible adoption of AI is central to mitigating its impact. It is the primary means of managing governance and risk, while preserving trust, ethical and professional judgement – the foundations of the profession.
Failure to upskill creates both professional risk and competitive disadvantage. As routine and transactional tasks are progressively automated, accountants who lack AI literacy risk being displaced from the value chain, while those who build capability can focus on more strategic advice. Accountants can then focus on areas that AI cannot replicate: financial storytelling and insight, complex problem‑solving, and judgement‑based decision‑making.
At the same time, mitigating AI risk is itself becoming a core competency across all levels of the profession. Protecting professional relevance, preserving graduate pathways and entry‑level roles, and capturing productivity gains requires deliberate investment in skills, not withdrawal from technology. In this sense, upskilling is a strategy for growth.
Accountants who strengthen their technical depth and learn to adopt AI as a tool, rather than a substitute for expertise, are better positioned to unlock higher‑value advisory roles. These capabilities support emerging opportunities in assurance, ethics, governance and strategic business partnership, where human oversight and professional judgement remain essential.
As routine work continues to decline, upskilling is not simply a way to manage the impact of AI – it is the pathway through which the profession evolves, creates value, and remains indispensable in an AI‑enabled economy.
As India focuses on achieving the Viksit Bharat 2047 goal, the government has pushed reforms to improve ease of doing business by removing outdated regulations and attracting global companies through fiscal and other incentives. In your view, which reform areas need greater attention?
India is making strong progress toward Viksit Bharat 2047. Reforms such as GST rationalisation, lower corporate tax rates, single-window digital systems and the Business Reform Action Plan (BRAP) are improving the ease of starting, operating, and growing business across the country.
This momentum was clearly evident during our recent visit to GIFT City in Ahmedabad. Now home to more than 1000 domestic and international entities and ranked among the world’s top 50 financial centres, GIFT City showcases how quality infrastructure, talent and regulations can combine to create a globally-competitive hub for innovation and investment.
These developments reflect a broader transformation: India is building a business ecosystem that is predictable, connected, and globally competitive, inspiring growing confidence among investors and innovators alike.