CA Ranjeet Kumar Agarwal, the newly elected President of the Institute of Chartered Accountants of India (ICAI) after assuming the chair on Feb 21, announced an initiative called “DRISHTI” (means ‘vision’) that would lead the Institute towards groundbreaking advancements in the fields of Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T), and Independence (I). Speaking in New Delhi, he said CA profession, founded on a bedrock of ethics, integrity, and independence, will serve as the cornerstone propelling India towards becoming an economic powerhouse of the world by 2047.
The new ICAI head added: “With a focus on digitalization and incorporating Artificial Intelligence for the growth of the profession, we aim to integrate digital advancements into the core functionalities of ICAI, aiming to prepare a generation of professionals who are not only technologically adept but also ethically grounded and socially responsible, “DRISHTI” promises a future where ICAI leads with innovation and integrity”.
For the first time, ICAI has formed a committee on “AI in ICAI” to explore how AI can be leveraged for the professional development of students, member and employees. The institute has also taken initiatives for the students by providing digitalized and recorded tools to the students across the country.
Earlier, Ranjeet Kumar Agarwal & CA. Charanjot Singh Nanda were elected as the new President & Vice-President of the Institute of Chartered Accountants of India (ICAI) w.e.f. February 12, 2024. With more than 4 lakh members and over 8.5 lakh students, ICAI is the largest accounting body in the world. Through its 5 Regional Councils, 175 Branches, 50 Overseas Chapters & 31 Representative Offices, the Institute is taking forward its agenda of inclusive growth & continues to add glory to the profession.
While sharing an update about the course, he emphasised that the CA Course is empowering the young population of this country, and the New Scheme of Education and Training that was launched last year on July 01st is attracting more and more students to join the profession. ICAI has received a record no. of registration of 1,29,120 in the new curriculum. Sharing details on-campus placements of the qualified Chartered Accountants, he shared that in the year 2023-24, more than 9,000 Newly Qualified Chartered Accountants were placed with an average Salary – of Rs. 12.5 lac (per annum). He further added, “Ethics and technology domains have been embedded in the curriculum at the final level so that aspiring CAs are equipped with the requisite competencies required in this dynamic global world”.
President ICAI also highlighted that ICAI has pioneered formulating Standards on Sustainability Reporting and shaping the ESG reporting landscape in the country. This year, too, ICAI will work towards developing guidelines and recommend standards to support and enhance green finance.
In order to create opportunities for accounting professionals abroad, ICAI has provided comments and inputs to the government on a regular basis in the area of Accounting, Bookkeeping, and Auditing services (CPC 862) in the ongoing negotiations on trade in services with its FTA partners – UK, Canada, and Australia. Further this year, ICAI plans to expand its global presence, which would provide a platform for Indian CAs abroad and facilitate bringing foreign investment to India. ICAI has constituted a new committee named as Committee for Aggregation of CA Firms. The mandate of this committee is to bring together the smaller firms and make them globally competent by pooling their resources.
Towards strengthening infrastructure development, Presidents shared that 11 centers of excellence across the country are in the pipeline. As a soically responsible institution, ICAI is going to adopt the ‘Each One Teach One’ initiative, wherein members will mentor students for their professional development, CA. Agarwal added.
