New ICAI course to build cadre for supporting small businesses
The Institute of Chartered Accountants of India (ICAI) will have a new accounting course ready for launch by 1 July that will help prepare professionals to deliver cost-competitive servi-ces to small businesses, espe-cially in non-metros and small towns, according to its new president Prasanna Kumar D.
Kumar said that a 21-mem-ber committee, including the self-regulator’scouncil mem-bers and external profession-als, are currently designing the modular course in consulta-tion with the ministry of cor porate affairs and the ministry of micro, small and medium enterprises (MSMEs).
“The scheme will be ready for launch by 1 July, desig nated as the CA (Chartered Accountants) Day but the deci-sion to roll out rests with the government,” Kumar told Mint in an interview. The intention to launch such a course was announced by finance minister Nirmala
Prasanna Kumar D., ICAI’s new president.
Sitharaman in her budget speech this year.
Chartered Accountants Day is celebrated on 1 July every year to mark the establish ment of the ICAI in 1949.
Sitharaman said the govern-ment will enable professional institutions such as ICAI to design short-term courses and practical tools to develop a cadre of ‘corporate mitras’, especially in tier-2 and tier-3 towns. These accredited para-professionals will help small businesses meet compliance requirements at affordable
costs, she said on 1 February.
The course curriculum, duration and eligibility are being worked out, said Kumar. “This course will offer a great employment opportunity for candidates,” Kumar, who took charge as ICAI president in February, said.
The corporate mitra frame-work is expected to play a transformative role in bridg-ing the last-mile compliance gap for MSMEs, said Rajat Mohan, senior partner at char-tered accountancy firm AMRG & Associates.
“By deploying trained para-professionals under the aegis of institutions such as the ICAI, the initiative will make basic compliance advisory, return filing support, and doc-umentation assistance far more accessible and afforda-ble,” said Mohan. According to him, this is relevant in cities and towns. “Such support can improve voluntary compli-ance, reduce errors, and encourage informal busi-nesses to transition into the formal economy,” he said.
For an extended version of the story, visit livemint.come Institute of Chartered Accountants of India (ICAI) will have a new accounting course ready for launch by 1 July that will help prepare professionals to deliver cost-competitive servi-ces to small businesses, espe-cially in non-metros and small towns, according to its new president Prasanna Kumar D.
Kumar said that a 21-mem-ber committee, including the self-regulator’scouncil mem-bers and external profession-als, are currently designing the modular course in consulta-tion with the ministry of cor porate affairs and the ministry of micro, small and medium enterprises (MSMEs).
“The scheme will be ready for launch by 1 July, desig nated as the CA (Chartered Accountants) Day but the deci-sion to roll out rests with the government,” Kumar told Mint in an interview. The intention to launch such a course was announced by finance minister Nirmala
Prasanna Kumar D., ICAI’s new president.
Sitharaman in her budget speech this year.
Chartered Accountants Day is celebrated on 1 July every year to mark the establish ment of the ICAI in 1949.
Sitharaman said the govern-ment will enable professional institutions such as ICAI to design short-term courses and practical tools to develop a cadre of ‘corporate mitras’, especially in tier-2 and tier-3 towns. These accredited para-professionals will help small businesses meet compliance requirements at affordable
costs, she said on 1 February.
The course curriculum, duration and eligibility are being worked out, said Kumar. “This course will offer a great employment opportunity for candidates,” Kumar, who took charge as ICAI president in February, said.
The corporate mitra frame-work is expected to play a transformative role in bridg-ing the last-mile compliance gap for MSMEs, said Rajat Mohan, senior partner at char-tered accountancy firm AMRG & Associates.
“By deploying trained para-professionals under the aegis of institutions such as the ICAI, the initiative will make basic compliance advisory, return filing support, and doc-umentation assistance far more accessible and afforda-ble,” said Mohan. According to him, this is relevant in cities and towns. “Such support can improve voluntary compli-ance, reduce errors, and encourage informal busi-nesses to transition into the formal economy,” he said.
Integrity defines our profession. Our signatures certify the quality and longevity of business. With this belief, I humbly bow in gratitude to the Almighty for entrusting me with the responsibility of serving the profession as 74th President of the Institute. I express my heartfelt appreciation to my family for their unwavering support, and thanks to my Council colleagues for their trust who have been companions in this journey; to my predecessor CA. Charanjot Singh Nanda, Immediate Past President for his dedicated leadership; and to all the Past Presidents whose vision has shaped this great Profession.
Our Professional Identity: Beyond a Qualificatio
What we aspire to become must first be clear in our thoughts. The title ‘Chartered Accountant’ is not merely a Qualification; it represents discipline, sacrifice, perseverance, and resilience. Yet the true value of this title lies not in the prefix before our names, but in the integrity that we uphold, the enterprises we guide, the governance we strengthen and the nation building role we perform. Our identity is shaped not by the insignia we carry, but by the impact we make.
Artificial Intelligence and the Evolving Professional Landscape
Change is no longer occasional; it is constant. Recent developments in Artificial Intelligence have transformed the way we work and think. ICAI is honoured to engage with policymakers, industry leaders, and stakeholders during the Panel Discussion on “Artificial Intelligence and India’s Economic Growth: Sectoral Impact and the Road Ahead” on 17th February 2026 in the India AI Impact Summit 2026 in New Delhi. ICAI has also participated and showcased our AI initiatives and demonstrated practical AI capabilities to delegates. The Summit underscored a national vision built on People, Planet, and Progress, emphasising innovation that is responsible, inclusive, and sustainable. The Government’s MANAV Framework – Moral Systems, Accountable Governance, National Data Sovereignty, Accessible AI, and Valid, legitimate applications, highlights that technology must remain ethical and human-centric.
For our profession, this is an inflection point. AI will redefine auditing through intelligent automation, strengthen compliance with real-time analytics, enhance risk assessment through predictive modelling and elevate advisory services with data-driven insights. Our role will expand beyond financial reporting to encompass assurance over AI-driven systems, oversight of algorithmic governance and ethical supervision of digital processes. The question before us is not whether AI will influence our profession; it already has. The real challenge lies in how effectively we adopt and align with this transformation, enhance our competencies, and lead enterprises with responsibility and foresight in this age of intelligent systems. As professionals, we must adopt AI for its ability for better research, deep analysis and enhanced productivity, but not as a substitute for independent thinking. If People, Planet, and Progress define India’s AI aspirations, then Integrity, Adaptability, and Knowledge must define our professional response.
Recognising this transformation, ICAI has signed a Memorandum of Understanding (MoU) with the Ministry of Electronics and Information Technology (MeitY) towards advancing AI education, skilling, research and innovation for the accounting and finance profession.
Simultaneously, the Institute is also rolling out Information Systems Audit Standards (ISAS) and expanding AI focused education to ensure members are technologically empowered and ethically guided in this evolving landscape.
Supporting India’s Economic Momentum
India continues to rank among the fastest-growing major economies, advancing steadily toward global leadership. With sustained GDP momentum and a clear developmental roadmap, our nation is moving forward with confidence. India is steadily emerging as a global leader, propelled by the collective aspirations of its people for growth and progress. The Union Budget 2026-27 reinforces this vision with a calibrated balance of fiscal discipline and growth stimulus. With capital expenditure enhanced to Rs.12.20 lakh crore, the budget prioritises infrastructure, technology, human capital, MSME development, and innovation, thereby strengthening India’s productive capacity and global competitiveness. Its focused thrust on expanding the digital ecosystem, cloud infrastructure, research, and innovation signals an unequivocal commitment to a future-ready economy.
In this transformative journey, our profession stands as a vital catalyst. As Chartered Accountants, we translate policy intent into measurable outcomes by ensuring transparency, effective risk management, and strategic financial stewardship and proper implementation. We support MSMEs through structured compliance, interpret evolving tax regimes, and promote investor confidence through ethical practices. While the Budget charts the nation’s course, it is the integrity, expertise, and foresight of our profession that will support to convert this vision into tangible and inclusive progress.
Sustainability: Responsibility in Action
Indians honour the planet not merely in thought but through actions guided by collective responsibility and long-term vision. Sustainability is deeply embedded in our civilisational ethos, and today India is translating that conviction into measurable outcomes. In 2025 alone, the country added nearly 48 GW of renewable energy capacity, taking the total beyond 207 GW and enabling India to surpass 50% non-fossil-fuel power capacity ahead of its 2030 target.
Aligned with these national priorities, the Institute continues to promote responsible reporting and accountability. Through the Business Responsibility and Sustainability Reporting (BRSR) framework and initiatives recognising excellence in sustainability disclosures, we are equipping Chartered Accountants to deliver transparent, credible, and globally aligned ESG reporting.
It is the collective resolve of 1.40 billion citizens that transforms aspiration into achievement and vision into reality. If we remain united in purpose and agile in adaptation, our determination will be our strength, and sustainable progress our enduring destination. Let us take a glance at the developments of the Month at the Institute:
Our New Vice President
I extend my heartfelt congratulations to my esteemed Council colleague, CA. Mangesh Pandurang Kinare, on his successful election as Vice President of the Institute for the Council Year 2026-27. His depth of experience, statesmanlike perspective and clarity of vision add significant strength to our profession.
Training Programme for Indian Cost Accounts Service Officials
The Institute has always been active in its developmental initiatives towards supporting institutional capacity building of government officials in terms to acquaint them with the global best practices and evolving trends in the finance and accounting paradigm. In this direction, the institute has recently organised a two-day training programme for newly recruited probationers of the Indian Cost Accounts Service, at ICAI Bhawan, New Delhi on 14th and 15th February 2026. The program was graced by Shri Pawan Kumar, Chief Adviser (Cost) along with other senior officers. Around fifty probationers participated, engaging in intensive sessions on financial reforms, digital transformation, data analytics, artificial intelligence tools and leadership development. I am sure that the training program would have directly supported the officers to undertake their evolving responsibilities in government financial management in an effective and efficient manner.
Union Budget 2026 – 27
The Union Budget 2026-27 reflects a balanced and forward-looking approach sustaining growth while reinforcing fiscal prudence. With continued emphasis on infrastructure expansion, digital innovation, green transition and support to MSMEs, it strengthens the foundations of a resilient and competitive economy. Rationalised taxation measures, improved ease of compliance and investment friendly provisions demonstrate the Government’s commitment to a transparent and stable policy environment.
Notably, the Union Budget 2026-27 incorporates several of ICAI’s pre budget recommendations, reaffirming the Institute’s role as a constructive policy partner. Key reforms include calibrated decriminalisation, rationalised penalty provisions with extended immunity, and a reduction in the tax rate on unexplained income. Compliance has been simplified through online lower TDS applications, TAN relief in specified property transactions, extended timelines for revised returns, and provision for updated returns in loss reduction cases. The removal of separate ICDS computation and clarity on interest deduction norms further enhances transparency and ease of doing business. We have submitted our Post-Budget memorandum to the Government so that expectations and outcomes envisioned in the budget are realised.
Additionally, ICAI is working closely with the Ministry of Corporate Affairs in advancing the Corporate Mitra scheme to support MSMEs nationwide. The initiative aims to strengthen governance standards, improve access to opportunities with confidence and enable sustainable scaling.
Bank Audit
Very soon, Bank Audits for the year 2025-26 will commence. Many of you will undertake these assignments of great responsibility and national importance. The quality, diligence, and integrity you bring to this exercise directly influence the strength and credibility of our banking system. This is not merely a statutory obligation; it is the profession’s vital contribution to financial stability and public trust.
I am confident that you will approach this responsibility with meticulous preparation, professional scepticism, and adherence to auditing standards and regulatory guidance. I extend my best wishes to each one of you for smooth, timely and impactful completion of this important duty.
ICAI-RBI MoU Ushers in Real-Time UDIN Verification, Boosting Transparency and Regulatory Confidence
The Institute has entered into a Memorandum of Understanding with the Reserve Bank of India to enable real time verification of Unique Document Identification Numbers through secure API integration. This strategic collaboration marks a major step towards strengthening transparency, authenticity and confidence in financial documents certified by Chartered Accountants.
The MoU was signed on 6th February, 2026 at ICAI Bhawan, New Delhi in the presence of senior leadership from both institutions, reflecting a shared commitment to robust governance and digital excellence.
This initiative lays a strong foundation for deeper digital collaboration between ICAI and key regulators, strengthening a trusted and technology-driven compliance environment.
ICAI advances Holistic Professional Development
ICAI firmly believes that the true strength of our nation lies in its intellectual and human capital, which will steer India’s continued economic ascent. It is therefore our mission to consistently expand avenues for holistic professional development and knowledge enrichment for our members and students. In this direction the institute has recently entered into following collaborations.
Integrating Well-Being with Professional Excellence
Recognising that professional excellence extends beyond technical mastery, ICAI has embraced a broader vision that includes the holistic well-being of our members and students. In February 2026, The Institute has entered into an arrangement with ‘The Art of Living’, to integrate stress management, value-based education, ethics and inner development into the professional journey. This initiative aims to enable Chartered Accountants and Students to meet professional demands with clarity and emotional balance. It reflects our conviction that sustainable productivity is achieved not only through skill enhancement but also through nurturing mental, emotional, and ethical capacities- reaffirming ICAI’s commitment to meaningful societal contribution.
Collaborations for Skill Enhancement
The dynamically evolving business paradigm demands continuous enhancement of knowledge and skills to create value for stakeholders while remaining resourceful. Our recent collaborations with the Indian Institutes of Management at Kashipur, Ranchi, Udaipur, Sambalpur, and Raipur reflect this commitment to structured and future-oriented capacity building of our members. Through focused programmes, executive learning modules, workshops and research-driven engagements, these collaborations aim to expand the professional capabilities of Chartered Accountants and enable them to move beyond traditional accounting into domains such as strategic management, leadership, governance, and regulatory advisory.
Advancing Financial Literacy at the Grassroots
The Institute continues to promote financial empowerment by undertaking structured financial literacy initiatives in diverse regions across the country. In collaboration with State Rural Livelihood Missions in Arunachal Pradesh, Tripura and the Andaman and Nicobar Islands, the ICAI organised focused workshops for Self-Help Groups, Cluster federations, Farmer Producer companies and grassroots functionaries, reaching more than 560 participants. These initiatives were designed to simplify complex financial concepts, strengthen informed decision making and enhance financial discipline at the grassroots level. Through such initiatives, the institute is nurturing financial awareness that supports inclusive growth and economic development at the community level.
Strengthening Regional Infrastructure for Members and Students
ICAI continues to prioritise the development of robust regional infrastructure to better serve its members and students across the country. In furtherance of this commitment, the Institute recently notified its 186th Branch at Korba City, Chhattisgarh, and launched the Bhiwadi and Tonk Branches of the Central India Regional Council (CIRC) of ICAI.
The inauguration of new branch premises at Ratlam, Siliguri and Jamnagar, along with the Bhoomi Pujan/ foundation stone laying ceremonies at Kozhikode, Karimnagar, Ongole and Raipur, further reflects our sustained commitment to expanding professional outreach and accessibility. These initiatives extend beyond physical expansion and signify the creation of vibrant knowledge hubs that advance learning, professional development, and meaningful community engagement.
Conclusion
On the occasion of the upcoming International Women’s Day, I extend my heartfelt greetings to every woman. You are not merely participants in progress, you are the very source of strength, resilience, and inspiration that shapes families, institutions and nations. As Kofi Annan wisely said, “There is no tool more effective for development than the empowerment of women”. True and lasting progress is possible only when women are empowered with opportunity, education, financial independence and leadership roles.
At ICAI, where women professionals constitute nearly 1/3rd of the profession, we remain steadfast in our commitment to build an environment in which women professionals thrive with confidence and dignity. Let’s reaffirm our collective resolve to build a more inclusive, equitable and empowering future for all. I also take this opportunity to wish you and your families a very Happy Holi. May your lives be filled with vibrant colours of joy, harmony, and righteousness, and may you always stand firm in upholding righteousness and integrity.
Friends, our nation stands at the threshold of unprecedented opportunities. As members of a proud and responsible profession, it is incumbent upon each one of us to rise to the occasion and ensure that these opportunities translate into meaningful progress not merely for ourselves, but for the nation at large. On this journey of growth and transformation your trust and active participation will remain our greatest strength.
CA. Prasanna Kumar D President, ICAI New Delhi, 24th February, 2026
The Institute of Chartered Accountants of India (ICAI) is developing a “strategic digital platform” aimed at enhancing professional networking and assisting numerous accounting firms in exploring mergers and partnerships to facilitate their growth.
ICAI President Charanjot Singh Nanda shared with ET that this networking portal is a pivotal step toward fostering the establishment of major home-grown firms comparable to the Big Four, aligning with the government’s vision. Currently, the audit landscape in India is predominantly controlled by the Big Four firms—EY, Deloitte, KPMG, and PwC—alongside Grant Thornton and BDO.
A report from primeinfobase.com indicates that these firms have managed assignments for 326 out of the 486 Nifty-500 companies as of March 2025. The ICAI portal is expected to empower accounting firms, particularly those that are small to mid-sized, to share resources, capitalize on complementary strengths, and broaden their practice areas and service offerings.
Prime Minister Narendra Modi previously emphasized the need to establish at least four significant domestic firms to be ranked among the world’s top eight. In June, the Prime Minister’s Office convened a meeting to discuss strategies for encouraging CA firms to pursue expansion.
Nanda also mentioned that ICAI is in the process of finalizing guidelines for overseas networking for domestic CA firms, allowing them to collaborate with global counterparts and set up operations in India, as reported by ET.
“Forging a path to ‘Viksit Bharat’ with innovation, integrity and determination, driving economic and social progress, to build a strong and resilient nation”
As the Union Budget becomes the talk of the nation, its promising statistics spotlight its role in achieving the ultimate goal of Viksit Bharat. With resoluteness and resilience amidst global uncertainties and headwinds, India’s economy has transformed into a shining star. This is quite evident from the fact that the real GDP has grown by 8.2% in FY 24 exceeding the 8 per cent in three out of four quarters as per the Economic Survey report released recently.
India’s Economic Outlook: Present and Future
From a nation with a GDP of merely 2.7 lakh crore, representing a modest 3 percent of the world’s total GDP in 1947, India has now transformed into the fastest-growing economy. The real GDP in FY24 was 20 percent higher than its level in FY20, a feat that only a very few major economies achieved, while also leaving a strong possibility for robust growth in FY25 and beyond. The Economic Survey 2023-24 points out that the economy is growing in the right direction, as indicated by economic growth of 8.2%, rising gross tax revenue to GDP at 11.7%, falling Gross NPAs to 2.8%, which is a 12 year low, and retail inflation at 5.4 % which is at a 4 year low since the Covid pandemic period. To achieve the goal of Viksit Bharat, it is equally essential to celebrate our collective efforts and acknowledge the remarkable journey our nation has undertaken.
However, it is important that we continue to undertake reforms to lay the foundation for transitioning towards Viksit Bharat which are necessary in the short-tomedium term to tackle long-term challenges for sustained higher economic growth. Going ahead, the key priority areas to keep up the momentum for a strong, sustainable, and growing economy will be to increase private capital investments for job creation, implement regulatory reforms to address bottlenecks for MSMEs in financing & other areas, harness the potential of agriculture sector as an engine of growth, improve skills of youth to leverage demographic dividend, promote Public Private Partnership for Green Financing, and most importantly enhance the competence of state machinery to execute growth strategy.
An interesting but important finding of the survey was to address the impact of unhealthy habits on the Indian workforce which is going to adversely impact the country’s economic potential. I would like to urge my professional colleagues and students to adopt healthy lifestyles and work towards holistic well-being.
I am sure that with collective efforts and collaborations as Team India, going by the growth paradigms and support from stakeholders, and through various facilitations and measures taken by the government, India will be a $7 trillion economy by 2030 and $30 trillion by 2047.
Union Budget 2024-25: Advancing Economic Growth
The Union Budget has comprehensively laid down the roadmap for advancing economic growth. The Budget focused on employment, skilling, the MSMEs sector, and the Middle Class setting the stage for sustained economic growth with technological advancements during the Amritkaal.
The proposal outlined by the Hon’ble Finance Minister, such as simplifying the FDI rules, facilitating term loans for MSMEs, and abolishing angel tax will boost domestic and startup industries in the country. The budget’s focus on increasing the participation of women in the workforce is also a very welcome measure. Initiatives aimed at skilling and upskilling women, as well as providing support for women entrepreneurs, are expected to enhance economic growth and social development.
ICAI is also very empowered after having every third CA as Woman CA and 43% of more than 9 lakh students as girls.
Simplifying taxes, improving taxpayer services, providing tax certainty, and reducing litigation are the four cornerstones of the tax proposals in this budget. A comprehensive review of the Income-tax Act, 1961 is aimed at reducing disputes and litigation to provide tax certainty to the taxpayers, which is crucial. Additionally, the reduction of TDS rates aligns with the goal of using TDS primarily as an audit trail rather than a revenue-generating tool. The merger of the first regime u/s 10(23C) and the second regime u/s 11 to 13 for charitable trusts will pave way for simplifying the overall tax system for trusts.
The customs duty rate changes proposed in the Union Budget 2024 are designed to boost exports and enhance local value addition and domestic manufacturing, encouraging growth and sustainability. The GST proposals in the Finance (No. 2) Bill, 2024 aim to give effect to the recommendations made in the 53rd GST Council Meeting. Empowering the Government to regularize non-levy or short-levy of tax due to any general practice prevalent in trade is a progressive amendment that will facilitate taxpayers. The new dispensation of having a common time limit for issuance of demand notices and orders in fraud and non-fraud cases in respect of demands from the financial year 2024-25 onwards is a significant move to reduce disputes and bring clarity.
I am happy to share the consideration of ICAI’s pre-budget suggestions in the Finance Bill. Suggestions included decriminalizing late payment of TDS if made within the prescribed time, raising the threshold limit for allowable remuneration to working partners, increasing the standard deduction for salaried employees, and elevating the threshold exemption for taxation of long-term capital gains on the transfer of STT-paid equity shares. ICAI suggested that the assessee may be given the option to withdraw the appeal by paying the entire tax due; the entire interest and penalty be waived. It was suggested that this measure would go a long way in bringing down litigation. The re-launch of Vivaad Se Viswas 2024 is a proposal in this direction. ICAI also lauds the proposal to provide a standard operating procedure for TDS defaults and rationalize the compounding guidelines for such defaults.
As we know, the IBC represents one of the most significant economic reforms in our country, and its impact has been remarkable. To date, it has successfully resolved over 1,000 companies, translating into a direct recovery of 3.3 trillion for creditors. Moreover, the IBC has led to the disposal of 28,000 cases involving 10 trillion prior to even entering insolvency proceedings. The recent reforms aimed at enhancing the efficiency and effectiveness of the Insolvency and Bankruptcy Code (IBC) in India in the Union Budget are essential and truly praiseworthy. These changes are important for strengthening our tribunals and facilitating a quicker resolution process for those facing financial distress. These developments are promising steps toward achieving the IBC’s objectives and can lead to a more robust economic environment. Further, the announcement with regard to the launch of the new integrated technology platform for IBC cases is appreciable which will not only ensure consistency, transparency, and accessibility but also cater to the diverse needs of all stakeholders including Insolvency Professionals, creditors, and debtors.
It is heartening to share that more than 50% of the Insolvency Professionals are Chartered Accountants and are registered with ICAI IPA. The Chartered Accountants under the IBC framework are playing a multifaceted role that is crucial for the effective management and resolution of insolvency cases, contributing significantly to the objectives of the IBC in promoting a more efficient and transparent insolvency resolution process in India.
We shall be very soon finalizing the Post-Budget Memoranda on tax proposals of the Finance Bill, for submission to the Government of India. The memoranda will be mainly based on suggestions from our members. Further, we shall be undertaking the Comprehensive review of the Income-tax Act, 1961, and shall be submitting our recommendations/ suggestions in due course to the Government.
The Union Budget 2024-25 is overall a forward-looking budget with significant initiatives aimed at boosting economic growth, fostering innovation, and improving the ease of doing business in India.
75 Years of Trust
We celebrated the Chartered Accountants’ Day – 75 Years of Trust, with enthusiasm across the nation and worldwide at all 5 Regional Councils, 176 Branches, and 50 Overseas Chapters, by organizing a series of programs. Starting with the ‘CA Viksit Bharat Run’ on 30th June 2024, the CA Day celebrations began at the ICAI Headquarters in the morning, where I along with the Vice-President ICAI, President SAFA, President ICAB, and ICAI Central Council members hoisted the flag and paid tribute to our First President CA. G. P. Kapadia in the presence of members, students, and employees of the Institute. Later in the evening, special function was organized at the Bharat Mandapam, New Delhi, where the Chief Guest of the occasion, the Hon’ble Union Minister Shri Nitin Gadkari graced the celebrations and said: “Chartered Accountants serve as the growth engines of our nation, essential for multiplying our economic momentum beyond reliance on foreign investments alone. Looking ahead, I believe it’s time for ICAI to evolve into the International Institute of Chartered Accountants of India, providing services and fostering global collaborations. Embracing technological partnerships will further enhance our capabilities in delivering world-class financial services.”.
On the occasion, we were joined by distinguished guests Shri R Venkataramani, Attorney General of India, Dr. Manoj Govil, Secretary, MCA, and Shri S. Krishnan, Secretary, MeitY, all of them applauded the endeavours of ICAI and inspired the profession with their words of wisdom to continue contributing to the economic development of the nation. On the sidelines, a technical session was also conducted by tax expert CA. (Dr.) Girish Ahuja. Additionally, dignitaries including Mr. Heshana Kuruppu, President, SAFA, Mr. Mohammed Forkan Uddin President, ICAB CA. Prafulla P. Chhajed President, CAPA and Past President, ICAI and Central Council Members presented their views on various aspects affecting economy. A unique attraction of this special evening was the cultural program “DRISHTI – GARUDA GAMANA”. Through Indian folk and classical dances, this performance showcased India’s soft power, symbolizing its rich and magnificent cultural heritage. The event was a spectacular display of talent, featuring 100 artists who depicted dance forms from various states of India. The event also witnessed the launch of ICAI CA GPT (Beta Version), a revolutionary tool for members with access to 18 specialized GPTs. Further, the cover page of ICAI Vision Document 2049, a blueprint for shaping the future of the accounting profession was released. Several publications were also released on the occasion. A brief report on the CA Day celebrations has been published in the Journal.
Examination Results
The results for the Final and Intermediate examinations held in May 2024, as well as the Foundation examination conducted in June 2024, have recently been released. I am proud to report that our students have achieved outstanding success in these examinations.
In the Final level examinations, 20,479 students have qualified Group I out of 74,887 who appeared for Group I, resulting in a commendable pass rate of 27.35%. In Group II, 21,408 students succeeded, out of 58,891 appeared, achieving an impressive success rate of 36.35%. Among the 35,819 students who appeared for both groups, 7,122 have cleared, with a qualified percentage of 19.88%.
In the Intermediate level, 31,978 students have cleared Group I out of 117,764 students who appeared, resulting in a pass rate of 27.15%. For Group II, 13,008 students qualified out of 71,145 appeared, achieving a pass rate of 18.28%. For both groups combined, 11,041 students cleared out of 59,956 appeared, resulting in a pass rate of 18.42%.
In the Foundation level, 13,749 students have cleared, out of 91,900, with a passing rate of 14.96%. Out of the total students passed 5,983 students i.e. 43.5% are female, an encouraging trend of increasing interest of girls in the profession.
I extend my heartfelt congratulations to all the Final students who have qualified and to the Intermediate and foundation students who are now on path of realizing their dreams.
As Albert Einstein once said, “Failure is Success in progress.” No one is a failure in this world. Your determination, vision, and hard work determine your success. Nurturing this philosophy, we have for the 1st time changed the nomenclature of PASS/FAIL to SUCCESSFUL/ UNSUCCESSFUL in the CA marksheet. You may be unsuccessful this time, but with more hard work, you will be successful in the times to come. This is a very positive thought which will motivate the students. The word fail brings negativity, whereas the word unsuccessful brings confidence and determination.
My Best wishes to students for their September examinations for Foundation and Intermediate levels.
Conclusion
At this moment, India is experiencing a significant shift from a developing to a developed nation, with every citizen taking on the responsibility and actively participating in this transformation. Let us operate with conscience, embracing accountability and integrity in all our endeavours to achieve this goal and powerful vision for the future. As the nation strides toward the vision of “Viksit Bharat,” ICAI is dedicated to empowering future generations of Chartered Accountants to drive economic growth and innovation, ensuring a prosperous and developed India.
As our ICAI is celebrating its 75 years of Trust & Service to the nation, our nation will Celebrate its 77th Independence Day on 15th August 2024. On this Independence Day, let us be inspired by the words of Mahatma Gandhi ‘The best way to find yourself is to lose yourself in the service of others.’ Friends, our profession continues to shine and soar high like the mighty Garuda, signifying our very values of Trust, Independence Integrity, and Excellence, to support the ascent of India as Vishwa guru on the global landscape led by the CA Profession. Let us all pledge to continue to build the legacy of our profession and achieve the vision of Viksit Bharat.
Wishing everyone a proud and happy Independence Day.
CA. Aniket S. Talati, President-ICAI sharing updates on recent Professional developments and a quick recap of the Landmark Achievements & Initiatives of the Council Year 2023-24
2.7 lakh crore, representing a modest 3 percent of the world’s total GDP in 1947, India has now transformed into the fastest-growing economy. The real GDP in FY24 was 20 percent higher than its level in FY20, a feat that only a very few major economies achieved, while also leaving a strong possibility for robust growth in FY25 and beyond. The Economic Survey 2023-24 points out that the economy is growing in the right direction, as indicated by economic growth of 8.2%, rising gross 