Dear Professional Colleagues,
"Earth provides enough to satisfy every man's need, but not every man's greed - Mahatma Gandhi
I draw inspiration from the timeless wisdom of the Atharva Veda, which proclaims, "माता भूमिः पुत्रोऽहं पृथिव्याः" - the Earth is my mother, and I am her child. This profound truth reminds us of our sacred duty to protect other nature and the planet. As Indians, we are heirs to a civilization that reveres nature, worshipping the Sun, Moon, rivers, trees, and the Earth itself. This cultural ethos instils in us the responsibility to treat every resource not merely as autility, but as a divine blessing entrusted to our care. At this defining moment, India holds the moral and cultural strength to emerge as a torchbearer of sustainability, guiding the world toward harmony between progress and preservation.
India has made steady strides on the global sustainability landscape, demonstrating both ambition and tangible results. The country ranks 7th in the Renewable Energy Country Attractiveness Index and scores 67 on the UN Sustainable Development Goals Index, reflecting a strong balance between economic progress, environmental stewardship, and social responsibility. Flagship initiatives such as the Green Hydrogen Mission and PM Surya Ghar yojana have significantly expanded access to rooftop solar for millions of households. Efforts such as Forest conservation, mass tree plantations, and Palli's achievement as India's first carbon-neutral panchayat underscore a holistic, people-centric approach to the green transition. Yet, the path to sustainability remains challenging. India's Panchamrit vision sets ambitious targets: achieving 500 GW of nonfossil fuel energy capacity by 2030, meeting half of national energy needs through renewables, reducing carbon emissions by one billion tonnes, cutting carbon intensity by 45% by 2030, and attaining net-zero emissions by 2070. Achieving these goals needs persistent action, robust policies, and collective will.Sustainable finance, especially green finance, is emerging as a key enabler of this transition. Globally, labelled green, social, and sustainability bonds reached a record 1.1 trillion dollars in 2024, with green bonds forming the largest share. India has issued over 55.9 billion dollars of such bonds, mostly green, yet the scale of investment needed is enormous. To fulfi l its climate commitments, India will need an estimated 160 billion dollars annually until 2030, rising to 1.5 trillion dollars by 2030, and a staggering 10.1 trillion dollars by 2070 to achieve net-zero. Mobilizing both private and public capital for green finance is therefore not just desirable, but essential.Encouragingly, India's regulatory framework is strengthening. The Reserve Bank of India's Green Deposits framework, effective from June 2023, allows banks and non-banking fi nance companies to raise finance for genuine green projects. SEBI's updated Green Debt Securities rules mandate clear disclosure of use of proceeds and independent external review, reducing the risk of greenwashing. Municipal bonds are also gaining momentum as instruments for sustainable urban development. SEBI regulations ensure transparency and discipline in issuing bonds. For instance, Indore Municipal Corporation's green bond for a 60 MW solar project was oversubscribed, and the Ghaziabad Nagar Nigam issued India's first certified green municipal bond to fund a sewage treatment plant. These examples demonstrate India's ability to connect global sustainable capital with local needs, promoting ease of living and societal development.Globally, sustainability is transforming the role of professionals, including accountants. International frameworks such as the ISSB, IFRS S1 & S2, and GRI standards embed ESG reporting within corporate governance. In India, SEBI's ESG disclosure regime and national green initiatives position Chartered Accountants as sustainability strategists, guiding organizations to balance profitability with broader environmental and social responsibility.ICAI is actively supporting India's journey toward sustainable development and responsible growth. Through its Sustainability Reporting Standards Board, the Institute aligns with global ESG frameworks and equips businesses and professionals to adopt effective sustainability practices. Leveraging initiatives such as BRSR, dedicated groups on Impact Finance and Lifestyle for Environment (LiFE), comprehensive training and professional certifications, as well as the institutionalization of the Institute of Social Audit of India to support the development of the social sector in the country, ICAI is preparing Chartered Accountants to serve as champions of sustainability across industries. In June 2025, the Sustainability Reporting Standards Board (SRSB) of ICAI launched ICAI Sustainability Month, a nationwide campaign designed to raise awareness and encourage action on sustainability amongst members, students, and society. To further empower individuals and organizations in reducing their environmental impact, SRSB introduced the ICAI Carbon Emission Calculator, which enables accurate measurement and management of carbon footprints.Rome was not built in a day, and neither will India's mission for sustainability. Yet the best view comes after the hardest climb. Achieving the Sustainable Development Goals (SDGs) requires coordinated action across sectors, from Smart Cities that reduce emissions and conserve resources to green finance mobilization that channels private and public capital into real impact. Personal actions, regenerative agriculture, reducing food waste, and localizing SDGs through empowered communities amplify these efforts. As trusted custodians, Chartered Accountants must lead the way in ensuring accountability, transparency, and sustainable decision-making. With determination and unity, India can achieve a sustainable future and position itself as a model of responsible global leadership.Let us look at the developments of interest to the profession since our last communication -
From Policy to Progress: ICAI's Initiatives for Development in Jammu & Kashmir
On the occasion of India's 79th Independence Day, ICAI reaffirmed its commitment to the people of Jammu & Kashmir by convening its historic 445th Council Meeting in Pahalgam from August 12-14, 2025, becoming the first national institution to do so after the recent tragic incident in the Valley. The meeting was graced and addressed by Shri Omar Abdullah Ji, Hon'ble Chief Minister of Jammu & Kashmir. Addressing the Council, Shri Omar Abdullah Ji lauded ICAI's role in supporting governance reforms, strengthening economic planning, and inspiring confidence in the Valley. He remarked, "Your presence here sends a powerful message of trust and reassurance. It reflects your faith in this land and assures our people that brighter days lie ahead. Winter is never eternal; spring will surely come".During the meeting, ICAI released and handed over a groundbreaking research report - From Policy to Profit: Amplifying MSME Revenues in J&K through Targeted Government Initiatives to Hon'ble CM. This study outlined a five-pillar strategy for enabling MSMEs to become sustainable revenue generators and offered actionable recommendations, inspired by global best practices. ICAI also announced collaborative initiatives with the J&K Government, extended fee waiver for local students, and unveiled plans for a Centre of Excellence to drive capacity building, research, and skill development. A detailed report of the meeting that took place is printed separately in this Journal.
Transformative Tax Reforms for a Simplified and Transparent India
India's economic framework is entering a historic phase of transformation with the passage of the Income-tax Bill, 2025, in Parliament alongside the announcement of next-generation GST reforms. Together, these initiatives represent a decisive leap toward simplification, transparency, and a compliance-friendly tax regime. The Hon'ble President of India's assent has been received on 21.8.2025, and the Income-tax Act, 2025 has been notified in the Official Gazette. The Income-tax Act, 2025, effective from April 1, 2026, replaces the six-decade-old 1961 Act with a modernised framework. By reducing the number of sections from over 800 to 536, introducing the concept of "Tax Year", making extensive use of tabular presentations to consolidate provisions, and placing exemption provisions in Schedules, the new Act has made the income-tax law lucid and easy to read and understand.Further, I am happy to inform that the status quo has rightly been maintained in the definition of "accountant", underlining that Chartered Accountants are the only professionals who possess the expertise to conduct tax audit and furnish reports and certificates under the various provisions of the Income-tax Acts of 1961 and 2025. Also, it is heartening to note that more than 90 suggestions in the ICAI's Memorandum of Suggestions on the Income-tax Bill, 2025, submitted on 21st April, 2025, have been considered in the Income-tax Act, 2025.Simultaneously, on the 79th Independence Day, Hon'ble Prime Minister Shri Narendra Modi Ji announced sweeping GST reforms focused on structural changes, rate rationalisation, and ease of living. These measures promise a simpler and more predictable tax system that will reduce the burden on essential items, stimulate demand, support MSMEs, and formalise supply chains. By addressing inverted duty structures, cutting disputes, and streamlining slabs, the reforms will strengthen the ease of doing business and advance the vision of Viksit Bharat.Chartered Accountants, as financial soldiers and partners in nation-building, will be at the forefront of translating these tax reforms into action. Like in 2017 during the introduction of the new GST Regime, the profession is set to play an enabler and facilitator role towards the smooth implementation of the Income-tax Act, 2025 through webinars and outreach programs both for Taxpayers and professionals. By guiding enterprises, governments, and communities through this new era of compliance and transparency, the profession will not only ease the transition but also help channel resources towards productive growth. In doing so, CAs will strengthen the pillars of self-reliance, nurture sustainable development, and ensure that India's economic journey remains firmly aligned with the vision of Viksit Bharat.
Driving Transparency, Innovation, and Growth through Strategic Alliances
The Institute continues to expand its leadership role in nation-building through strategic partnerships that promote transparency, capacity-building, and sustainable growth across key sectors of the economy.
Strengthening Gold Industry Standards - MoU with IAGES
ICAI has signed a landmark Memorandum of Understanding (MoU) with the Indian Association of Gold Excellence and Standards (IAGES) to establish a comprehensive accreditation framework for nearly six lakh stakeholders across India's gold value chain. The MoU was formally exchanged in the august presence of Shri Arjun Ram Meghwal Ji, Hon'ble Minister of Law and Justice. This initiative is expected to create meaningful professional opportunities for members in accreditation and compliance roles across the gold industry and contribute significantly to improving governance and standardization of processes within the gold industry.
Building Alternative Capital and Global Market Capabilities - MoUs with IVCA and NSE IX
In the realm of alternative capital, ICAI has entered into an MoU with the Indian Venture and Alternative Capital Association (IVCA) to co-develop reporting best practices, establish expert working groups, and drive policy advocacy. Another MoU was signed with the NSE IFSC Limited (NSE IX), focusing on joint knowledge initiatives and capacity-building programs, to deepen members' expertise in cross-border capital markets.
ICAI's Pioneering Efforts to Strengthen MSMEs and Startups
Reinforcing its commitment to India's growth engines, ICAI is actively supporting the MSME and startup ecosystem through strategic collaborations. On 8th August 2025, ICAI signed an MoU with the National Payments Corporation of India (NPCI) to promote secure digital payment solutions, enhance financial inclusion, and build capabilities across MSMEs.
ICAI at the Forefront of Digital Assurance and Forensic Excellence
I am pleased to share ICAI's remarkable journey in augmenting Digital Assurance and Forensic Excellence. The Digital Accounting and Assurance Board (DAAB) of ICAI has completed twenty-five years of pioneering work in digital transformation, empowering more than 35,000 members in systems audit and 14,000 in forensics. Notably, DAAB introduced the world's first Forensic Accounting and Investigation Standards (FAIS), setting new benchmarks in the profession. Building on this strong legacy, we are now advancing initiatives such as DISA 4.0, certifications in cybersecurity and data protection, and the upcoming Diploma in Forensic Investigation, positioning ICAI as a global thought leader in IS Audit, Cybersecurity, and Forensic Investigations.Recently, the Board hosted Future Proof Forensics 2025 on 1-2 August in Mumbai, in association with the Indian Banks' Association and the Association of ARCs in India. The event brought together more than 130 senior regulators, banking leaders, NBFCs, and ARCs to deliberate on evolving fraud risks, emerging technologies, and proactive financial governance. The programme was inaugurated by Shri Tuhin Kanta Pandey, Chairman, SEBI, and Shri Anand Mohan Bajaj, Deputy Comptroller & Auditor General of India. A key highlight was the release of Early Signals of Frauds in the Banking Sector, designed to strengthen detection and prevention frameworks across financial institutions.Further, the Digital Transformation Finance Summit 2025 was held on 7-8 August 2025 in Hyderabad, supported by the Ministry of Electronics & IT (MeitY) and in collaboration with the National Forensic Sciences University (NFSU) and Rashtriya Raksha University (RRU). Attracting over 1,300 delegates, the summit focused on strengthening digital trust, enhancing cyber resilience, and fostering collaboration between industry, academia, and government for a secure, innovation-driven financial future.
ICAI Issues Structured Checklist to Enhance Quality of Certificates by CAs
I am pleased to inform that the Centre for Audit Quality has issued a structured checklist for Chartered Accountants, aligned with the Guidance Note on Reports or Certificates for Special Purposes (2016). This checklist promotes compliance, uniformity, and proper documentation in certificate issuance. Each checkpoint is linked to the Guidance Note and provides space for remarks, making it a practical tool to maintain professional rigour. Members are encouraged to incorporate this checklist in their daily practice to enhance the quality of the certificate.
ICAI Launched International ADR Centre
The Institute launched the ICAI International ADR Centre (IIAC), a Section 8 company established to promote and institutionalise Alternate Dispute Resolution (ADR) in India. Inaugurated in New Delhi by Shri Arjun Ram Meghwal, Hon'ble Minister of Law & Justice, the Centre marks ICAI's strategic entry into this vital domain. With a technology-driven, transparent framework, ICAI aims to enhance ease of doing business, reduce judicial burden, and strengthen investor confidence by providing professional, neutral, and efficient dispute resolution for domestic and global stakeholders.
ICAI Convocation
With immense pride and joy, I welcome our newly qualified 13737 Chartered Accountants to the fraternity in the convocation held on 25 August, 2025 across India. Each one of you represents the future of the profession, entering at a time when the world of finance and business is being reshaped by technology, innovation, and global integration. I am confident that you will go beyond conventional boundaries, embrace the opportunities of the digital age, and uphold the values of integrity, independence, and excellence that define our profession.As Swami Vivekananda once said, "Take up one idea. Make that one idea your life; dream of it; think of it; live on that idea. Let the brain, the body, muscles, nerves, every part of your body be full of that idea, and just leave every other idea alone. This is the way to success, and this is the way great spiritual giants are produced". Let these words be your guiding light as you step into your professional journey. I encourage you to expand your horizons, seek emerging pathways, and contribute not only to businesses but also to the nation's larger growth story.
Conclusion
Robert Swan wisely remarked, "The greatest threat to our planet is the belief that someone else will save it". In this era, adopting sustainable practices is not a choice but a necessity. As Chartered Accountants, we are entrusted not only with financial stewardship but also with the larger duty of shaping decisions that affect communities, businesses, and society at large. We should embrace this responsibility with conviction to advise, influence, and lead initiatives that balance economic progress with environmental stewardship and social equity. The true legacy of our profession lies not just in financial precision but in the positive impact we create on enterprises, society, and the planet. Let us work towards building a world defined by hope, harmony, and sustainable prosperity.
फ़िज़ाओं में ज़हर मत घोल, चिराग़-ए-हयात बुझ जाएगा,
ज़मीन अगर रूठ गई, तो इंसान कहाँ जाएगा।
CA Charanjot Singh Nanda
President, ICAI
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