In a fresh move that aligns with India’s self reliance vision, the Prime Minister’s Office (PMO) held a crucial meeting with officials to explore ways to accelerate the development of Indian advisory firms capable of competing against the global Big 4 --- Deloitte, PwC, EY, and KPMG, according to a report published by CNBC-TV18.
The meeting took place under the chairmanship of Principal Secretary to the Prime Minister Shaktikanta Das. Several other key secretaries from the government, including Corporate Affairs Secretary Deepti Gaur Mukherjee, Revenue Secretary Arvind Shrivastava, Secretary of the Department of Financial Services M Nagaraju, member of the Economic Advisory Council to the Prime Minister Sanjeev Sanyal, and others.
During the meeting, the officials discussed how the Indian advisory firms can be nurtured and scaled to match the stature of the global Big 4, the report said.
Big 4 Sees Revenue Jump
The move comes amid a sharp uptick in activity for the Big Four’s Indian entities, as they benefit from a growing pipeline of public sector and mid-market mandates. In FY24, the Indian arms of Deloitte, PwC, EY and KPMG reported a combined revenue of Rs 38,800 crore.
This number is expected to cross Rs 45,000 crore in FY25, as per MoneyControl reports. This surge in revenue is largely attributed to government projects such as project management, financial advice, PSU stake sales, support in disinvestment, and more.
Currently, the consulting market in India is heavily dependent on these global giants. These firms not only corner a major chunk of high-value government contracts but also play a pivotal role in shaping policy decisions through their deep-rooted advisory influence.
While the global Big 4 dominate audit and advisory space, India is home to several mid-sized firms like Grant Thornton Bharat, BDO India, and homegrown players such as Nangia Andersen and Dhruva Advisors.
