Dear Professional Colleagues,
Together bound by history's thread,
In every word and tear we've shed,
We march ahead with a steady pace,
To build a brighter, stronger place.
Wishing a very Happy Independence Day in advance!
"Saare Jahan Se Acha, Hindustan Humara" - these timeless words are more than a patriotic verse; they echo the collective spirit and relentless efforts of a nation that has emerged as the world's fastest-growing economy.
From gaining independence to emerging as the world's 4th largest economy, we stand united in the profound pride of being Indian, a pride that transcends all else. Despite vast challenges, from an immense population and geographic extremes to incredible linguistic and cultural diversity, India has turned these complexities into its greatest strengths.
To me, true patriotism lies in living the values our heroes fought for by actively contributing to building the country's future. As Chartered Accountancy professionals, we take pride in helping our nation toward a brighter, more united, and globally respected tomorrow.
Honourable Prime Minister Shri Narendra Modi Ji, in his 123rd episode "Mann Ki Baat" aired on June 29, 2025, highlighted CAs as a societal pillar - Guides of Economic Life.
My heart beams with pride to share that India has also surged ahead in science, technology, and innovation. Under a visionary policy environment, the nation has morphed from a technology follower into a global leader. Th is transformation is evident in India's leap on the Global Innovation Index from 81st to 39th position and its position as the 6th highest globally in patent filings.
From Rakesh Sharma's historic journey into space to Shubhanshu Shukla's inspiring presence at the International Space Station, India's space odyssey reflects a continuum of courage, progress, and national pride.
On the global stage, India is steadily asserting its leadership both within BRICS, where it champions the Global South and promotes multipolar governance, and beyond it, by forging robust bilateral ties and deepening multilateral partnerships.
Our robust digital public infrastructure, like Aadhaar, UPI, and Direct Benefit Transfer, is now recognised as a global model, revolutionizing the delivery of services and fostering inclusive and customer-centric governance.
I firmly believe that the true measure of a nation's progress lies not only in the strength of its economy but in the well-being, contentment, and overall happiness of its citizens. As someone deeply rooted in numbers and analysis, I often say innovation thrives best in an environment free from undue stress and complexities. Such an environment leads to empowered individuals who think creatively, act decisively, and contribute meaningfully to national growth.
This is where the role of Chartered Accountants becomes both relevant and indispensable. With the government making progressive strides in improving the Ease of Doing Business, driving Digital India, and encouraging entrepreneurial spirit, Chartered Accountants must rise to the occasion, as enablers, facilitators, and partners in national development. Our profession must align with this vision by supporting policy execution, streamlining reporting processes, enhancing financial literacy, and promoting ethical and sustainable practices across all sectors. Not all of us need to be at the border; we can serve the nation from our cubicles, also.
As the President of this esteemed Institute, I wholeheartedly assure that ICAI stands firmly by your side to uplift you through every phase of your professional journey, to propel you towards greater success, and to applaud your contributions that bring pride to the profession and the nation.
In alignment with India's vision of becoming a Vishwaguru, the Institute has undertaken multiple forward-looking initiatives to enhance the global standing of Indian CAs. Notably, the ICAI is actively working to build guidelines and enabling frameworks, facilitating global collaborations and networking between Indian CA firms and international entities, allowing local firms to tap into cross-border opportunities, share expertise, and enhance their service capabilities. This will enable Indian CA Firms to emerge as leaders in the global consulting and assurance space.
Through the establishment of overseas chapters, Mutual Recognition Agreements, and Technical Cooperation Agreements with International Accounting Bodies, ICAI continues to enhance the global professional mobility of Indian CAs, while promoting best practices and ethical standards worldwide.
Key initiatives like Digital Learning Hub, the development of Forensic Accounting & Investigation Standards tailored for the new age economy, focused research in sustainability and ESG, targeted support for SMPs and women professionals, programs for capacity building, promoting specializations, industry relevance, and leadership development- all form part of ICAI's strategy to shape our members into truly global thought leaders and trusted advisors. Furthermore, the Institute has introduced a range of specialized certificate courses across emerging and niche domains to enrich members' skills and ensure that they always remain at the forefront of professional excellence with an inherent mission to contribute to the national economic development.
Let us have a look at some of the professional developments since my last communication with you -
ICAI Celebrates 77th Foundation Day: Honouring Legacy and Leadership
On July 1, 2025, ICAI celebrated its 77th Foundation Day with a grand celebration at Bharat Mandapam, New Delhi, commemorating over seven decades of dedication to strengthen India's financial integrity and national governance. Blending tradition with forward-looking vision, the celebration served as a powerful reminder of ICAI's pivotal role- not just as a regulatory body but as a catalyst for empowering professionals who uphold ethical practices and contribute to India's resilience, sustainable economic development, and global standing.
We extend our heartfelt gratitude to Shri Hardeep Singh Puri, Hon'ble Union Minister of Petroleum & Natural Gas, for gracing the 77th Foundation Day of ICAI as the Chief Guest and sharing his inspiring thoughts. Reflecting on the profession's growing significance, Shri Hardeep Singh Puri remarked, "Chartered Accountants are the architects of financial integrity and partners in national governance". He emphasized the crucial role of CAs in upholding transparency, efficiency, and accountability, and encouraged the profession to embrace innovations like AI for India's journey towards a developed nation. An engaging session on the Capital Market was held, featuring eminent speakers, CA. Anil Singhvi, Managing Editor of Zee Business, and renowned investor Shri Vijay Kedia who shared their rich experiences, practical tips on investing, and thoughts on how behaviour shapes financial decisions.
Marking a major technological milestone, ICAI launched the 'ICAI AI Agent' - a next-generation, AI-powered digital workspace signifying a bold step in building an AI-enabled professional ecosystem. A brief report on CA Day is available in this edition of the journal.
AI Innovation Summit 2025: Transforming the Future of Finance
Reflecting ICAI's commitment to embracing artificial intelligence, the Institute successfully organized the AI Innovation Summit - AIS 2025 on the theme "Transforming Accounting, Audit, Tax, and Governance", on July 18-19 in Pune. The summit featured engaging sessions by global AI experts, technology leaders, policymakers, and academicians, providing valuable insights into the integration of AI within the accounting profession.
During the event, ICAI signed an MoU with Google India, marking the beginning of a collaborative partnership focused on joint AI initiatives, including projects, events, certificate courses, and the establishment of an AI Research Lab. Further, ICAI also launched the AICA Level 2 Course for members who completed Level 1 and introduced AICA Level 1 across its Foreign Chapters, enhancing global professional competence. AIS 2025 highlighted ICAI's leadership in digital transformation and served as a catalyst in shaping the future of the profession, while contributing meaningfully to India's economic growth.
Contribution of ICAI in Opening Up Accounting and Finance Services under India-UK FTA
The Institute played a pivotal role in securing favourable provisions for Indian professionals in the India-UK Free Trade Agreement. By actively engaging with the Ministry of Commerce and Industry, ICAI ensured liberal market access and the inclusion of a reciprocity clause protecting the use of the "Chartered Accountant" title. The Institute provided technical inputs on licensing, qualification recognition, and digitally delivered services, leading to the formal inclusion of cross-border supply (Mode 1). This opens significant outsourcing opportunities in areas such as bookkeeping, tax, and consulting.
ICAI also championed mutual recognition of qualifications, enabling Indian CAs to register and practice in the UK on a reciprocity basis. Additionally, ICAI facilitated provisions for commercial presence (Mode 3), enabling Indian firms to incorporate and operate in the UK with national treatment and without discriminatory restrictions while restoring the principle of reciprocity.
Given India's cost advantage, skilled workforce, and trusted reputation, this is expected to significantly expand the volume of high-value professional services work flowing into India, benefiting thousands of CA firms and professionals. These efforts collectively boost India's global service footprint while preserving regulatory integrity and professional standards at home.
ICAI Advances Sustainability with Key Initiatives and Strategic Engagements
The Institute, through its Sustainability Reporting Standards Board (SRSB), has undertaken a series of impactful initiatives to advance ESG and sustainability reporting.
- Sustainability Month - Driving Awareness and Action
Aligned with ICAI's vision of fostering environmental consciousness and collective responsibility for a greener future, the SRSB launched ICAI Sustainability Month in June 2025. The campaign, rooted in the 5Ps of sustainability - Planet, People, Prosperity, Peace, and Partnership, actively engaged members, students, and communities in fostering sustainable practices. Supporting the Government of India's LiFE (Lifestyle for Environment) mission, it featured impactful activities such as tree plantation drives, walkathons, a sustainability reel competition, motivational sessions, and an awareness survey. - National Conference on Responsible Business Conduct, 2025
ICAI, in collaboration with IICA, organized the 3rd National Conference on Responsible Business Conduct (NCRBC) on the theme "Integrating ESG for Viksit Bharat". The conference reaffirmed the collective commitment to build a responsible business ecosystem that balances profit with purpose, aligning with India's vision of becoming a developed nation by 2047. I represented ICAI on the panel "The Rise of ESG in the Boardroom" and shared insights on the growing relevance of ESG in boardrooms, highlighting the role of Chartered Accountants in fostering transparency, ethical governance, and sustainable business practices.
As part of its continued efforts to enhance India's ESG and sustainability reporting landscape, ICAI also participated in the 3rd Consultation Roundtable on "Integrating Nutrition into ESG Reporting", organized by IICA on 24th June 2025 in New Delhi. - ICAI Carbon Emission Calculator
On 1st July 2025, the Sustainability Reporting Standards Board (SRSB) of ICAI launched its Carbon Emission Calculator, an innovative, free, dynamic, and user-friendly tool designed to help individuals and organizations measure and effectively manage their carbon footprints. By providing a clear assessment of environmental impact, the calculator supports India's ambitious net-zero commitment, facilitating businesses and individuals to progress towards a carbon-neutral future.
Key Accounting Developments and Submissions by ICAI
The Accounting Standards Board (ASB) of ICAI has issued a set of Frequently Asked Questions (FAQs) on the Guidance Note on Financial Statements of Non-Corporate Entities, to support members in its practical implementation. To further assist with accounting-related queries on this Guidance Note, an Expert Panel has also been constituted.
In addition, ICAI has submitted key recommendations to the National Financial Reporting Authority (NFRA) under the Companies Act, 2013. These include proposed amendments to Ind AS 109 and Ind AS 107 concerning contracts referencing nature-dependent electricity, and the introduction of Ind AS 118 on Presentation and Disclosure in Financial Statements.
ICAI Leading Capacity Building for Greater Financial Governance
Reinforcing its role as a knowledge partner in nation-building, ICAI continues to lead impactful capacity-building initiatives across key sectors. ICAI organized two comprehensive training programs on Indian Accounting Standards (Ind AS) for finance personnel of Himachal Pradesh State Electricity Board Limited (HPSEBL) from 11th-16th July and 21st-26th July 2025. Through such initiatives, ICAI is playing a pivotal role in building institutional capacity and fostering a culture of robust financial management in public and regulatory bodies.
Extending its outreach efforts, ICAI also conducted a dedicated session on Financial & Tax Literacy at the CBI Anti-Corruption Branch, Ranchi, where 80-90 officials gained valuable insights on financial literacy.
Driving Growth in the Northeast with IICA
The IICA North-East Conclave 2025 was inaugurated by the Hon'ble Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman at IIM Shillong. It marks a pivotal moment for regional entrepreneurship and innovation. The event, themed 'From Ideation to Incorporation', was organized to catalyse startup growth in the Northeast region. ICAI is proud to be a strategic partner through an MoU, reinforcing its commitment to empowering aspiring professionals and entrepreneurs, and fostering inclusive development across India's vibrant Northeastern region.
Visit to Doha
Together with CA. Prasanna Kumar D., Vice-President, ICAI, I participated in the CA Day celebrations titled "Legacy of Leaders: CA Day with the Pioneers" organized by the ICAI Doha (Qatar) Chapter. The event was attended by over 250 members and was graced by the presence of Mr. Sandeep Kumar, Deputy Chief of Mission at the Indian Embassy in Qatar. We highlighted the Institute's global vision, commitment to leadership, and the evolving role of Chartered Accountants in the dynamic economic landscape.
Fostering Growth Through Strategic Collaborations
The Institute has been proactively building meaningful partnerships to advance education, entrepreneurship, and global engagement.
In a recent landmark initiative, ICAI signed a Memorandum of Understanding (MoU) with the Assam State School Education Board (ASSEB) on 7th July 2025 in Guwahati. Through this partnership, ICAI will contribute its academic expertise to nurture young minds and strengthen the foundation of commerce education across the state.
In addition, ICAI entered into a strategic MoU with Startup Tamil Nadu (StartupTN) on 24th July 2025, aiming to empower the state's startup ecosystem through capacity-building, innovation support, and integrated services.
urther reinforcing its global outreach, ICAI also renewed its MoU with the Services Export Promotion Council (SEPC) on 1st July 2025, continuing a robust alliance that creates international opportunities for members and enhances their global competitiveness.
ICAI Expands Infrastructure and Network
In furtherance of ICAI's vision of expanding, the Council approved the establishment of three new branches under the Central India Regional Council (CIRC) of ICAI in Nagaur District, Churu District, and Jhunjhunu District of Rajasthan. This step marks yet another milestone in our journey of expansion and deeper regional engagement. The total number of ICAI branches across India now stands at 182, reflecting our growing footprint to build a strong, connected professional community.
Along with CA. Prasanna Kumar D. Vice President, ICAI, I had the honour of laying the foundation stone for the new ICAI Bhawan in Latur. These upcoming centres are envisioned as vibrant hubs for learning, professional development, and community engagement.
World Youth Skills Day 2025: Empowering Youth
With a vision to empower youth for nation-building, ICAI commemorated World Youth Skills Day 2025 across 130 cities between 12th - 19th July, under the theme "Unlocking New Horizons: Upskilling Chartered Accountants for Success",. The initiative brought together students, young professionals, and members through over 130 enriching programs. These programs, focused on future-ready skills from digital acumen and leadership to entrepreneurship and communication, highlighted the critical role of youth in shaping India's economic and professional landscape.
Tribute to CA. T.N. Manoharan, Past President
I deeply mourn the loss and pay my heartfelt tribute to our esteemed and beloved Past President (2006-07), CA. T.N. Manoharan, Padma Shri awardee. A visionary leader, a principled professional, and a compassionate human being, he led the Institute and the profession with integrity, foresight, and an unwavering commitment to excellence. His humility and wisdom were as profound as his achievements. On behalf of the entire CA fraternity, I express our deepest gratitude and reverence for a man who truly exemplified the highest ideals of our profession.
Conclusion
Somewhere in a small town, a young student pores over financial textbooks late into the night, driven by a dream to one day serve the nation as a Chartered Accountant. Elsewhere, a group of youth is innovating sustainable business models that could reshape industries.
These are not isolated stories; they are the heartbeat of a rising India.
As Nelson Mandela rightly said, "The youth of today are the leaders of tomorrow". Both the Government and the Institute are committed to nurturing this dynamic force, channelizing the potential of our young minds in the most constructive and impactful ways. Our youth are achieving remarkable milestones as bold thinkers, fearless innovators, and determined changemakers. I extend my heartfelt appreciation to every young individual who dares to dream beyond boundaries and turns vision into reality.
I would like to conclude with a powerful verse I recently came across, these inspiring words call upon us to honour our rich heritage and dedicate ourselves towards building a prosperous and glorious India.
है भाग्य मेरा, सौभाग्य मेरा - जो मैं भारतीय कहलाता हूँ,
इस पावन धरती की रज पर, श्रद्धा से शीश झुकाता हूँ।
विश्वास है मेरा - भारत विश्वगुरु बन जाएगा,
हर दिशा में गर्व से, तिरंगा ऊँचा लहराएगा।
CA. Charanjot Singh Nanda
President, ICAI
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