ICAI President’s Message – November 2021

Dear Professional Colleagues,

India has achieved a major milestone with 100 Crore vaccines administered to the eligible population under the vaccination drive. Commendable efforts and kudos to all our COVID heroes for working tirelessly to achieve this milestone. This is indeed a testimony of our enterprise and collaborative spirit in the wake of challenging times. As a nation, all steps are being taken to regain lost ground and find the path of development and progress. It is heartening that the ICAI regional branches, chapters and many members have actively involved and contributed to this vaccination drive.

The International Monetary Fund acknowledged in its recent World Economic Outlook Report that the development of the COVID-19 vaccine in India was highly encouraged by public support. Considering the large population, scaling up the manufacturing of COVID-19 vaccine, accelerated vaccination process, and increased focus on creating awareness, the Government has provided every possible support to keep the spirits high. During the process, India, believing in the saying “Vasudhaiva Kutumbakam – The World is One Family”, also exported the vaccines to support other countries. The achievement signifies India’s scientific prowess and its emergence as a potential manufacturing hub at the global forum.

The IMF also estimates India’s gross domestic product (GDP) to rise at 9.5 per cent this year and at 8.5 per cent in the next financial year, indicating that India is moving in the right direction in terms of financial standing and Government policy interventions to revive the economy. This boosts confidence of the domestic as well as international stakeholders, companies and investors in the fastest growing large economy of the world.

At a time when rapid environmental challenges are happening around us, we must take extra efforts to handle them effectively. Remember the words of Dr. A.P.J. Abdul Kalam, “This is my belief: that through difficulties and problems God gives us the opportunity to grow. So when your hopes and dreams and goals are dashed, search among the wreckage, you may find a golden opportunity hidden in the ruins”.

In all these situations, the financial and allied matters are crucial and thus a quintessential role emerges for the accounting profession. Working on the mantra of sustainability, ethics and integrity, the Chartered Accountants fraternity with its professional commitment, is continuously working on the path of welfare of the society. Shri Lal Bahadur Shastri highlighting the importance of profession mentioned: “I cannot conceive what would happen if there were no accountants and no auditors. Not only the mute shareholders in a private company but the industries and the economy of the country as a whole would suffer without your help and adequate guidance… Members of your Institute have a virtual monopoly in financial accounting and auditing work. They must therefore unreservedly accept their responsibility for creating and maintaining an atmosphere of confidence in so far as it lies in their power to do so. This can be done only if you take a positive view of your duties and responsibilities”. Over the years the profession has developed much beyond the core areas to encompass and play a critical role in other critical aspects of business, industry and society. Our members are not limited to the core domain of accounting, auditing, taxation, etc. but are participating in social and national initiatives in large numbers.ICAI Pre-Budget Memorandum-2022

ICAI has always been at the forefront in rendering the best of its contribution in Indian policies and governance. The annual budget exercise is a key governmental activity where ICAI has been participating for many decades with success. The members of the Institute with their deep connectivity and involvement in business activities are always able to provide grassroot level insights that are collated, analysed and complimented with the experience of experts and then provided to Government. Many a time, the Indian budget includes suggestions made by the Institute. Continuing with the tradition, the institute this year also has invited suggestions related to widening the tax base and increasing the tax revenue, to check tax avoidance, to reduce/minimize litigations and for removing administrative and procedural difficulties from the members. The suggestions so received are being collated and analysed for onward submission to the Government.

Multipurpose Empanelment Form 2021-22

The accounting profession offers multiple professional opportunities that are expanding with the growth of the economy. The Institute on its part continually explores available and potential opportunities for Chartered Accountants whereby avenues for professional development and growth are increased and assured. The Institute has recently hosted the Multipurpose Empanelment Form (MEF) for the year 2021-22, which is available at https://meficai.org/. This year we have made the MEF application simpler and more user friendly. Users should be cautious to cross check and verify the authenticity of the data provided thereat. The data will be used by various organisations to provide professional opportunities.

Show your mettle at the 15th ICAI Awards

The ICAI Awards were instituted to acknowledge the accomplishments and to recognise the members who have demonstrated excellence and portrayed an abiding commitment to achieve heights as CA professional. In the words of Peter Drucker, ‘Effective leadership is not about making speeches or being liked; leadership is defined by results not attributes.’ With this spirit, I would like to inform you all that the 15th ICAI Awards and Leadership Summit, 2022 will be organised in January 2022. The awards would be presented under various categories based on the contribution and value additions made by member in a particular project. These Awards are being recognised as one of the most prestigious awards amongst the CA fraternity. More details about the eligibility, categories and criteria are available at https://awards.icai.org/.

CRET: The way forward

As you would know, the Committee for Review of Education and Training (CRET) of ICAI has been constituted to examine the existing schema, curriculum, articleship training, specific skill development training programmes (ICITSS/AICITSS) and manner of assessment vis a vis leading accounting bodies, tenets of National Education Policy 2020 and paradigm shift due to disruptive technologies and emerging trends in global business, economy, and finance; thereafter, ideate and deliberate upon the critical realms to transform the current structure. As of now, vital aspects such as Academics, Practical Training, ICITSS / AICITSS (Training Programmes integrated into the curriculum) and Examination are being deliberated by various subgroups. In due course, these sub-groups will provide their discrete recommendations to elicit suggestions from the stakeholders, discerning students, esteemed members and subject experts to critically analyse their feedback.

Participate in Elections 2021

As Abraham Lincoln once said: ‘Elections belong to the people. It’s their decision’. I would urge all my professional colleagues to exercise their right to vote with sincere responsibility towards the profession. As you all know, elections for 25th Central and 24th Regional Council will be held in December 2021, each member of the Institute whose name is in the List of Voters as on 1st April 2021 is entitled to cast their vote in the ensuing elections of the Institute.

This time, the amended rules provide that 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 or to a polling in another city outside one’s own regional constituency due to change in the professional address or expected to be away from professional address on the day of polling. Since the success of any election depends on the turnout, I would appeal to all of you to come in large numbers and discharge your duty in the best interest of the profession.

Concluding remarks

The Institute has completed more than seven successful decades as a professional body in performing its role in anchoring the country’s investment climate and supporting the stakeholders for a holistic economic growth. Challenges are areas to build upon for the future and our profession will continue to raise the bar of its ethos to meet the expectations and aspirations of the stakeholders and society. We should be aware that in coming times, our role will be more challenging but we will always rise with our dedication and zeal for the service of the nation. As a professional, we all need to focus on our responsibilities towards to the welfare of the society and I am confident that with our positive energy, hope and courage, we can continue to achieve our goals to make a great nation.

On the auspicious occasion of Diwali, I extend my heartiest greetings wishing that this festival of lights dispels the darkness and brings light and prosperity to the lives of all.

Stay safe, stay healthy. Best wishes.

CA. Nihar N. Jambusaria
President, ICAI
New Delhi, 25th October, 2021Please Post Your Views Here

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