The Institute of Chartered Accountants of India (ICAI) is integral to India’s economic evolution, positioning Chartered Accountants (CAs) as key players in the nation’s rise. Chartered Accountants, as strategic advisors and ethical leaders, support India’s financial integrity through initiatives that enhance transparency, corporate governance, and digital advancements. India’s economic journey is marked by initiatives like Digital India and Make in India, and ICAI aligns with these, preparing professionals through updated curricula, technical programs, and leadership collaborations with top institutions. CAs contribute to India’s financial ecosystem by aiding startups, promoting financial literacy, and ensuring adherence to international standards, which fosters investor trust and positions India as a preferred investment destination. Notably, ICAI’s initiatives like Sashakt Bharat strengthen local governance accounting, vital for achieving equitable growth across India. Global outreach in professional ethics and technological advancements like AI highlights ICAI’s commitment to global standards. ICAI’s support for self-reliance, exemplified by the Atmanirbhar Bharat initiative, aligns with India’s vision of sustainable growth. Through its electoral process, ICAI encourages member engagement, fortifying its foundation of leadership in the financial sector. With the goal of shaping leaders, ICAI drives India’s growth story, ensuring that CAs continue to be pivotal in navigating and supporting India’s aspirations as a global economic leader.
ICAI President’s Message – November 2024
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
Dear Professional Colleagues,
True leadership fosters a culture of self-reliance by encouraging individuals to harmonize innovation with tradition, ensuring everyone participates in shaping a sustainable and thriving future.
The realm of revolution and transformation which is revolving around the globe has created an atmosphere of rapid changes and tough challenges. Our nation has undergone a rapid transformation and has been rising on the world stage. Evolving as a leader among various countries, India is set to emerge as the 4th largest economy by nominal GDP size in 2025, according to IMF. India’s ascent on the global stage as a leader in economic and social transformation is phenomenal inspired by the collective will to excel and powered by effective leadership in shaping our nation’s progress.
Leadership transcends the mere act of guiding others; it embodies the capacity to foster innovation, inspire meaningful change, and drive sustainable growth across all sectors. In the journey of making India a global leader, the Chartered Accountancy (CA) profession stands at the forefront, playing a pivotal role in navigating the complexities of a rapidly changing world. Chartered Accountants are not merely financial experts, we are strategic leaders and trusted advisors who uphold the pillars of transparency, accountability and ethical governance.
As the world moves toward digital economies and sustainable development, the CA profession must evolve and rise to meet new challenges—championing integrity, supporting technological advancements, and facilitating India’s growth. Our path ahead requires collaboration, innovation and a commitment to excellence. With vision and leadership, we can ensure that India not only sustains its growth but becomes a beacon of progress, setting global standards for financial leadership and ethical practices.
Leadership: Core of Professional Excellence & Sustainable Growth
Leadership, at its core, is more than being about influence or decision-making, — it is about values. True leadership arises from a resolute commitment to core principles that guide behavior, inform decisions, and inspire others. As Chartered Accountants, we stand as guardians of integrity, custodians of accountability, and champions of transparency. These values are the bedrock of our profession and they must serve as the foundation of leadership at every level.
Leadership, in all its forms, has become a defining feature of our profession. But beyond individual leadership lies a broader responsibility: building a culture grounded in core values that fosters leadership across every level— individual, organizational, and national. Today, as India takes its place as a global economic powerhouse, ICAI is uniquely positioned to support the nation not just through technical expertise, but by nurturing an ecosystem where values-based leadership can thrive and sustain the country’s ascent.
India’s Rise as Global Leader
We are witnessing India’s remarkable journey toward becoming a global leader which is driven by a wellrounded strategy that integrates economic reforms, technological advancements, empowering human resources and international collaboration. At the heart of this transformation is the government’s commitment to foster a robust ecosystem for innovation. i.e. making India a thriving hub for innovation and startups. Initiatives such as Digital India, Start-Up India, and the Atal Innovation Mission have played a pivotal role in enhancing India’s global standing, elevating our position to have the 3rd largest Startup ecosystem globally and 39th on the Global Innovation Index 2024. Today India’s Unified Payments Interface (UPI) has emerged as a frontrunner in the global digital payments landscape, showcasing its remarkable capability to surpass the world’s leading digital payments platforms. With an impressive 46% of the global real-time payment transactions occurring in India, UPI has firmly established itself as a significant player in digital payment sector. Further, India has shown its global manufacturing prowess during Covid, as the global supplier of vaccine, and now India is the largest provider of generic medicines while the Indian Pharmaceutical Industry is the third largest in the world providing over 50% of the world’s vaccine demands.
The Make in India initiative, a cornerstone of our progress, has significantly strengthened India’s global manufacturing capabilities, attracting substantial foreign direct investment amounting to $667.41 billion between 2014 and 2024. The ease of doing business reforms has also created a favorable environment for both domestic and international investors, further propelling India’s economic growth.
India’s Vision India@2047, a blueprint to transform the nation into a $30 trillion economy by 2047, marks a bold step towards expanding our technological and industrial capabilities. The government’s investments in cutting-edge technologies like AI, Internet of Things (IoT), and blockchain, supported by Centers of Excellence, are fostering collaboration between startups, enterprises, and academia, positioning India as a global innovation hub.
ICAI: Nurturing the Financial Leaders of Tomorrow
Over the last 75 years, ICAI has evolved as the symbol of resilience, growth, and transformation. The core values of courage, trust, and commitment inspire our mission. The Profession flourishes in diverse environments, with expertise across diverse landscapes, inspiring positive change. We promote professional excellence by fostering a culture of lifelong learning amongst members and students, cultivating responsible citizens through a holistic education and skill development that nurtures talent and upholds the principles of excellence, independence, and integrity.
The Institute has been the first accounting body to release standards on forensic investigation. Further, to make the Indian CA firms compete globally, we have constituted Committee for Aggregation of CA Firms which is entrusted with developing guidelines for the same.
The Institute has been a Partner in Nation-Building, recognizing the critical role of financial leaders in the country’s progress and their significance in representing the nation on the global stage. ICAI’s role as an institute of eminence is not just about producing excellent accountants—it is about creating global leaders who embody the values of integrity, excellence, and innovation. The Institute has updated the Chartered Accountancy syllabus to meet evolving industry demands and integrated technological advances and ethics to build leaders of tomorrow for global world.
Further the Institute, is building the leadership ecosystem by empowering young CAs through leadership programs in association with leading IIMs and ISB as well as recognizing the young leaders through 40 under 40 business leaders’ awards, inspiring the young CAs to lead change and be catalyst for progress. The Institute continues to strive for building future ready financial leaders promoting specialization through 28 Certificate courses and 4 Diploma courses.
The Institute has always been thinking ahead, towards building the foundation for the future. In this regard we have the Committee on AI in ICAI which is working on unlocking new avenues through harnessing the potential of AI. The Institute has also formulated Section 8 companies ICAI ARF, ICAI RVO, IIIPI, ISAI and XBRL India to serve the evolving need of economy in emerging areas like Insolvency, Valuation, Social Audit, Government Accounting Reforms. Similarly, the Institute is working to build the competency and capacity of various Central and State Government entities to develop enabling policies and promote citizen centric governance to take the economy towards the vision of Viksit Bharat.
Chartered Accountants: Shaping India’s Path to Development
Chartered Accountants (CAs) are unsung heroes and leaders in India’s journey toward economic development. With several years of experience in this profession, I can confidently state that CAs are instrumental in driving the success of organizations across sectors. Shri Nitin Gadkari, Hon’ble Minister of Road Transport and Highways also commended Chartered Accountants during the CA Day celebration 2024, stated, “I acknowledge the invaluable contribution of 4 lakh Chartered Accountants across our nation. India is the fastest-growing economy globally and in the pursuit of making the country a $5 trillion economy, the role of Chartered Accountants is pivotal. The ICAI is committed towards the vision of Atmanirbhar Bharat by fostering self-reliance and economic sovereignty in the nation.” The expertise of CAs in financial planning, cost management, and compliance is invaluable, especially for startups seeking sustainability and scalability. By providing essential advisory services, CAs contribute significantly to the startup ecosystem, which is a cornerstone of India’s growth narrative.
Moreover, CAs promote financial literacy across various sectors, enhancing public understanding of financial health—a crucial aspect of economic empowerment. Their commitment to maintaining robust financial systems and regulations aligned with international standards plays a pivotal role in elevating India’s status as a global leader. By upholding high standards of corporate governance, optimizing tax strategies, and ensuring compliance with global practices, CAs bolster India’s financial credibility and attract foreign investment.
Additionally, CAs are key to facilitate international collaboration. Their expertise in aligning financial reporting and regulatory compliance with global benchmarks enables Indian companies to expand seamlessly into international markets. They adeptly navigate the complexities of global tax laws, ensuring tax efficiency and compliance, thereby supporting India’s aspirations for a thriving international trade environment.
The profession has meticulously supported integration of Indian economy with global markets by aligning with international standards such as the International Financial Reporting Standards(IFRS), International Standards on Auditing (ISA) and International Ethics Standards for rise of India as preferred destination for investment. These alignments with international best practices and standards have reinforced the integrity of India’s financial ecosystem as transparent, comparable, and reliable on a global scale, enhancing the confidence of international investors. These standards are helping Indian firms compete in global markets, facilitate foreign investment, and foster sustainable growth, contributing to India’s evolving role as a key player in the global economy.
Through initiatives that enhance corporate governance, promote financial transparency, and support entrepreneurship, Chartered Accountants are laying a strong foundation for financial growth and contributing to India’s emergence as a global economic leader.
Conclusion
As the world watches India’s ascent, driven by professionalism and excellence, leadership will be the cornerstone of its economic growth, social progress, and global influence. We the professionals, are serving as the architects of tomorrow, will lead innovations, foster entrepreneurship, and nurture a culture of excellence. Chartered Accountants, as trusted advisors and strategic leaders will be at the forefront of India’s growth story, and we as professionals are ready to build India into a global leader.
The leadership, rooted in values of innovation, collaboration, and inclusivity, will shape the industries of the future. By cultivating forward-thinking, adaptive, and resilient leaders, India ensures its professionals not only succeed individually but also contribute to the nation’s broader mission. With collective leadership, we can craft a future where every citizen thrives, industries flourish, and India stands tall on the world stage.
Let us continue to drive change, inspire innovation, and lead with purpose — for our profession, for our nation, and for the world.
Important Developments
ICAI Elections 2024
As said by Dr. A P J Kalam: ‘Remember for your progress for your welfare, your happiness, never fail to cast your vote in elections’. I urge all members to take part in this election process and exercise their right to vote with a deep sense of responsibility toward our profession. As you all know elections for 26th Central and 25th Regional Council will be held on 6th – 7th December 2024. Each member of the Institute whose name is in the List of Voters as on 1st April, 2024 is entitled to cast vote in the ensuing elections of the Institute. The elections will be held in 925 booths across India.
For facilitating greater participation, the Voters, who are entitled to vote by poll shall have the option to choose for a polling booth in the same/different city within the same constituency (Rule 5) or to a polling in another city outside voter’s own regional constituency [Rule 6(2)] due to change in his/her professional address published in the List of Voters or expected to be away from his/her professional address on the day of polling.
The strength of our election, and ultimately our profession, depends on the active participation of each member. I appeal to all of you to come forward and cast your vote, helping to shape the future of our profession.
Sashakt Bharat: An Initiative to Strengthen Local Self-Government Accounting
ICAI remains steadfast in its mission to strengthen India’s financial ecosystem, to strengthen the best accounting and auditing practices across 2.6 lakh Panchayati Raj Institutions and 4,500 Urban Local Bodies, and contribute to building an equitable and financially resilient nation.
ICAI in association with the O/o Comptroller General of India organized ‘Sashakt Bharat: An Initiative to Strengthen Local Self-Government Accounting’, which aims to strengthen the accounting practices, improving financial management and decision-making at the grassroot level. During the conclave Shri Girish Chandra Murmu, Hon’ble Comptroller and Auditor General of India, highlighted the critical role of grassroot participation in achieving the vision of a ‘Viksit Bharat’. He said, “We must recognize that citizens are the principal stakeholders in the development process. Without focusing on local participation, true progress cannot be achieved. This conclave goes beyond accounting; it is about Jan Bhagidari at all levels. Panchayat and local bodies are the first respondents for the success of any Government schemes and Sustainable Development Goals (SDGs).” The event was further graced by Shri Vivek Bhardwaj, IAS, Secretary, Ministry of Panchayati Raj (MoPR), other Senior officials from C&AG, SEBI and about 350 delegates from across India.
ICAI marks Global Ethics Day
ICAI celebrated Global Ethics Day on 16th October, 2024 emphasizing the significance of Ethics in today’s time, as the guiding compass supporting in navigating the uncertainty and complexity arising from evolution of Artificial Intelligence and other advancements. The event focused on promoting ethical leadership through values of integrity, transparency, and accountability, encouraging members to uphold high moral standards, ensuring trust in the profession. The Chief Guest Shri Rajat Sharma, Chairman India TV, applauded profession as financial guardians of the nation, guiding & supporting all stakeholders with their professional expertise and ethics. He urged the profession to work towards ensuring ethical and responsible use of AI to harness its potential while mitigating its risk. The event was attended by about 200 delegates.
Tribute to Shri Ratan Tata
On behalf of the ICAI and myself, I pay tribute to the remarkable legacy of Ratan Tata, a visionary leader who redefined the very essence of leadership with compassion and integrity. His contributions extend far beyond the boardroom, as his legacy of philanthropy and nation-building continues to touch the lives of millions. His legacy will continue to inspire future generations to lead with both vision and heart, embodying the belief that true leadership lies in service to others.
Season’s Greetings: Wishing You Prosperity and Joy
I extend warmest wishes to all for the festival season. May these celebrations inspire unity, strengthen bonds, and bring happiness and prosperity into your lives. Wishing you positivity, success, and abundance in all that you do.
CA. Ranjeet Kumar Agarwal
President, ICAI
New Delhi, 30th October, 2024
