ICAI Says Building India’s Own ‘Big 4’ Accounting Firms Is Now a National Priority

The Institute of Chartered Accountants of India (ICAI) has declared that creating a strong set of homegrown accounting and auditing giants—India’s own version of the global “Big 4”—is now a national priority. ICAI President Ranjeet Kumar Agarwal said the move is essential for strengthening India’s financial ecosystem, reducing reliance on foreign networks, and positioning the country as a global hub for audit excellence.

Agarwal emphasized that India’s economy, now among the world’s fastest-growing, needs large-scale, globally competitive professional services firms capable of handling complex audits, cross-border regulations, and multinational operations. While thousands of Indian CA firms operate today, most remain small or mid-sized, limiting their ability to compete with international players.

The ICAI believes the time is right for consolidation, collaboration, and capability-building among Indian firms. By nurturing domestic firms into large, multidimensional entities with expertise in audit, tax, advisory, sustainability reporting, and digital assurance, India can reduce dependency on foreign networks and strengthen financial sovereignty.

The initiative also aligns with the government’s broader strategy to promote Atmanirbhar Bharat, encouraging Indian firms to play a larger role in global financial systems. Agarwal highlighted areas such as forensic audits, ESG reporting, digital trust services, and AI-driven financial analysis as major opportunities where Indian firms can lead.

ICAI is now working on policy recommendations, capacity-building programs, and a roadmap to help Indian firms scale through mergers, alliances, and global partnerships.

According to Agarwal, building an Indian “Big 4” is not only about size—it’s about creating firms that uphold international standards while representing India’s growing economic power on the global stage.