In his final address as President of ICAI for 2024-25, the author reflects on a transformative year for the profession, shaped by innovation, collaboration, and a focus on national priorities. Key initiatives included the introduction of the DRISHTI framework—Digitalisation, Research, Integrity, Skills, Handholding, Transparency, and Independence—to guide the profession toward the next 25 years. ICAI expanded its global presence with new chapters in Florida and Zurich, while enhancing domestic reach with additional branches and exam centers. Technological advancements were central, with AI adoption through courses, modules, and tools to streamline compliance and professional operations. Collaborative efforts with government bodies strengthened local governance and policy reforms, including transitioning Indian Railways to accrual-based accounting. ICAI also emphasized MSME support, financial literacy, and skill development through nationwide initiatives. The launch of the ICAI International ADR Centre and research programs underscored its commitment to professional excellence. These efforts collectively positioned ICAI as a key contributor to India’s growth story, aligning with the vision of Viksit Bharat@2047.
The Institute of Chartered Accountants of India
ICAI President’s Message – February 2025
Dear Professional Colleagues,
“You know but little of that which is within you. For behind you is the ocean of infinite power and blessedness” – Swami Vivekananda
These profound words serve as the guiding light of my journey, and they resonate deeply, as I pen down my final message as the President of ICAI for the Council Year 2024-25. It is with immense pride, gratitude, and hope that I reflect on this unforgettable chapter in my life—a chapter that has been a confluence of opportunities, challenges and monumental achievements for our profession.
Today, as the President of ICAI, while sharing my final message, I am filled with deep appreciation, a sense of accomplishment, and an overwhelming hope for the future of our esteemed profession. This is not an ending but the beginning of a journey and now this journey has gained a momentum to shape a legacy of excellence, innovation, and service—both to our nation and to the world.
The year 2024-25 will be remembered as a year of innovative ideas, transformative actions, and resolute will redefine the future of our profession. At the heart of ICAI’s initiatives lies the framework of TRUST—Technology, Research, Union Development, Sustainability, and Transparency. This framework was, further enriched by the guiding vision of ‘DRISHTI,’ setting the profession on a course toward the ‘Golden Era of Chartered Accountancy.’ With Digitalisation, Research, Integrity, Skills, Handholding, Transparency, and Independence as its pillars, DRISHTI is a framework that will shape the next 25 years (2024-2049) of the profession.
In my role as President, I have strived to act not just as a leader but as a humble servant of our collective mission—a mission aligned with the vision of Viksit Bharat@2047. Every initiative we undertook, every milestone we achieved, and every challenge we overcame together has been driven by this greater purpose: to elevate our nation and our profession to unprecedented heights.
ICAI Scaling New Heights – Expanding Presence
The Profession continues to grow by leaps and bounds both nationally and internationally, with the membership count crossing the 4-lakh mark and a student base of about 10 lakh, ICAI expanded its national presence to 177 branches with setting up of New Branches in Neemuch, Muzaffarpur, Darbhanga, Raigarh & Mandi Govindgarh and approval of New Branches in Vizianagaram, Tonk and Raigarh. Further to enhance the welfare of students and members, 10 new examination centers were established, and 18 additional reading rooms were inaugurated. With the establishment of Rotterdam Representative Office and new chapters in Florida and Zurich, ICAI now boasts 52 chapters and 29 representative offices across 47 countries. During the year two new buildings were added to ICAI Infrastructure Renovated New ICAI Bhawan as Regulatory wing in Noida and soon to be launched Centre of Excellence in Kolkata.
Integrating Technology: Transforming the Profession
As a proud Chartered Accountant, I am deeply honoured to contribute to the profession by embracing innovation and driving transformation. ICAI is at the forefront of this transformation, evolving from traditional roles to become trusted advisors and leaders in a tech-driven world.
In 2024-25, ICAI established the Committee on Artificial Intelligence (AI) to accelerate AI adoption across student services, member support, and internal operations. It launched the Certificate Course on AI (AICA), completing 150+ batches in under 100 days, with over 5,000 members enrolled. A significant milestone was the introduction of 19 CA GPT modules, benefiting 65,000+ members and 55,000+ students. Further advancing AI integration, ICAI unveiled the Industry Forum GPT for listed company reports and UAE VAT & Corporate Tax Assistant GPTs, streamlining regulatory compliance and enhancing productivity for professionals. ICAI has redefined AI as Accounting with Innovation & Auditing with Innovation.
We integrated technology into operations through the e-Office & other initiatives to make ICAI technologically advanced and the Centralized Document Management System, ensuring sustainability and operational efficiency. Our Member and Student Dashboards provide real-time insights and support, streamlining processes across the organization. Additionally, ICAI’s involved in the Digital India program, working with MeitY on DigiLocker, shows its commitment digitizing the profession. Further strengthening overseas operations by launching the “ICAI Diaspora” mobile app for overseas members. Through these efforts, ICAI is harnessing the power of technology to revolutionize the profession, ensuring its relevance and leadership in a rapidly evolving digital era.
Partnering for National Progress
Henry Ford once said, “Coming together is a beginning, staying together is progress, and working together is success.”
This year, ICAI exemplified this spirit by actively collaborating with the government to align its initiatives with the vision of Viksit Bharat @2047 and contribute meaningfully to national priorities.
Our representation on the Consultative Group on Tax Policy at NITI Aayog exemplifies our commitment to refining tax policies, simplifying processes, and improving compliance. To address the growing demand for improved financial management in local governments, ICAI signed an MoU with the Comptroller and Auditor General’s office launching certificate courses for accountants in Panchayats and Municipal Bodies in which around 4000 youths have registered so far. In further support of governance, ICAI organized the Local Governance Synergy Conclave – Sashakt Bharat, focusing on strengthening accounting practices at the local self-government level.
ICAI through its ARF has played a pivotal role in transitioning from cash-based accounting to accrual based of accounting of the Indian Railways thereby enhancing trust and transparency in its financial statements. This step in itself is a big step to augment the transparency for the upliftment of our economy. The accrual based Financial statements of FY 2021-22 were presented in June 2024 and of FY 2022-23 were presented in December 2024 to the railways which is a remarkable achievement in the journey of moving Indian Railways to adopt accrual-based financial statements.
Towards establishing India as Global Finance and Accounting hub, the IFSCA Expert Committee, chaired by the President ICAI, has submitted its recommendations to establish GIFT IFSC as a global hub for Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) services. Given IFSC’s role in global financial services, this initiative strengthens India’s position as a provider of high-quality professional expertise. Furthermore, ICAI is actively involved in the Standing Committee for the development and regulation of professional services at GIFT IFSC. Also, Report of the working group for simplification of Income Tax laws applicable for GIFT IFSC Centres presided by President, ICAI submitted to GIFT IFSC.
Moving towards future ICAI is setting up the ICAI International ADR Centre, following the advice of the Ministry of Law & Justice, this will provide new avenues for professional development. Additionally, ICAI assisted the MCA in streamlining the PM Internship Scheme (PMIS) Implementation announced in the 2024-25 Budget and further proposed to MCA to have CA firms under PMIS, for empower of youth.
ICAI continues to play a vital role in shaping policy by offering suggestions to the Ministry of Corporate Affairs (MCA) on simplifying company rules and improving investor protection laws. ICAI has also assisted in the smooth transition of the MCA 21 Version 3 Portal. ICAI also collaborated with various government bodies, including Capacity Building Commission, Commercial Taxes Department of Andhra Pradesh and the National Academy of Customs & Indirect Taxes, fostering capacity-building among government officers.
Further, as outlined in our framework of DRISHTI we have placed our enhanced thrust on research and in this regards we have come up with the International Research Journal of ICAI named ICAI Garuda, wherein 360-degree analysis are being provided on various topics of professional interest. ICAI established a specialized research center at the Centre of Excellence (CoE) in Hyderabad wherein a Deancum- Director has been appointed having 13 long years of experience at ISB, Hyderabad. Further, an Advanced Flagship 5 days Residential Program – Empowering Trusted Advisors Unlocking the Potential of Family Enterprises has been organised to equip CAs with the expertise needed to address the distinct challenges of family businesses.
These initiatives are not just about enhancing the profession; they are about driving India’s growth story and has positioned ICAI as a key enabler of progress. Further ICAI is also committed to the professional skill building of the members. And in this regards it is noteworthy that total of 7,981 Programmes have been organised by the CPE Committee through its CPE POUs and around 39 lakhs CPE Hours have been generated during this period.
Building New India – Entrepreneurial, Sustainable and Inclusive
In our pursuit of a developed nation, ICAI firmly believes in empowering the MSMEs, Women and Youth through focussed initiatives on MSME and Startup nurturing ecosystem fostering value and job creation through Startup Sphere, MSME and Startup Yatra initiatives inspiring youth to build startups and support improving competitiveness of MSMEs. I am proud to inform that ICAI is being recognized in Asia Book of Records for its MSME and Startup Yatra initiatives creating awareness in more than 100 cities in 100 days. Similarly, to promote equity and financial inclusivity the institute has conducted large-scale awareness programs, such as the “Vitiyagyan Mela” across 63 cities including hosting finfluencer meet to strengthen the financial literacy ecosystem in the country. Further, ICAI continues to drive financial education through Investor Awareness Programs (IAPs), with over 88 programs in 2024 alone, engaging hundreds of thousands of participants. These initiatives underscore ICAI’s resolute commitment to strengthen the profession and support the government’s broader goals of financial literacy, transparency, and good governance.
Enhancing Expertise, Elevating the Profession
I am fortunate that I am surrounded by like-minded professionals who are ready to burn the midnight’s oil to elevate the profession to unprecedented growth, and evolution, driven by innovative initiatives and a forward-thinking approach. With the right initiatives, the institute and the profession is growing. The launch of the Audit Quality Maturity Model (AQMM v 2.0) and the first-ever “Global Ethics Day” & “Audit Day” underscore ICAI’s dedication to strengthening audit standards and ethical practices. The UDIN portal continues to scale new heights, with over 8 crore UDINs generated, and further, more than 1.50 lakh members have been registered at portal. Quality assurance remains a priority, as evidenced by the Peer Review Board issuing 2971 certificates in 2024-25. For the first time, local bodies were recognized through specific awards for the best financial statements, encouraging healthy competition and improved reporting.
In an ever-changing market landscape, our ability to adapt, lead, and innovate ensures that we remain at the forefront of driving industry growth and national economic progress. Accordingly, to build new avenues and being ready for future the institute launched Certificate Course on Fund Management at IFSC, introduced the Certificate Course on Compliance of Capital Market Intermediaries, Certificate Course on Skill Enrichment and Certificate Course on Mediation. Further initiated Online German Language Course for ICAI Members and Students to make them ready for global market. Further, ICAI collaborated with the Indian School of Business (ISB) to offer a customized “Masterclass on Leadership,” program for members to enhance their managerial and leadership abilities. Additionally, ICAI has broadened its scope with initiatives like the Advanced Flagship Program for family businesses. Skill development also took center stage with the establishment of the Professional Skills Enrichment Committee and workshops for youth and entrepreneurial growth.
It is the time for India now, it is the time for our profession to expand our wings and explore the sky. ICAI has also enhanced its global presence, professional outreach, and educational initiatives. Under the Ministry of External Affairs, it successfully hosted its first Indian Technical and Economic Cooperation (ITEC) program and welcomed a delegation from the Economic Development Board of Mauritius to discuss business regulations. To support global mobility, ICAI engaged Ecctis to conduct an independent benchmarking study to evaluate the comparability of the ICAI Intermediate and Final level in the context of the UK and UAE education.
The institute is collaborating with ICAEW, CPA Australia and CPA Canada and discussions are in advanced stages to launch Global Certification Course on Sustainability Reporting for 3 million global accounts to take forward the agenda of sustainability for building a better planet.
Playing its role effectively as an educator the Institute has implemented the National Education Policy, introduced CA Foundation & Intermediate exams thrice in a year, and launched a Digital Learning Campus with over 1.67 lakh registrations. Scholarship programs supported 13,146 students, and numerous conferences, including the Global Education Summit on Commerce & Accountancy, enriched academic and professional discourse.
Sustainability and Well-Being: A Call to Action
Towards building Sustainable Planet ICAI undertook Green Mahotsav initiative, wherein we pledged to plant 100,000 trees—a small but meaningful step toward creating a healthier planet for future generations. Further, ICAI is advancing sustainability with solar power installations at 14 units to reduce its Carbon footprint. Equally important is the well-being of our members, for a healthy profession begins with healthy individuals. The CA Run for Viksit Bharat and Work life Balance and Yoga initiative were organized to promote physical fitness and mental well-being, reminding us of the importance of balance in our lives. Further a group focussing on work-life balance and stress management to introduce measures aimed at improving work-life balance and managing stress within the profession has also been constituted.
Some of the significant achievements of the Institute in the Council year 2024-25 have been listed separately and published in this journal elsewhere for your perusal.
India – Global Accounting & Auditing Hub
With ICAI at the forefront, India has the potential to lead and meet the global demands of accounting and auditing as visible in India’s emergence as GCC Capital of world with 1,800 Global Capability Centres (GCCs), powered by 67% young and dynamic ICAI population under 40, where one-third of Chartered Accountants are women are encouraging amidst the rising age of population globally. With India’s technological expertise, knowledge prowess, and other growth enablers, India is poised to become a global leader in the accounting profession, driving innovation, excellence, and collaboration across borders.
World Forum of Accountants (WOFA) a landmark global forum, is an incredible showcase of India’s thought leadership in the accounting profession being attended by nearly 7,000 delegates from 46 countries. I would like to extend my heartfelt gratitude to Chief Guest Shri Rajnath Singh, Hon’ble Minister of Defence, Guest of Honour Mr. Jean Bouquot, President of IFAC for inaugurating the WOFA 2025. I also thanks, distinguished speakers Ms. Madhabi Puri Buch (SEBI Chairperson), Shri Challa Sreenivasulu Setty (SBI Chairman), Mr. Malcolm Bacchus (President, ICAEW), Ms. Pamela Steer, President and CEO, CPA Canada, Mr. Chris Freeland, CEO, CPA Australia, Ms. Alta Prinsloo, CEO, PAFA and Mr. Jamal Fakhro from Bahrain who shared their experience and knowledge in shaping future of the profession on Day -1. A report of same is coming inside the journal.
I take this opportunity to thank all the 200+ speakers, 7000 delegates, sponsors, and one and all for making WOFA a grand success.
Conclusion – For a Future Illuminated by Hope, Gratitude, and Determination
As I stand before you for one final time as your President, my heart is filled with honour, optimism, and hope. In my 15 years of service to this great profession, I have always considered myself a student of both the profession and my beloved alma mater, and I am proud to have contributed with satisfaction and fulfillment to its development and enhancing its legacy of trust, as President of ICAI.
During my tenure, I have tried to give my all to this profession—leaving behind the comforts of home and family to walk alongside on the path of transformation. Together, we have laid the foundation of progress, built on the pillars of innovation, technology, and an unrelenting pursuit of excellence. Today, our profession shines brighter than ever before, and I firmly believe that the future holds an even greater brilliance for us.
No leader ever walks this path alone, and today, I want to express my deepest gratitude to all those who worked tirelessly behind the scenes to make this journey possible.
To my colleagues, professional partners, and the dedicated team at ICAI, the year has been a testament to what we can achieve when we unite with purpose. Together, we have navigated pivotal moments, launched transformative initiatives, and forged collaborations that had elevated our profession to new heights. Like a small flame in a vast ocean of potential, I am humbled to have contributed to this incredible journey, made possible by the steadfast support of the Council, Regional Councils, Branches, Study Circles, Foreign Chapters, human resources of ICAI, government officials, and the countless individuals who fuel ICAI’s mission with their dedication.
I would like to express my heartfelt gratitude to Vice President CA. Charanjot Singh Nanda, whose dedication, collaboration, and hard work have been instrumental in turning our shared vision into tangible achievements. You have proven that the power of collaboration can transform even the boldest of visions into reality.
I thank, my 8 Presidents of ICAI, in my journey of 9 years of Central Council CA. M Devaraja Reddy, CA. Nilesh S Vikamsey, CA. Naveen N D Gupta, CA. Prafulla P Chhajed, CA. Atula Kumar Gupta, CA. Nihar N Jambusaria, CA.(Dr.) Debashis Mitra and CA. Aniket Talati for their continuous guidance and support.
I also thank members of my Eastern Region who reposed trust in me and got me elected two times in Regional Council and three times in Central Council so that I could occupy the highest position in ICAI.
I also thank teachers and mentors, who have guided me with wisdom and inspired me to dream bigger, I owe my journey to your encouragement and lessons. And to my fellow Chartered Accountants, students, and well-wishers, thank you for placing your trust in me and walking with me every step of the way. Your belief in the profession and in our collective potential has been my greatest motivation.
I cannot thank my family enough for standing by me through all my endeavours & decisions over the last 15 years. Though I couldn’t give much time to them, I now look forward to spending quality time with them, cherishing their support and love.
As the new Council will take charge from 12th February 2025, I wish and hope that the wisdom and experience of the seasoned personalities will take the Institute to newer heights.
Let us strive to make our nation a superpower with the highest economy in the world. Let us stand united, committed to excellence, and ready to conquer the challenges ahead.
Thank you for the trust, the inspiration, and the privilege to serve you all. The future is ours to create-let’s create it with pride, passion, and purpose.
Jai Hind! Jai ICAI!
CA. Ranjeet Kumar Agarwal
President, ICAI
New Delhi, 31st January, 2025
