India is the world’s fastest-growing major economy and is set to become the third-largest soon. But amid this economic rise, one big question keeps coming back: why doesn’t India have its own “Big Four” consulting and audit firms? While Deloitte, PwC, EY, and KPMG dominate globally, Indian firms still struggle to compete on the same scale.
In a special discussion with Zee Business Managing Editor and market guru Anil Singhvi, top Chartered Accountants, including Dinesh Kanabar (Founder, Dhruva Advisors), Charanjot Singh Nanda (President, ICAI), and Sanjay Khemani (Managing Partner, MM Nissim & Co.), shared their views on the challenges and opportunities for Indian firms.
The conversation came at a time when the government had also provided relief by extending the tax audit deadline from September 30 to October 31.
Global Standards vs Local Restrictions
Dinesh Kanabar, who has worked with Big Four firms before starting his own, explained why they grew dominant.
“The Big Four brought global standards. Their audit policies, training systems, and independence norms are accepted worldwide. When globalisation happened, multinational companies chose to work with the same auditors everywhere. That’s how they became powerful,” he said.
He added that while Indian firms have quality, they lack global exposure and branding.
“Infosys, Wipro, Sun Pharma, these are global Indian companies. But when they raise money abroad, they still rely on Big Four signatures for credibility. Our firms must build consistency, quality, and global-level training to earn that trust,” Kanabar stressed.
He also pointed out the limitations in India’s regulatory framework.
“Globally, Big Four can advertise, build brands, and form multidisciplinary partnerships with lawyers, MBAs, and company secretaries. In India, CAs can’t advertise, partnerships are restricted, and even the size of a nameplate is regulated. If we don’t adopt global norms, we won’t be able to build our own Big Four,” Kanabar said.
ICAI’s Roadmap for Reform
ICAI President Charanjot Singh Nanda agreed that big changes are needed, but assured that work is already happening.
“The Institute has always believed in action, not just words. For two years, we have been working on reforms, consolidation of firms, service diversification, and advanced training in areas like ESG, risk management, and forensics,” he said.
Nanda said ICAI is actively engaging with the government, “We have given a white paper to the Ministry of Corporate Affairs on multidisciplinary partnerships. We are focusing on upskilling, governance, and branding so that Indian firms get global recognition. Prime Minister Modi’s dream of creating an Indian Big Four will soon become reality,” he declared.
He also highlighted the importance of technology, “Our CAs are mastering AI, blockchain, data analytics, and cybersecurity audits. With the right capital and policy support, Indian firms will stand shoulder-to-shoulder with global giants,” Nanda said.
The Capital and Credibility Gap
Sanjay Khemani brought in another perspective: the lack of capital.
“Quality is not the issue. Our firms are capable. The problem is capital. We can’t invest in advanced technologies or retain top talent because we lack funds,” he explained.
He suggested that ownership and management in firms should be separated: “CAs can hold 50% equity, and the rest can come from private equity or institutional investors. Globally, this is common. If Indian firms raise capital this way, they can grow faster,” he said.
Khemani also stressed the need for acceptance at home, “When an Indian firm audits a government company, its credibility is automatically established. China did this by mandating domestic firms to be state-owned enterprises. India, too, should identify 20–30 strong firms and give them major public sector audits. This exposure will help them grow,” he suggested.
Audit Deadline Extension Brings Relief
Alongside these structural reforms, CAs faced an immediate challenge: the September 30 tax audit deadline.
Heavy floods and technical glitches made timely completion difficult. ICAI and professionals had been requesting an extension, and Zee Business strongly raised the issue.
The Central Board of Direct Taxes (CBDT) has now extended the deadline to October 31, 2025. This decision has brought relief to companies and professionals alike.
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