Dear Fellow Professionals,
There are no limits. There are only plateaus, and you must not stay there - you must go beyond them". - Bruce Lee
This quote beautifully captures the essence of continuous growth and mastery. It reminds us that what seems like a limit is often just a temporary stage of stability, not the end of progress. Since inception, the untiring efforts of our forefathers have played a seminal role in advancing our profession. Their dedication to ethics, excellence, and continual learning has created the remarkable legacy we are privileged to inherit and proud to uphold.
A "plateau" symbolises a comfort zone- a point where many choose to pause. Yet, true progress begins when we move beyond these plateaus. This willingness to rise above comfort is what shapes our profession, as it exemplifies this spirit of constant growth and reinvention. Every day we surpass new milestones, strengthening our position as the world's premier accounting body. With a network of 185 branches, 5 Regional Councils across India along with 54 Chapters, and 31 Representative Offices worldwide, our global presence continues to expand our vision of global collaboration to power national development.
ICAI is the founding member of International Federation of Accountants (IFAC) in 1977, Confederation of Asian and Pacific Accountants (CAPA) in 1957 and South Asian Federation of Accountants (SAFA) in 1984. With a global footprint and a vision of global thought leadership that transcends borders, the Institute leads with integrity, inspires through innovation, and shapes the profession's influence worldwide. Further the ICAI is championing the global development of profession by being member of various global forums like IVSC, CAW, XBRL International, Emerging Economies Group, Edinburg Group and AOSSG.
Over the past decade, India has firmly emerged as a major hub in the global financial services ecosystem. The country is now home to more than 1,700 Global Capability Centres (GCCs), comprising 2,975 individual centres, which collectively contribute around USD 64.6 billion to the economy and provide employment to approximately 1.9 million professionals. This footprint continues to expand year after year. As GCCs created by multinational corporations take charge of core functions in finance, accounting, analytics, and technology, they are generating a powerful demand for globally skilled professionals. This shift calls for professionals with worldwide competencies and strategic perspective. Chartered Accountants, with their rigorous training and holistic understanding of business, are poised to play a defining role in this transformation. Chartered Accountants are ready to step forward, bringing disciplined expertise and strategic vision to help shape the next era of global enterprise.
The integration of global reporting norms alongside emerging key drivers such as AI, advanced technologies and sustainability is significantly shaping economies and has intensified the need for finance and accounting professionals who can adapt to change and implement the international standards amid the evolving dynamics. Yet, the critical challenge remains of bridging the competency gap by nurturing globally proficient professionals equipped with both the necessary qualifications and cross-border expertise. At the forefront of the profession, ICAI actively engages with industry and academic experts to leverage insights, adopt best practices, and support Chartered Accountants in lifelong learning, thereby making them ready to lead the future enterprises.
In this era of digitization and AI, it is paramount to ensure trust and confidence in the processes, especially safeguarding data privacy, integrity and enabling secure digital transactions. The government has proactively strengthened the regulatory ecosystem to protect societal interests while pursuing AI's benefits ethically and responsibly . Recent release of India's AI Governance Guidelines by MeitY represent a pivotal step in shaping the country's approach to technology and trust. The Government is encouraging AI advancement while urging organisations to embed accountability, transparency, and human oversight into their systems. The Guidelines will serve as a prompt to scale AI responsibly, guided by strong governance structures, and a human-centric approach.
It is important to understand that responsible AI governance is the need of the hour. Under the guidance of Seven guiding principles (Sutras) for ethical and responsible AI launched by the MeitY, ICAI will enhance the expertise and competence of the CA fraternity to ensure transparent and accountable AI deployment. With reference to the blind trust being placed on technology, I would like to add on that AI in itself is at crossroads, and it requires human intelligence to function effectively. AI is definitely an add-on tool that helps streamline unstructured data, optimising workflow, cross verifying the reports etc., but the final call and decision making always rests with human. Hence, AI should not be seen as a threat, but as an extra hand that helps Chartered Accountants deepen their knowledge, sharpen their skills, and focus more on the strategic work while automating the daily tasks. We are making every effort to support the deployment of AI responsibly while mitigating risks to individuals and society.
Another important development is the government has also recently notified the Digital Personal Data Protection (DPDP) Rules, 2025, marking the full operationalisation of the DPDP Act, 2023. With clear rules, sufficient transition time, and a technology-neutral framework, the DPDP Act and its rules are designed to strengthen privacy, build trust, and foster responsible innovation. Collectively, the India AI Governance guidelines and DPDP rules, 2025 will position India's digital economy to be secure, resilient, and globally competitive. These laws and regulations will drive compliance management in the digital economy and open new avenues for the profession, particularly in data privacy and in ensuring responsible & ethical use of AI across the industries. The institute is committed in building the capacity and competence of the members in these emerging areas through continuous professional upskilling.
ICAI's commitment to nation building is evident in its forward looking global outreach. Through 8 strategic alliances and 16 Technical Cooperation Agreements with leading international accountancy organisations, ICAI actively supports the development of talent, strengthen reporting frameworks, and encourage the adoption of global best practices through knowledge exchange and capacity building. These initiatives will deepen India's financial governance and augment investor confidence. They also help position the country as a reliable and influential voice in the global economic landscape.
As India pursues its goal of becoming a $10 trillion economy and a global knowledge leader by 2032, the accounting profession is emerging as the fulcrum of this progress- steering regulatory reforms agenda, strategic foresight, ethical stewardship, and transformative leadership. As Vince Lombardi, aptly said, "The achievements of an organization are the results of the combined effort of each individual". Where we stand now, and where we aspire to go, is built on the blood and sweat of countless members who have worked with quiet determination and a genuine love for their work.
ICAI has taken several initiatives in the past one month which are shared below:
Supreme Court Reaffirms Fair Opportunity for Chartered Accountants
In a landmark judgement pronounced on 20.11.2025, a Bench of the Hon'ble Supreme Court comprising the Chief Justice of India and Justice K. Vinod Chandran, invalidated the rule requiring 25 years of experience for the post of Member (Accountant) of the ITAT. This ruling places Chartered Accountants on par with the advocates regarding minimum experience criteria and sets right the injustice to the Chartered Accountants under the Rules which prescribed 25 years of minimum experience for a Chartered Accountant to be considered for the post of Member (ITAT) as against Advocates who require only 10 years of experience to be considered for the post of Member (Judicial).
ICAI welcomes the judgment which renders justice to the well-deserved cause of the Chartered Accountants. The judgement restores the status quo between Advocates and Chartered Accountants in the matter of minimum experience requirement which occupied the field for many years.
ICAI firmly believes that the judgment coming as it is from the country's Apex Court is a testament to the profession's longstanding contribution to the country's tax and financial systems and bolsters confidence in fair treatment of accounting professionals in public service. It also provides an opportunity to the young Chartered Accountants to be part of the nation's tax adjudicatory system.
MoU with Indian Army for Real-time UDIN Verification
ICAI has signed a Memorandum of Understanding (MoU) with the Army Purchase Organisation (APO), Directorate General of Supply and Transport (DGST), Indian Army, Ministry of Defence (MoD), enabling real- time verification of UDINs. This collaboration enhances transparency, authenticity, and reliability of Chartered Accountant–certified financial documents, thereby strengthening trust and efficiency with the Indian Army's procurement processes. The signing ceremony was attended by Lieutenant General Mukesh Chadha, AVSM, SM, VSM, Director General of Supplies and Transport & Senior Colonel Commandant, and senior officials.
This MoU highlighted ICAI's commitment to good governance, integrity, and accountability through advanced digital solutions. It exemplifies proactive collaboration with government institutions to build robust systems enhancing operational effectiveness and trust.
ICAI Presents Pre-Budget Suggestions
ICAI presented suggestions advocating prudent tax reforms aimed at facilitating ease of doing business and encouraging environmental sustainability at the Pre-budget Meeting for Union Budget 2026-27 on 27th October, 2025 chaired by Chairman, CBDT.
More than 50 suggestions were made, with key highlights including decriminalisation of certain prosecution provisions, removal of dual penalty for the same default, introduction of optional joint taxation of married couples, extension of tax neutral status to business reorganisation in LLPs, incentives for promoting green projects, exclusion of F & O trading and speculation business from the scope of presumptive income, increase in surcharge threshold and provision of deduction for medical insurance premium paid and expenditure on maintenance of dependent disabled under the New Tax Regime. The suggestions also address retrospective application of certain treaty notifications to avoid unintended tax consequences.
Additionally in response to a request from Directorate of Training, CBDT, ICAI submitted suggestions on ITR forms and Form 3CA/3CB/3CD, proposing a new format for Forms 3CA and 3CB aligned with ICAI's Standards on Auditing.
Launch of Refresher Course on Standards on Auditing (SAs)
ICAI has introduced a comprehensive Refresher Course on Standards on Auditing (SAs), covering all 35 Standards in a structured format. The inaugural batch was held in November 2025. Designed around a case study-driven approach, the program clarifies the objectives and practical nuances of each SA through concise modules and real-world examples. The course further reinforces high quality assurance practices by strengthening professionals' ability to deliver consistent and reliable audits across diverse engagements aligned with regulatory expectations.
Recognition for Skills Enrichment Programs and Online Yoga Sessions
ICAI, through its Professional Skills Enrichment Committee (PSEC) organised skill enrichment programmes aimed at shaping future-ready professionals equipped to thrive in a rapidly evolving global landscape. This national endeavour achieved a historic scale with seamless execution across ICAI branches and regions, uniting thousands of members in a shared mission of continuous growth. I am proud to share that ICAI has been recognised by the Asia Book of Records and India Book of Records for conducting the maximum Skills Enrichment Programs within a single week i.e., July 12-19, 2025 - a proud milestone in ICAI's legacy of excellence.
To foster holistic well-being, ICAI initiated a virtual wellness program blending the timeless practice of yoga with digital platforms, enabling thousands nationwide to engage in meaningful wellness activities. I am delighted to inform that ICAI has set a record by conducting the maximum number of Online Yoga Sessions up to September 30, 2025, formally acknowledged by both the India Book of Records and Asia Book of Records.
Strengthening Outreach through New Branches
The expansion of ICAI branches reflects its commitment to growth, inclusivity, and broader outreach, enabling more effective support to members, students and the society. I would like to share that recently the Council has approved the setting up of 2 New Branches of ICAI at Morbi District (Gujarat) Branch of WIRC of ICAI and Bhiwadi city (Rajasthan) of CIRC of ICAI respectively. Additionally, the Council has also approved the name change of "Ahmednagar" Branch to "Ahilyanagar" Branch of WIRC of ICAI. With these additions, ICAI's network has grown to 185 branches.
IFAC Council Meeting
The IFAC Council Meeting was held from November 12-14, 2025 in Mexico City. Myself participated in meeting virtually while CA. Prasanna Kumar D., Vice- President, ICAI attended the meeting in person. The meeting convened the global accounting leaders to reflect on the evolving global economy, share best practices for managing change and discuss ways to strengthen public trust in the profession amid technological advancement and environmental priorities. Further, the Vice President, ICAI addressed IFAC Global Connect - Better Together 2025 conference on the theme "The Impact of AI and Emerging Technologies on the Accountancy Profession". The address focussed on Artificial Intelligence's capabilities to revolutionize audit methodologies, enabling in- depth analysis whilst maintaining rigor and professional skepticism, which in turn will define quality assurance services. It also emphasized the need for technological literacy, analytical thinking, and adaptive learning to prepare Chartered Accountants for AI driven practice. The address received high appreciation from the attendees.
AFA Meetings
Recently, I attended 24th ASEAN Federation of Accountants (AFA) Conference and 141st AFA Council in Hanoi, vital platforms for thought leadership, collaboration, and innovation in the dynamic fields of finance and accounting. Before the AFA Council, I made presentation on ICAI’s role on the international stage in representing India's voice, and ICAI initiatives of global relevance. On the side-lines, I met Shri Sonna Chinpau Ngaihte, First Secretary (Eco. & Com.) in Vietnam (Embassy of India, Hanoi) to discuss strategies for expanding the presence and influence of Indian Chartered Accountants in Vietnam, aiming to forge strategic alliances beneficial to both the Indian economy and CA profession.
WOFA 2.0
The 2022 World Congress of Accountants, the largest ever with over 10,000 professionals from more than 120 countries, marked a historic milestone for the accountancy profession in India. Since then, ICAI, has emerged as the global hub, with expectations rising for Indian Chartered Accountants. The successful World Forum of Accountants (WOFA) in the year 2024 with leaders from 46 countries and 7000 attendees further exemplified this confidence.
We now stand on the cusp of another landmark event- WOFA 2.0 themed "Nation Building to Global Collaboration: Strengthening Trust, Enabling Growth". This event transcends a conference-it's a celebration of leadership, learning, and legacy. I warmly invite all professionals worldwide to join this gathering as we explore new knowledge frontiers, embrace innovation, and chart the path course for global professional excellence.
Conclusion
As India ascends toward becoming the world's third-largest economy, our global engagement will hinge on one defining factor-our people. The talent and skills we carry are no longer just inputs for progress; they are the very identity and reputation we project to the world. In this interconnected, tech-driven era that demands agility and innovation, this human capital becomes even more valuable. The moment is ours to seize, and we look forward to partnering with international accountancy community to harness these opportunities.
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CA. Charanjot Singh Nanda
President, ICAI
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