CAs are the Growth Engine of the Economy; their skills and expertise can be exported to bring Foreign Exchange: Nitin Gadkari Launched ICAI CA GPT (Beta Version) for Members

The Institute of Chartered Accountants of India (ICAI), the world’s largest accounting body, celebrated 75 Years of Trust on July 1, 2024. To mark this occasion the historic celebrations was held at Bharat Mandapam in New Delhi and was graced by Shri Nitin Jairam Gadkari, Hon’ble Minister of Road Transport and Highways as the Chief Guest along with Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs. Also present were CA. Ranjeet Kumar Agarwal, President, ICAI; CA. Charanjot Singh Nanda, Vice-President ICAI along with CA. (Dr.) Debashis Mitra, Past President, ICAI, CA. Aniket Sunil Talati, Immediate Past President, ICAI, along with Central and Regional Council Members of ICAI, CA. (Dr.) Jai Kumar Batra, Secretary, ICAI and galaxy of Past Presidents.

The celebration also saw the presence of distinguished dignitaries, including Shri R. Venkataramani, Ld. Attorney General of India; Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology; Mr. Heshana Kuruppu, President of South Asian Federation of Accountants; Mr. Mohammed Forkan Uddin, President, Institute of Chartered Accountants of Bangladesh, Mr. Tishan Subasinghe, Vice-President, CA Sri Lanka.

The chief guest of the event, Shri Nitin Jairam Gadkari, Hon’ble Minister of Road Transport and Highways, highlighted “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.”

He further added “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.”

Shri R. Venkatramani, Ld. Attorney General of India, in his address remarked, “India is steering towards becoming a global economic powerhouse, leveraging technology as a pivotal human asset in our journey towards creating intelligent solutions. Our universities and professional Institutions have a big role to play in building inclusivity and dignity in the process of creating knowledge. All ideas have a social and economic utility. We need to transform India into a knowledge-based economy and CA fraternity plays a vital role in it.

Further, Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs, addressing on the ocassion said “Over 75 years, ICAI has been pivotal in fostering financial stability and economic development. The role of Chartered Accountants is increasingly crucial in the government’s vision for a developed India. As we navigate through the next 25 years of significant economic growth, Chartered Accountants will face more complex challenges in accountancy and auditing, ensuring transparency and integrity. The Ministry of Corporate Affairs values ICAI’s contribution in simplifying compliance procedures and shaping policy consultations. Together, let’s leverage technology and strengthen Indian accounting firms globally to realize the vision of Viksit Bharat”.

The event also witnessed the launch of ICAI CA GPT (Beta Version), a revolutionary tool for members with access to 18 specialized GPTs. The GPT is initially available to 7,500 members and will be gradually extended to all members free of cost. Further, Cover page of ICAI Vision Document 2049, a blueprint towards shaping the future of the accounting profession was released.

In his address, CA. Ranjeet Kumar Agarwal, President, ICAI, said that “ICAI has set the highest standards in professional education, financial literacy, and integrity. We have embraced AI with our ICAI CA GPT, providing free resources to practicing members of the Institute. This will be very beneficial for them, as all the detailed desired information is available 24×7 with just one click. Soon we will also come out with GPT for Students that will help students to learn and prepare for the exam.”

Emphasizing on Prime Minister’s vision of Viksit Bharat, the President, ICAI added “ICAI is working in collaboration with the Ministry of Corporate Affairs to strengthen CA firm aggregation to cater to the growing demands from international markets. The Committee of Aggregation of CA Firms will come up with operating procedures and guidelines for creating large firms to match their global peers in few months. Over the next 25 years, we will also emphasize skill development, ensuring that by 2047, CAs will be major contributors to national growth.”

CA. Charanjot Singh Nanda, Vice President, ICAI, in his vote of thanks, said “We are also focusing on international initiatives. During COVID Pandemic, ICAI has pioneered remote audit guidelines, adapting to modern challenges. We also promulgated 23 Forensic Standards which were the first of its kind. Simultaneously, we are increasing our global collaborations to enhance our global presence. Our MoU with the Singapore Institute of Chartered Accountants is very successful as ISCA has recognized members of ICAI to become Associate Member of ISCA. We aspire to consolidate Indian CA firms into a leading entity.”

Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MEITY) highlighted the transformative impact of digital technologies on governance and compliance during a panel discussion on Digital Governance.

Shri S. Krishnan, Secretary, MEITY said, “We need to transform India into a knowledge-based economy. We need to engage in thinking and process for which it is important to manage and harmonize knowledge with inclusivity and dignity. I am proud today that this profession of accountants and auditors is today a thriving profession contributing towards financial stability and economic development of the nation.”

The event also witnessed a special session on “Enhancing Accountability and Integrity in South Asia: Accountants as Leaders & Innovators”, addressed by Mr. Mohammed Forkan Uddin, President, Institute of Chartered Accountants of Bangladesh, Mr. Heshana Kuruppu, President of South Asian Federation of Accountants (SAFA), CA. Prafulla Chhajed, President, The Confederation of Asian and Pacific Accountants (CAPA) & Past President, ICAI and CA. Aniket Sunil Talati, Board Member, CAPA & Immediate Past President, ICAI.

Esteemed foreign guest Mr. Mohammed Forkan Uddin, President, Institute of Chartered Accountants of Bangladesh, said “I extend my heartfelt congratulations to ICAI on its 75th anniversary. This milestone not only highlights the excellence of the accountancy profession but also underscores the enduring spirit of brotherhood among the SAFA countries. Digital governance is indispensable in today’s world. With Bangladesh focusing on digital governance, we look forward to fostering even stronger ties and mutual growth in the years to come.”

On this occasion, Mr. Heshana Kuruppu, President of SAFA, addressed that “Today, integrity faces significant challenges. As Chartered Accountants, we must lead with integrity, accountability, and transparency, serving as trusted advisors in both public and business sectors. SAFA is committed to upholding the highest standards and fostering trust in collaboration with stakeholders and government.”

The event also had an insightful session on “recent development on taxation” wherein CA. Girish Ahuja shared insight on new developments and future trends in tax policies

Paying tribute to ICAI’s 75 years of trust, excellence and unwavering commitment to the nation, a cultural dance presentation ‘Drishti – Garuda Gamana’ showcasing the journey of ICAI through traditional and folk dances of India was also performed.