India to Build Its Own Big Four: A CX Revolution in Professional Services
The customer experience (CX) journey begins long before a service is delivered. In India’s financial and professional services sector, it often starts with trust. Trust in standards. Trust in compliance. Plus, Trust in accountability. And, for too long, that trust has rested predominantly in the hands of the global Big Four—EY, Deloitte, PwC, and KPMG.
However, this paradigm is shifting.
Last Friday, the Prime Minister’s Office (PMO) held a crucial meeting to push forward the creation of India’s own Big Four. The session was spearheaded by Shaktikanta Das, Principal Secretary to PM Narendra Modi. Also in attendance were key members from the Ministry of Corporate Affairs and various regulatory bodies.
Why the Change?
India’s audit and consultancy landscape has remained lopsided. Currently, foreign-linked audit firms control the lion’s share of high-value contracts. Nearly all Nifty 500 companies depend on them. As a result, Indian firms have struggled to compete, grow, or scale globally.
Even more significantly, these firms generate annual revenues over ₹45,000 crore. Despite this economic magnitude, India’s professional autonomy remains limited. Therefore, the government now seeks to reclaim control and empower Indian firms. The objective? Create four world-class, Indian-origin audit giants capable of competing internationally.
Customer Experience Begins with Independence
From a CX standpoint, independence equals better alignment with local needs. Indian firms understand Indian clients. They navigate domestic legal landscapes more smoothly. They grasp cultural nuances effortlessly. Consequently, local firms are better positioned to deliver tailored services that feel personal, efficient, and timely.
Until now, the global dominance of foreign players led to a ‘one-size-fits-all’ approach. Moreover, dependency on global practices often slowed responsiveness and adaptability. By fostering indigenous giants, the government is empowering a CX model that prioritizes contextual excellence.
What’s in the New Framework?
The Institute of Chartered Accountants of India (ICAI) has introduced a draft regulatory framework. This framework supports domestic mergers, simplifies compliance, and encourages global affiliations—transparently. Among the key proposals:
- Merger-friendly policies: These help Indian firms join forces without regulatory overload.
- Fee waivers: To remove entry barriers for smaller players.
- Deadline relaxations: To ensure smoother transitions during scaling.
- Compliance nodal officer: Every cross-border merger will require a senior partner accountable for regulatory adherence.
- Mandatory registration of global affiliations: Ending the opacity of informal tie-ups.
With these reforms, the ecosystem becomes more inclusive and predictable. That’s excellent news for customers seeking consistent, high-quality service without ambiguity.
Scaling Firms = Scaling CX
In the CX world, scale directly impacts capability. Larger firms can invest in better technology. They can recruit specialized talent. They can offer wider coverage. And they can reduce turnaround times significantly.
By easing merger rules and supporting firm growth, the government is enabling Indian players to match global standards. As a result, client onboarding can become more seamless. Reporting cycles can become quicker. Most importantly, errors and inefficiencies can drop drastically.
Additionally, larger Indian firms can afford to innovate in customer-facing tools. AI-led audits. Smart dashboards. 24×7 client support. These aren’t dreams anymore—they are strategic possibilities.
A Trustworthy Global Face
Transparency is the foundation of exceptional CX. Customers—especially corporate clients—want to know who is working with whom. At present, informal partnerships between Indian and global firms blur accountability. Clients may struggle to discern which firm bears ultimate responsibility.
The proposed rule mandating formal registration of affiliations solves this problem. It gives customers clarity. They know who the signatory is. They know where to escalate issues. In turn, this clarity drives satisfaction and loyalty.
The Global Ambition
India’s services sector has matured. However, the ability to audit global clients has remained elusive for most Indian firms. This is largely due to the dominance of the Big Four on the world stage. But that dominance is not insurmountable.
In fact, the current initiative draws inspiration from the PM’s 2017 vision. At that time, he urged the creation of four global Indian audit firms capable of ranking among the world’s top eight.
The new framework brings that vision closer to reality. It enables Indian firms to expand thoughtfully. It provides a regulatory backbone. And it encourages innovation in both process and experience delivery.
Moreover, knowledge-based exports stand to gain. If Indian firms go global, so do Indian auditors, consultants, analysts, and technologists. This benefits not just the firms, but also the broader Indian economy—and the talent pool that powers it.
CX in an Era of Professional Nationalism
While national pride plays a role, the CX implications are more compelling. Homegrown firms mean faster feedback loops. They mean real-time responsiveness. They mean pricing that reflects local economics—not international markup.
Additionally, ethical alignment becomes easier. Clients in India can expect firms to comply with Indian legal norms, cultural ethics, and professional standards—without the dilution of international adaptation.
And for global clients? Indian firms with scale and clarity can bring a fresh, value-driven alternative to the table.
The Road Ahead
Of course, challenges remain. Global giants have decades of brand equity. They have the capital to lobby, innovate, and attract top talent. Yet, disruption doesn’t need parity—it needs momentum.
With the Modi government’s support, regulatory facilitation from ICAI, and growing public interest in economic self-reliance, the timing is perfect. Indian firms now have a historic opportunity to redefine their role—not as secondary partners, but as global leaders.
Final Thoughts
Customer experience is not just about service. It’s about ownership, agility, and trust. By building India’s own Big Four, the government is not only empowering firms but also empowering the customers they serve.
The benefits will be felt across sectors—from startups seeking auditors to MNCs requiring global-standard consultancy. In short, better professional firms lead to better business experiences. And better business experiences lead to a stronger India.
