The Institute of Chartered Accountants of India
Dear Professional Colleagues,
As the world turns its gaze toward the Indian subcontinent, the resonance of India’s growth story echoes far beyond its borders. At the precipice of a profound transformation, India is not merely witnessing change but embodying a remarkable evolution that positions it as one of the fastest growing economies globally. Transcending its previous trajectories, India has stepped into the global spotlight and is cementing its position as a prominent economic and geopolitical juggernaut. India’s seamless transition from a developing nation into a distinguished global powerhouse heralds an era of unparalleled growth and promise.
The call for New India’s development into an Aatmanirbhar Bharat is not merely a slogan but a clarion call for the emergence of a self-reliant and globally influential nation. The spirited aim to become a US$ 5 trillion economy by 2025, the world’s third-largest economy, underscores India’s forward-looking vision and emphasizes the monumental nature of this transformative journey. Assuming the G20 presidency, India entered the forefront. The period of India’s G20 presidency, which ends on November 30, marked a significant juncture, offering an unprecedented chance to highlight India’s rich cultural and business heritage. It served as a defining moment, illustrating India’s true potential to emerge as a decisive force in shaping the global economic landscape.
India’s growth remains a compelling narrative marked by a comprehensive and forward-thinking approach. The nation’s trajectory in addressing economic development and environmental sustainability reflects a multifaceted strategy that not only prioritizes consistent higher economic growth but also places a strong emphasis on adopting and implementing eco-friendly practices and policies. The Government on its part is strategically prioritizing robust capital expenditure, focusing on the development of infrastructure to stimulate job creation, encouraging private consumption, and propelling overall economic growth.
In this journey of India’s transformation, the role and contributions of Chartered Accountants (CAs) fraternity stand as a crucial cornerstone in the nation’s economic ascent. As custodians of financial integrity and architects of transparency, CAs play an instrumental role in fortifying the economic foundations of an Aatmanirbhar Bharat. In this era where resilience, innovation, and self-sufficiency are paramount, the collaboration between New India’s aspirations and the strategic guidance of CAs has become a guiding light, steering our nation towards a future where economic sovereignty is both a reality and a source of global influence. As we chart this transformative path, our contribution as professionals become inseparable from the narrative of India’s self-reliant and globally resounding journey.
Let’s have a look at some of the recent developments related to the profession:
Audit Diwas – Augmenting Accountability in Local Governance
The foundation of a strong national economy rests on professional and skilled auditing. Acknowledging the importance of the Comptroller and Auditor General (C&AG) institution, the 3rd Audit Diwas was celebrated on 16th November, 2023 which showcased its remarkable contribution to transparency and good governance. The event was inaugurated by Smt. Draupadi Murmu, President of India. In her address, Smt. Draupadi Murmu, President of India stated that “Auditors should be considered as facilitators of Good Governance, not Critics”. She added that they should be considered guides whose scrutiny teaches us to follow the right path.
I had the privilege to be part of this prestigious event and I am elated to inform you that the ICAI through Accounting Research Foundation (ARF) shall be working with the office of C&AG for strengthening the local governance accounting by way of capacity building. During the event the Certificate course was launched which will be conducted by ICAI-ARF as part of MoU with C&AG to address the requirement of skilled accountants for municipalities and panchayats accounts.
Global Perspective, Universal Impact – GloPAC 2023
ICAI embarks on a historic journey with organising the first-ever Global Professional Accountants Convention (GloPAC) event on the theme Connecting the globe, Creating value, a testament to our commitment to excellence in the accounting profession. A magnanimous event of ICAI, the convention delved upon the shaping the future of the accountancy profession, illuminating the path towards a globally revered accountancy profession and a sustainable future.
The three days mega convention was inaugurated by Shri Jagdeep Dhankhar, Hon’ble Vice-President of India as the ‘Chief Guest’ along with ‘Guests of Honour’ CA. Piyush Goyal, Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles and Shri Praful Pansheriya, Hon’ble Minister of State for Parliamentary Affairs, Primary, Secondary and Adult Education, Higher Education, Govt. of Gujarat and benign presence of Ms. Asmaa Resmouki, President, International Federation of Accountants (IFAC), Ms. Anuradha Thakur, Additional Secretary, Ministry of Corporate Affairs(MCA). The convention hosted more than 4400 delegates from 25 countries.
The Chief Guest Shri Jagdeep Dhankhar, Hon’ble Vice-President of India applauded ICAI for hosting such a grand convention and said, “As we collectively shape India’s destiny for 2047. You (Chartered Accountants) are nerve centre, epicentre of big change, your efforts, your farsighted approach, your commitment will make Bharat the most developed nation on this planet. While institutions are vital for democratic governance and nurturing of democratic values, ICAI has been playing a stellar role in building, standardising and sustaining the financial framework of the nation.” He further added, “Chartered Accountants are uniquely positioned as important pillars in the economic growth of the nation. CAs in Bharat have the highest ethical quotient and the signature of a Chartered Accountant is an unrivalled brand. You are the soldiers in incremental growth trajectory of the Country.”
He also stated that, “Signature events in the World are great, they indicate branding, but signature of a Chartered Accountant is unrivalled brand because this brand contains an element of impregnability………. Your (Chartered Accountants’) signature is signature.”
Guest of Honour CA. Piyush Goyal, Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles said, “Our strength, as highlighted by our Prime Minister, lies in the trust and truth embedded in a CA’s signature.” He further said that as the largest accounting body our profession with a commitment to act with a commitment to accountability will going to be the change agent as India moves forward and rises to become 3rd largest economy. Our profession is going to play an important role in India’s journey of Amritkaal and in this we must continue to evolve and embrace the changes to make India a prosperous and progressive nation. Our profession can play a significant role in attracting investment and technology globally. Let’s focus on going global, making our companies more visible worldwide.
The ground-breaking event witnessed delegates from International Professional Accounting Organizations, Firms, Regulators, Economists, Academicians, Commerce Groups, Business Leaders, Policymakers, Standard Setters and esteemed global leaders from Accountancy Profession. We are hopeful that the convention is poised to establish new standards for global collaboration, offering a platform for profound discussions and insights into the evolving dynamics of the accountancy profession which will further strengthen the position of ICAI as a global thought leader.
Launch of New CA India Logo – Symbolizing India First Approach
During the GloPAC, the new CA India logo was also launched with the august hands of Hon’ble Chief Guest. The New logo reflects the accountancy profession’s unwavering commitment towards being a partner in nation building. To elaborate further each element of the new CA India logo tells a story of our profession’s dedication to excellence, transparency, and accountability.
The logo consists of the letters ‘CA’ in blue colour with a tricolour tick mark (upside down) with white background. The blue colour denotes creativity, innovativeness, knowledge, integrity, trust, truth, stability, and depth. The upside-down tick mark in tricolour, typically used by Chartered Accountants during audit, has been included to symbolise the wisdom and value of the professionals.
‘India’ is also added in the logo, as it epitomizes the Institute’s connection to India First approach and commitment to serve the Indian economy in public interest. The detailed guidelines are separately published inside the journal for reference of all.
MoU signed with IFSCA, and GIFT City – Bolstering India’s Financial Landscape Globally
I am delighted to inform you that Memoranda of Understanding (MoUs) with International Financial Services Centres Authority (IFSCA) and Gujarat International Finance Tec-City Company Limited (GIFT City) were exchanged during GloPAC with Mr. K Rajaraman, Chairperson, International Financial Services Centres Authority, and Shri Tapan Ray, MD and CEO, GIFT City respectively.
The MoU with IFSCA aims to enhance collaboration and promote financial excellence by jointly organizing international and domestic events, conferences, seminars and roundtable meetings and harnessing the expertise of both entities to bolster the financial landscape in India and on the global stage.
The MoU with GIFT City aims to create opportunity for profession by strengthening their skill sets on topic related to International Financial Services Centre (IFSC) business and regulations and to facilitate research in the field of international financial services for GIFT IFSC.
SAFA Board & Committee Meetings, Networking and SAFA Collaboration Summit
On the sidelines of GloPAC, India hosted the SAFA Board and Committee meetings from 23-24 November, 2023 in Gandhinagar. I along with CA. Ranjeet Kumar Agarwal, Vice President, ICAI, CA. Nihar N. Jambusaria, Past President, ICAI and President, SAFA attended the 80th SAFA Board meeting on November 24, 2023. The meeting was also addressed by Ms. Asmaa Resmouki, President, IFAC.
Further, Networking and SAFA Collaboration Summit was held on November 25, 2023. The objective of the aforesaid Summit was to Connect, Share, and Grow within vibrant community of CA professionals. There was an overwhelming response with a substantial participation from both Domestic and International Chartered Accountant fraternity.
In line with our vision to take our profession global the USA (Philadelphia) Chapter of ICAI was launched on October 28, 2023. It is the 10th Chapter of ICAI in the United States of America. I, along with CA. Ranjeet Kumar Agarwal, Vice President, ICAI addressed the event virtually. The event also witnessed the presence of Mr. David Powell, CEO, Chartered Accountants Worldwide Network USA; Mr. Scott Hanson, Director, Policy and Global Engagement at IFAC and Mr. Srinivas Gurazada, Head, Public Expenditure and Financial Accountability (PEFA) Secretariat. With this launch , ICAI has now 48 Chapters and 33 Representative offices in 81 global cities of the world.
IFAC Board and Council Meetings were held recently which were attended by ICAI representatives. The meeting delved upon the issues concerning the accounting profession and in the changing global paradigm and provided an apt forum to deliberate and discuss on ways the profession can contribute to shape the global financial landscape.
During the visit CA. Ranjeet Kumar Agarwal, Vice President, ICAI also met with His Excellency Shri Jaideep Mazumdar, Ambassador of India to Austria, Montenegro & The Holy See, Embassy of India, Vienna on November 14, 2023. The discussions were held to explore expanding the presence of Indian Chartered Accountants with the support of embassy by way of collaborations with the local institutions. A meeting was also held with Prof. Michael Lang, Head of Institute, Department of Public Law and Tax Law, Institute for Austrian and International Tax Law, Vienna University of Economics and Business, Vienna.
I along with CA. Ranjeet Kumar Agarwal, Vice President, ICAI attended 9th Annual Conference on the theme ‘Embracing AI: Future Finance Catalyst’ organized by the Doha Chapter of ICAI on October 26, 2023 at Doha, Qatar. The event also witnessed the presence of Chief Guest CA. Suresh Prabhu, Former Union Minister.
Welcoming the newly qualified Chartered Accountants fills me with great pleasure. I hold a strong belief that these newly qualified individuals will chart a course for the accounting profession beyond traditional routes, aligning it with the digital age. As said by Former President of India Dr. APJ Abdul Kalam “If four things are followed – having a great aim, acquiring knowledge, hard work, and perseverance – then anything can be achieved”. I take this moment to encourage the entrants to broaden their horizons and seek out emerging pathways. As India takes the lead in the upcoming phase of growth, I am confident that the accounting profession will continue to be the catalyst for value creation.
The Convocation ceremony was held on December 4 & 5, 2023 across 12 venues nationwide, where new members were honoured and conferred with membership certificates. A commendable more than 12,700 recently enrolled Chartered Accountants received their certificates during this round of convocation.
ICAI Campus Placements
I am delighted to inform that 58th Campus Placement Programme held for newly qualified CAs of the May 2023 examinations witnessed an overwhelming response, with 169 organizations offering a total of 2,713 jobs, out of which 2,105 were accepted by our members. The statistics reflecting the demand for the exceptional skills and knowledge possessed by our newly qualified CAs. The highest salary offered for domestic postings reached INR 23.70 lakhs per annum, while for international postings, it soared to an impressive INR 49.20 lakhs per annum. The average salary across the placements stood at an impressive INR 11.17 lakhs per annum.
I extend my heartfelt congratulations to all the members securing placements and express my gratitude to the participating organizations for recognizing and acknowledging the talent within our community.
With profound grief I would like to inform that our Past President (1983-84) CA. P. N. Shah passed away on November 15, 2023. His words from the concluding para of Second Volume of the History of Accounting Profession in India that “Our members and students will have to keep themselves abreast with latest developments and make dedicated efforts to render professional services of high standard keeping within the bounds of high ethical standards.” shall continue to inspire us in all our endeavours.
Our heartfelt condolences to his family and may the departed soul rest in peace.
GloPAC was not just a gathering; it was a dynamic hub of learning. I want to express my heartfelt gratitude and deepest appreciation to the Team ICAI and for the dedication and enthusiasm demonstrated by all the participants. Your contributions were instrumental in making GloPAC a phenomenal success. The event’s impact resonates with the global accounting community’s commitment to continuous learning, excellence, and advancing the profession in an ever-changing global economy. I would like to reiterate what I stated Think Global, Act Noble, be Vocal for Local.
Together, let us script the next chapter of India’s growth story – a chapter that echoes with inclusivity, sustainability, and prosperity for all. With unwavering determination and a collective spirit, we shall continue to march forward, ensuring that every citizen contributes to and benefits from the incredible narrative of our nation’s growth.
Jai Hind! Jai ICAI!
CA. Aniket Sunil Talati
New Delhi, 30th November, 2023