India Explores Building Its Own Big Four Consulting Firms as PMO Convenes Strategic Meeting

In a significant move aligned with India’s strategic vision for economic self-reliance, the Prime Minister’s Office (PMO) convened a high-level meeting on June 5 to explore the feasibility of establishing Indian consulting firms that can match the scale and capabilities of the global Big Four—Deloitte, PwC, EY, and KPMG. The session, chaired by Principal Secretary to the Prime Minister Shaktikanta Das, included a comprehensive presentation by Sanjeev Sanyal, member of the Economic Advisory Council to the Prime Minister (EAC-PM), outlining a roadmap to create globally competitive homegrown consulting majors.

Highlights:

• High-level meeting chaired by PM’s Principal Secretary Shaktikanta Das.

• EAC-PM member Sanjeev Sanyal presented a strategic roadmap.

• Secretaries from key ministries, including finance and corporate affairs, attended.

• Focus on fostering globally credible Indian consulting firms.

The backdrop to the meeting is the surging revenue of the Indian arms of the Big Fo

ur. In FY24, D

Big Four’s India Arms See Explosive Growth, Driven by Government Engagement

eloitte, PwC, EY, and KPMG recorded a combined revenue of ₹38,800 crore, with projections indicating a jump beyond ₹45,000 crore in FY25. A substantial portion of this growth is attributed to government contracts, including advisory roles in PSU disinvestment, financial structuring, and digital governance. This rapid expansion—outpacing that of their global parent firms—has raised questions about India’s overdependence on foreign advisory firms.

Highlights:

• FY24 revenue: ₹38,800 crore; FY25 projection: ₹45,000+ crore.

• Major growth from public sector advisory, financial restructuring, and policy support.

• Indian arms of Big Four surpassing growth rates of their global counterparts.

Vision for Strategic Self-Reliance in Professional Services Sector

The meeting aligns with the government’s broader economic strategy of “Atmanirbhar Bharat” by advocating for greater domestic capabilities in high-value consulting segments like infrastructure planning, tax advisory, and digital transformation. The objective is not only to build competition for global firms but to position consulting as a core sector of national economic strategy. The PMO is expected to push policy interventions—such as incentives or regulatory reforms—to scale domestic firms and build export-ready intellectual capital.

Highlights:

• Focus areas: digital governance, tax strategy, infrastructure consultancy.

• Aim: reduce foreign dependence and enhance domestic capability.

• Potential incentives and reforms under consideration to support Indian firms.

India’s Consulting Landscape Ready for Evolution Amid Market Maturity

India’s consulting sector has matured rapidly, supported by regulatory complexity, digital transformation, and the rise of formal financial systems. While the Big Four dominate with global brand equity, mid-sized firms such as Grant Thornton Bharat, BDO India, Nangia Andersen, and Dhruva Advisors have gained traction domestically. The PMO’s initiative is expected to trigger a systemic effort to elevate these firms and potentially consolidate or incubate new national champions with international competitiveness.

Highlights:

• Market maturity driven by fintech, compliance, and infrastructure reforms.

• Mid-sized Indian and international firms already active in advisory space.

• Government push could catalyze scaling and consolidation in the sector.