The Institute of Chartered Accountants of India (ICAI) has announced that creating a strong league of homegrown accounting and auditing giants—India’s own equivalent of the global “Big 4”—is now a national priority. ICAI President Ranjeet Kumar Agarwal said this shift is essential for strengthening India’s financial ecosystem, reducing reliance on foreign networks, and positioning the country as a global leader in audit and assurance services.
Agarwal noted that India’s rapidly expanding economy requires large, globally competitive professional services firms capable of handling complex audits, multinational operations, cross-border regulations, and emerging challenges such as ESG reporting and digital assurance. Although thousands of Indian CA firms exist today, most remain small or mid-sized and lack the scale to compete globally.
ICAI believes the time is right for consolidation, capability-building, and strategic collaboration among domestic firms. By helping Indian firms grow into multidisciplinary powerhouses offering audit, tax, advisory, forensic accounting, sustainability reporting, and AI-driven financial analysis, the country can achieve greater financial independence.
The initiative also aligns with the government’s Atmanirbhar Bharat vision, encouraging Indian firms to expand globally and play a larger role in the international financial ecosystem.
ICAI is now preparing a roadmap that includes policy recommendations, training programs, and guidance to support mergers, alliances, and cross-border partnerships. According to Agarwal, the goal is not just to create bigger firms, but to build globally respected Indian institutions that uphold the highest standards of ethics, quality, and transparency.
