By Dinesh Kanabar, CEO, Dhruva Advisors LLP

India stands on the cusp of a transformative opportunity. Recent reports indicate that the Prime Minister’s Office (PMO) is actively strategising to nurture home-grown accounting and consulting firms capable of rivaling global giants. This ambition, deeply aligned with Atmanirbhar Bharat, recognises the untapped potential of Indian professional services to not only compete but lead on the world stage. The aspiration articulated by the Prime Minister and finance minister to birth Indian firms of global stature is both timely and essential.

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To grasp the scale of the vision, we must first understand the rise of the “Big Four” — Deloitte, PwC, EY, and KPMG. Their global dominance was no accident. In the post-World War II era, as American and European multinationals expanded across borders, their auditors followed, establishing international offices to meet client demands. What began as audit-focused firms evolved into multi-disciplinary powerhouses. Trust in their audit opinions became a springboard for diversified services — tax, technology, strategy, human capital, and digital transformation. In India today, audits account for less than 20% of their revenue, with the bulk flowing from advisory, government projects, and technology consulting. These firms didn’t just ensure compliance; they became strategic architects of business growth.

A missed opportunity, a new horizon

India faced a critical juncture two decades ago. As Indian information technology (IT) and pharmaceutical companies like Infosys and Dr. Reddy’s went global, they sought international credibility to access capital markets. Naturally, they turned to the Big Four for audits and certifications, often sidelining Indian firms even for domestic work. This created a paradox: Indian businesses powered global markets, yet Indian professional services remained local. The question now is not whether Indian firms should go global, but how swiftly they can seize this renewed opportunity.

A case study in potential

Consider an Indian tax and regulatory advisory firm that launched just over a decade ago. From its base in India, it expanded to the UAE, Singapore, and Saudi Arabia, now serving some of the largest Indian and global multinationals. Its rapid ascent demonstrates that Indian firms can scale by focusing on niche expertise, unwavering client trust, and strategic international outreach. If Indian professionals lead global institutions — think Satya Nadella at Microsoft, Sundar Pichai at Google, or even partners at the Big Four — then Indian firms can undoubtedly build world-class organisations on their home soil. This success story is a microcosm of what’s possible with the right vision and execution.

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Lessons from India’s IT triumph

India’s IT sector offers a proven blueprint. Firms like TCS, Infosys, and Wipro began as cost-effective service providers but transformed into global consulting leaders. Today, consulting and systems integration drive over 40% of TCS’s revenue, a feat achieved through relentless investment in capabilities, leadership, and scale. Their success rested on three pillars:

  • Uncompromising quality: They benchmarked against global standards, often surpassing them, earning trust from Fortune 500 clients.
  • Bold scaling: Global delivery centres, strategic acquisitions, and diverse talent pools fuelled their expansion.
  • Brand power: Through thought leadership, global partnerships, and presence at forums like Davos, they built reputations that resonated with global CXOs.

These principles are directly applicable to India’s professional services sector.

What Indian firms must do

To replicate this success, Indian accounting and consulting firms must act decisively on three fronts.

  • Embrace global standards: Trust is the currency of professional services. Firms must invest heavily in cutting-edge technologies — artificial intelligence-powered audits, predictive tax analytics, environmental, social, and governance frameworks — and rigorous training to match global benchmarks. Adopting international governance practices will further bolster credibility.
  • Scale strategically: India’s professional services ecosystem is fragmented, with many firms limited by small-scale mindsets, governance challenges, or reluctance to share leadership. Scale is not optional — it brings depth, diversity, and resilience. Consolidation, partnerships, and strategic investments are critical to building firms with global staying power.
  • Enhance visibility: The Institute of Chartered Accountants of India (ICAI), which is a guardian of ethics, must modernise outdated restrictions. Bans on advertising or even prominent signage are relics in a digital economy. Visibility is not vanity — it’s a cornerstone of credibility. The ICAI should allow firms to compete globally while safeguarding professional integrity.

The government’s pivotal role

The PMO’s commitment to this vision is a powerful catalyst, but ambition must be backed by institutional frameworks. In the 1990s, special economic zones, tax incentives, and export benefits propelled India’s IT sector to global prominence. A similar push is needed for consulting firms today. A “Global Indian Firm” initiative could include:

  • Financial and logistical support: Subsidies or grants for overseas expansion, including market entry and infrastructure development costs.
  • Preferential access: Price or qualification preferences in government projects, where global firms have long held sway, to nurture domestic players.
  • Regulatory clarity: Simplified pathways for cross-border operations, including streamlined rules on foreign affiliations and easier mobility for Indian professionals to serve global clients.

India already possesses the market size, talent pool, and credibility to birth global consulting giants. An enabling ecosystem is the final piece of the puzzle.

Seizing a historic moment

India stands at a crossroads. The alignment of government resolve, regulatory reform, and enterprise-level ambition creates a rare window of opportunity. If we act with urgency, India can transition from being a marketplace for global consulting firms to their birthplace. The next Big Four can and should bear Indian names.

This is not just about economic ambition; it’s about global influence. Indian firms can shape international standards, drive innovation, and showcase India’s intellectual prowess. With the right policies, investments, and mindset, India can redefine the global professional services landscape. Let us not miss this moment.

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