India is preparing to ease long-standing restrictions on its audit and advisory ecosystem in an effort to create homegrown champions capable of rivaling the global “Big Four” — Deloitte, PwC, EY, and KPMG. As reported from government deliberations, reforms under consideration include relaxing advertising rules for chartered accountants, lawyers, and company secretaries, enabling multi-disciplinary partnerships, and restricting foreign advisory firms from bidding for government contracts.
Officials familiar with the discussions said the reforms are meant to correct structural disadvantages faced by domestic firms that, despite talent and scale, remain minor players compared with international giants. “Professionals like CAs and company secretaries are not allowed to advertise, which limits their ability to build brands and compete,” one official noted.
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Inter-Ministerial Deliberations at the Prime Minister’s Office
The push has gained traction at an inter-ministerial meeting convened at the Prime Minister’s Office in recent weeks. Headed by senior officials, including Shaktikanta Das, the principal secretary to the Prime Minister, the group examined amendments to procurement rules and the Companies Act. Sources said the changes would allow multi-disciplinary partnerships, enabling chartered accountants, lawyers, actuaries, and company secretaries to operate under one integrated structure.
Such a shift, officials argue, would mirror global best practices and support India’s “Make in India” initiative by tilting government consulting opportunities toward domestic firms. While the United States already limits government contracts to domestic firms, India’s advisory market remains heavily reliant on foreign-led networks.
Competing in a Market Dominated by Global Networks
The global consulting and auditing market is estimated at $240 billion, with international firms commanding the lion’s share. In India, the Big Four and their extended networks dominate high-value contracts, auditing 67 percent of Nifty 500 companies as of FY24. By contrast, Indian firms remain fragmented, constrained by regulatory barriers that prevent scale and diversification.
Industry observers say the government’s proposals could give Indian firms a critical edge. “This is a very welcome move and an important step forward,” said Nilaya Varma, co-founder and CEO of Primus Partners. Yet, skeptics caution that regulatory tweaks must be matched with capacity-building in technology, data analytics, and global-standard audit practices if Indian firms are to compete effectively.
Domestic Ambitions and Global Stakes
Beyond immediate reforms, the government is also urging professional institutes such as the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) to strengthen training in artificial intelligence, robotic process automation, and other advanced tools increasingly used in global audits. The reforms, if enacted, would mark a significant departure from India’s conservative approach to professional services regulation.
For policymakers, the stakes are both economic and symbolic: reducing dependence on foreign players in sensitive advisory roles while elevating Indian firms into the ranks of global leaders. “The aim is to build a domestic ecosystem that is not just regionally strong but globally competitive,” an official involved in the deliberations said.
