Can India Establish Its Own Big 4 Consulting Giants? PMO Evaluates the Potential

A high-level meeting was convened by the Prime Minister’s Office (PMO) on June 5 to assess the feasibility of building Indian consulting firms that can rival global majors. The session, chaired by Shaktikanta Das, Principal Secretary to the Prime Minister, focused on the scope of creating large-scale domestic advisory companies with global capabilities. Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister, presented a detailed assessment and strategy.

PMO Explores Plans to Establish India’s Own Big 4 Consulting Firms

Top government officials, including secretaries from economic affairs, corporate affairs, revenue, and financial services, were expected to participate. According to a news report, the meeting aims to stimulate long-term thinking on establishing strong Indian players in the consulting space, especially in areas involving government contracts and public sector engagements.

Current Role of the Big 4 in India

The Indian arms of Deloitte, PwC, EY and KPMG reported a combined revenue of ₹38,800 crore in FY24. This figure is anticipated to cross ₹45,000 crore in FY25, indicating significant year-on-year growth. A substantial portion of this revenue stems from government assignments such as project management, disinvestment advisory, policy support and infrastructure planning.

These firms have become highly integrated into governmental and public sector undertakings. Their increasing influence in state functions has led to a growing discourse on the need for Indian alternatives on an equal scale and with competence.

Strategic Rationale for Homegrown Alternatives

The vision behind building Indian equivalents to the Big 4 aligns with the broader policy agenda of strategic self-reliance. The government seeks to reduce dependency on international firms in crucial domains like tax advisory, digital transformation and regulatory compliance.

The idea is not only to boost competition but also to nurture indigenous capabilities in knowledge services. A robust domestic ecosystem in the consulting space could promote innovation, data sovereignty and localisation of intellectual capital.

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Policy Pathways Under Consideration

The PMO-led meeting is expected to outline policy support mechanisms that could enable Indian consulting firms to scale rapidly. This may include regulatory reforms, fiscal incentives and capacity-building programmes. Sources indicate that the focus is on creating a framework that promotes both quality and competitiveness among Indian players.

These interventions would be designed to catalyse growth among mid-sized consulting firms and help them evolve into globally credible service providers. The objective is to ensure that the professional services sector is not merely a support function but a recognised pillar of economic development.

Evolution of India’s Professional Services Sector

Over the past decade, India’s professional services industry has matured significantly. Factors such as digital transformation, capital market expansion and increasingly complex compliance frameworks have driven demand for expert advisory.

While the Big 4 dominate the landscape, India is also home to firms like Grant Thornton Bharat, BDO India, Nangia Andersen and Dhruva Advisors. These firms are gradually expanding their footprint and participating in key government-led projects. However, none yet operate at the scale or influence of the global consulting giants.

Conclusion

The government’s exploration of a strategic roadmap for developing India’s own consulting champions represents a significant policy shift. The intent to reduce reliance on foreign advisory firms reflects a deeper ambition to make professional services a cornerstone of India's economic future.

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