Institute of chartered Accountants of India
“If we work and sweat for the great vision with ignited minds, the transformation leading to the birth of vibrant developed India will happen.”– Dr. A.P.J. Abdul Kalam
‘World is One Family’ or ‘Vasudhaiva Kutumbakam’ being the true spirit of India’s G20 presidency would be an important point in her history as it seeks to play a significant role by finding pragmatic global solutions for the wellbeing of all. In recent years we have emerged not only as a nation which has capabilities of becoming the knowledge hub of the world but also as a country which can become a torch bearer for global changes.
India, with its Startup-20 Engagement Group at G20, aspires to help the world develop an inclusive framework to support innovative start-ups through strategic collaboration across G20 nations and also intends to create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders.
The Journal theme for the month is Startups as National Startup Day is celebrated on 16th January to commemorate spirit of entrepreneurship and acknowledge the role of Startups as new engine of economic growth strengthening India’s position on global stage. Today, India is the 3rd largest startup nation, creating value, generating jobs, attracting FDI and showcasing India’s leadership ability. With initiatives like the ICAI Start Up programme, the Institute aims to coordinate, synergise and leverage various strands of excellence driven innovation and entrepreneurship, pushing society forward and attracting investment for stimulating the economy.
Let me share some of the significant professional developments that have taken place since my last communication:
Meeting of Coordination Committee – Ministry of Corporate Affairs
The Meeting of the Coordination Committee of the Three Professional Institutes was held on 7th December, 2022. The meeting was chaired by Dr. Manoj Govil, Secretary, Ministry of Corporate of Affairs, along with officials of the Ministry and attended by myself, CA. Aniket S. Talati Vice President, along with the Secretary, ICAI and respective heads of the other two Sister Institutes, i.e., The Institute of Company Secretaries of India and The Institute of Cost Accountants of India. Discussions were held on various areas relating to the profession.
ICAI MSME Yatra recognised in India Book of Records
With Government launching various schemes to strengthen Indian MSMEs, ICAI too, as a true partner-in-nation-building has taken several initiatives to enhance the capacity building measures of MSMEs & Start-ups in India. I am delighted to share that MSME Yatra initiative has been inducted in the prestigious India Book of Records. This feat was achieved, when ICAI conducted MSME programmes in maximum cities during nationwide ‘ICAI MSME SETU’ and ‘ICAI MSME YATRA’ campaigns covering 75 cities across 22 States of the nation in 75 days for promoting entrepreneurship as well as to boost job creation and develop the economy. The campaign was held from August 18, 2022 till November 18, 2022.
I wholeheartedly thank and congratulate ICAI Regional Councils, Branches and other stakeholders who actively participated in this campaign to support MSME ecosystem in the country. ICAI is committed to working towards empowering MSMEs and Start-up sector in the country to boost the economy.
ESG Talk Shows
Moving ahead with its agenda to create awareness and educate the stakeholders about the Sustainability Reporting, the Institute through its Sustainability Reporting Standards Board had conceptualized ESG Talk Shows so that ESG and Sustainability experts can share their real-life experiences. The objective of the ESG Talk Series is to present experts’ views on a variety of contemporary ESG/Sustainability topics, including ESG frameworks and regulatory aspects and promote dialogue and give momentum to the sustainability movement in the country.
International Collaboration and Initiatives
The Institute believes that it is important that we undertake regular interaction with our global counterparts and contribute more effectively in global standard setting process. The meetings with our international counterparts are very significant as it helps in the development of the accounting profession globally by identifying the strategic priorities and setting the tone to navigate the future. Following are the developments in this regard:
Pan African Federation of Accountants Board Meeting
I, along with CA. Aniket S. Talati, Vice President, ICAI visited Algeria on 12th December, 2022 to attend the Board Meeting of the Pan African Federation of Accountants (PAFA). The meeting was very beneficial and various issues of relevance to the profession were discussed. The Members of the Board were extremely appreciative of the World Congress.
SAFA Events in Kathmandu, Nepal
SAFA Board Meeting and Function for SAFA Best Presented Annual Report (BPA) Awards, Integrated Reporting Award and South Asian Association for Regional Cooperation (SAARC) Anniversary Award for Corporate Governance were held in Kathmandu, Nepal on 18th December, 2022. ICAI was duly represented in these Meetings.
Engaging with Overseas Chapters
In building and expanding our brand globally, Overseas Chapters play a pivotal role as ambassadors of the Profession.
Nurturing the Future of Profession
ICAI being a prominent and world class educational institution actively works towards expanding the ecosystem for development of Commerce education in the country and to attract the best talent to the profession through Career Counselling, as also build the capacity and competency of the CA students through various interactive initiatives like CA Student Conferences.
MoU for Knowledge Transfer
The Institute through its Committee on Public and Government Financial Management signed a Memorandum of Understanding (MoU) with the Commissioner of Treasuries and Accounts (CTA), Government of Tamil Nadu (GoTN) for knowledge transfer and skill development of officials of Treasuries, Accounts and Finance Department, GoTN on December 20, 2022 in the august presence of Dr. Palanivel Thiaga Rajan, Hon’ble Minister for Finance and Human Resources Management, GoTN. A plan of action for implementation of MoU has also been prepared. First segment of training as per MoU has commenced from December 22, 2022.
Interactive Meet at Mumbai
The Professional Development Committee conducted an Interactive Meet with Directors, Audit Committee Chairmen, and Members & CFOs of Commercial Banks on 20th December 2022 in Mumbai which was inaugurated by Shri Satish Kashinath Marathe, Hon’ble Director on the Central Board, Reserve Bank of India. The Meet had an overwhelming response and the discussions and insights were very useful.
The Meet had sessions on crucial topics like Sustainability and Green Finance, Audit of Banks and its Governance, and Embracing Digital Transformation in Banks- An Audit Committee’s Perspective among others.
As we usher in the New Year, it is the perfect time to assess our progress, think back on our successes and create plans for the year to come.
I am reminded of the essential values of our Constitution, which serve as the cornerstone of the democratic system in our nation, as we prepare to celebrate the 74th Republic Day on 26th January. These values are the ideal inspiration for us to contribute to the development of an inclusive society that values autonomy, integrity, creativity and a forward-thinking mindset.
Our Profession has played an important role in igniting reforms and adding value for the nation’s economic development. We take pride in being a Partner in Nation Building.
In the year 2023, may we continue our journey of building Trust and attaining Respect & Dignity for the Profession.
Wishing all of you a Very Happy New Year.
CA. (Dr.) Debashis Mitra
Kolkata, 27th December, 2022
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