ICAI President's Message - January 2024

[Parveen Komal]

India’s economic growth is driven by innovative and unique approaches, transforming traditional business practices and leading the way to modern progress. Start-ups, envisioned as vital contributors to the nation’s future, are serving as thought incubators, fostering employment, democratizing technology, and enhancing the competence of MSMEs and industries through research and development.

The growth story of India’s start-up ecosystem is inspiring, with an anticipated year-on-year growth ranging between twelve to fifteen percent. As the start-up revolution continues to unfold, it highlights India’s position in shaping the future of business, showcasing a remarkable blend of tradition and modernity in its pursuit of economic excellence.

The Indian start-up ecosystem is not just a numerical representation but a narrative of resilience, creativity, and forward-thinking. These innovative ventures serve as the vanguards of change, fostering a spirit of self-sufficiency and creative problem-solving. As India strives to build a resilient and self-reliant economy, start-ups play a pivotal role in inspiring the entrepreneurial vision of youth and meeting the aspirations of the nation. It is crucial for stakeholders, including government departments, regulatory bodies, industry leaders, and professional organizations, to collaborate in fostering a conducive environment that nurtures this entrepreneurial spirit and propels India towards a sustainable and inclusive growth.

The journey from being the third-largest start-up ecosystem to becoming a powerhouse of transformative ideas is one that requires collective effort, support, and strategic planning. With the exploration of the potential of Start-ups sparking an innovation-fuelled economic recovery and growth, India is actively pursuing vision of “One Earth, One Family, and One Future”. Through its groundbreaking initiative, the Startup-20 Engagement Group at G20, India aspires to play a pivotal role in developing an inclusive framework that strategically collaborates with G20 nations to support innovative start-ups.

The ICAI and its constituents are actively contributing to building the future economy by developing business and tech-savvy talent with an entrepreneurial spirit. Initiatives aligned with the ‘Start up India’ movement like ICAI Startup Yatra that includes the ICAI Startup Manthan and ICAI Startup Samvad programs, Start-Up Sphere, ICAI Start-Up Gateway aims to coordinate, synergize, and leverage excellence-driven innovation and entrepreneurship, facilitating creation of ideas and inventions for societal benefit. The accounting profession’s deep reach into the MSME sector positions it as a trusted business advisor, providing a conducive ecosystem for start-up development in India.

Some of the important developments related to the profession are placed below:

International Engagements
Visit of delegation from CA Maldives

A high-level delegation headed by Mr. Hussain Niyazy, Auditor General & President of Institute of Chartered Accountants of the Maldives (CA - Maldives) comprising Mr. Hassan Mohamed, Vice President, CA - Maldives; Mr. Ibrahim Fazeel, Council Member and Mr. Mohamed Haleem, Council Member and Chairperson of Academic Committee from CA Maldives visited ICAI on 18th December, 2023. The deliberations were held regarding empowering finance professionals in the Maldives with specialised knowledge and skills, under the aegis of the MoU entered by the ICAI with them. The delegation from CA - Maldives proposed a collaborative initiative to leverage the expertise of ICAI in delivering specialised courses aimed at enhancing the professional capabilities of finance practitioners in Maldives.

Annual Conferences Organised by ICAI Chapters

I attended the 41st Annual International Seminar organised by the Dubai Chapter of ICAI on December 10, 2023. The event also had the presence of H.E. Sheikh Nahayan Mabarak Al Nahyan, Minister of Tolerance & Coexistence, UAE as Chief Guest. The seminar was on very relevant theme: Confluence – Vision, Sustainability, Innovation, given the thrust on progress with responsibility and in today’s world where innovation becomes the bridge to a sustainable tomorrow. The event was attended by over 1000 participants from the UAE, India and across the globe.

Further, CA. Ranjeet Kumar Agarwal, Vice President, ICAI attended the 3rd Annual International Conference on the theme “Expand Your Horizons”-Create Adapt Reinvent Excel organised by the Kuwait Chapter of ICAI on 16th December 2023. CA Suresh Prabhu, Former Union Minister, Government of India graced the event as Guest of Honor with H.E. Dr. Adarsh Swaika, Ambassador , Embassy of India to Kuwait. The Conference provided a platform to establish a dialogue forum among renowned professionals, entrepreneurs and leaders in varied fields from India, Kuwait & Gulf Cooperation Council (GCC). ICAI Vice President addressed the gathering and shared the various initiatives of ICAI.
Awards and Recognition
1. SAFA Awards 2022

The ICAI hosted the prestigious South Asian Federation of Accountants (SAFA) Best Presented Annual Report Awards, Integrated Reporting Awards and SAARC Anniversary Awards for Corporate Governance Disclosure 2022 to recognize excellence in corporate reporting & corporate governance disclosures in the South Asian region on 22nd December 2023. Nominations were received from Bangladesh, India, Nepal, Pakistan and Sri Lanka for this year’s award ceremony under 16 categories.

[Parveen Komal]

The event marked the presence of CA. Nihar N. Jambusaria, President, SAFA, Mr. Heshana Kuruppu, Vice President, SAFA, myself, CA. Ranjeet Kumar Agarwal, Vice President, ICAI, CA. (Dr.) Anuj Goyal, Chairman, Research Committee, ICAI, CA. Cotha S. Srinivas, Vice Chairman, Research Committee, ICAI, Ms. Anoji De Silva, Chairperson, Committee for Improvement in Transparency, Accountability and Governance, SAFA and other dignitaries. The Awards were distributed in the glittering evening wherein more than 250 professionals from the SAFA Member countries participated.

Before the awards, ICAI hosted SAFA Virtual Conference on the theme “Future of the Accountancy Profession” which delved into the future landscape of the accountancy profession, featuring panel discussions centered around technological disruption and redefinition of leadership in accountancy. Esteemed speakers from various South Asian countries shared their insights, offering valuable perspectives on the evolving trends in the field. The event was attended by over 1200 participants from more than 10 countries.

2. Building the Next Gen Leaders - CA Business Leaders -40 Under 40 Awards

The Institute believes in nurturing future leaders for the progressive economic development of the nation and recognises the young talent with leadership skills to drive sustainable growth, benefitting the entire nation. Accordingly, the Institute in association with CNBC-TV18 organised 2nd edition of CA Business Leaders 40 under 40 Awards to celebrate the remarkable efforts of talented and energetic Chartered Accountants under the age of 40 who are taking on leadership roles and driving positive economic changes. The awards ceremony was held on 11th December, 2023, in Mumbai, honoured 40 young business leaders for their outstanding achievements. I am sure that these accolades will further motivate our young Chartered Accountants to continue their commendable work and bring glory to the accounting profession.

3. ICAI Women Excellence Awards – 2023

We, at the Institute have always been proud of the accomplishments of our women members who have made the profession proud year after year with their unwavering commitment to professionalism. This year, through our Women and Young members Excellence Committee (WYMEC) we have undertaken conscious efforts to acknowledge, recognize, and reward the indispensable contribution of women members by organising First CA Women Excellence awards. It was an opportune occasion to not only showcase Institute’s commitment to sensitise the society towards women and girls empowerment but also to advance gender equality in line with Sustainable Development Goal-5.

I am happy to share that in its first year of inception, we received encouraging response from almost 100 women members from across India who were nominated in different categories. A befitting award ceremony was held in Mumbai on 20th December 2023 wherein Chief Guest Mr. Ashishkumar Chauhan, MD & CEO, National Stock Exchange presented awards to awardees in various categories. I congratulate the winners once again and am sure these awards will motivate and inspire our women members and girl students to strive harder and make their mark in diverse fields.

4. ICAI Sustainability Awards-2023 The Institute also conferred ‘ICAI Sustainability Reporting Awards’ and ‘International Sustainability Reporting Awards’ awards to organizations at the forefront of ESG practices held in Mumbai on 20th December, 2023. The awards recognized and applauded the organizations working towards shaping a greener, socially conscious business landscape for the contributions made by the companies towards Business Responsibility & Sustainability Reporting, Sustainability Reporting Leadership and best Sustainability Reporting practices. The Chief Guest Mr. Ashishkumar Chauhan, MD & CEO, NSE, presented the awards to various organisations. I am sure these awards going forward shall support achieving the goals of SDGs and augment the sustainability ecosystem in the country.

Through these awards, ICAI fosters a culture of continuous improvement, inspiring excellence in the realms of sustainability, women empowerment, financial transparency, and dynamic leadership.
ICAI-SAFA Joint CFO Meet
An insightful and thought-provoking Interactive CFO Meet on 2nd December, 2023 in Mumbai was organized by the CMI&B jointly with the South Asian Federation of Accountants (SAFA), successfully hosted by WIRC of ICAI. The event brought together finance leaders, industry experts, and strategic thinkers to explore and deliberate on the theme “The Evolving Role of CFOs – Rising Upward” to foster a community of finance leaders who are prepared for actively shaping the future of finance in the South Asian region. I along with Central Council members from Mumbai attended the event.

Chartered Accountants’ Benevolent Fund- Special Drive
ICAI has always been working persistently for the benefit of its members and is diligently dedicated to their constant improvement and growth. Since 1962, the Chartered Accountants Benevolent Fund (CABF) is the medium through which ICAI is providing financial assistance to the dependants and families of its deceased members. CABF is a unique social security and benevolence program by the Members and for the Members and has played a very crucial role during COVID pandemic, by helping the members and their dependants.

ICAI has initiated a “Special Drive” to strengthen CABF and recognize the contributors under different categories. CABF needs to be strengthened so that the Members in need can be provided suitable support within stipulated framework. The CA fraternity is the core strength of the profession and need to be acknowledged for the selfless service they do by contributing in CABF. With this drive, I hereby appeal all the members to contribute wholeheartedly towards this noble cause.


Initiatives for Members and Students
ICAI Commerce Olympiad-2023

With a view to nurture talent and help students in experiencing and developing the competitive skills in Commerce, the Institute through its Committee on Career Counselling organized ICAI Commerce Olympiad on 3rd December, 2023 for the students from class VIII until Graduation. I am happy to share that the ICAI Commerce Olympiad received an overwhelming response as more than 1,01,700 students registered for the Olympiad from various schools & colleges pan India & abroad. As an educator ICAI continuously strives to make India a Global talent hub for Commerce and Accounting.

[Parveen Komal]

Centre of Excellence, Kolkata Foundation Laying Ceremony

With an aspiration to advance industry practices, promote innovation, elevate professional standards and curate thought leadership our vision is to create Centre of Excellence that fosters continuous research and learning, drives technological integration, and enhances the overall effectiveness of accounting practices. I am delighted to inform that on 29th November 2023, we have laid the foundation for Centre of Excellence Kolkata, which shall be shaping the future of accounting through knowledge dissemination, research, and collaboration. It will be beacon of accounting and finance education in the eastern region.
Regional Conferences
The Institute with an endeavour to keep the members abreast with the recent changes conducts Annual Regional Conferences. These conferences are an apt platform to encapsulate the changing dynamics and important developments of the profession in various subject areas. Further it provides a unique networking opportunity for the members to collaborate and corroborate with their peers. In view of this the 37th Regional Conference of WIRC was organised on 15th & 16th December, 2023 at Mumbai; 48th Regional Conference of EIRC on 15th & 16th December, 2023 in Kolkata; NIRC Regional Conference 2023 in Delhi on 22nd & 23rd December, 2023; and 43rd Regional Conference of CIRC on 23rd & 24th December, 2023 at Raipur. Myself along with ICAI Vice-President CA. Ranjeet Kumar Agarwal attended these Conferences wherein large number of members actively participated.

Inputs for Vision 2049
Envisioning a future aligned with India’s mission for holistic growth and becoming self-reliant by 2047, ICAI aims to shape the nation’s financial landscape significantly. ICAI Vision 2049 envisions the Institute of Chartered Accountants of India as a global leader in accountancy, fostering ethical excellence, technological innovation, and sustainable practices. As we embark on this transformative journey, insights and inputs, especially from members, students, and stakeholders, are important. Together, we can develop the inclusive vision that meets the emerging needs of our profession and aligns with the broader goals of India’s journey towards economic excellence. I would request you all to share your valuable inputs, contributing to a future where ICAI plays a pivotal role in driving positive change for stakeholders and the public interest. The announcement with links to questionnaire is published separately in the journal.

ICAI Student International Conference 2023
In the emerging global paradigm, we at ICAI are working to develop professionals for the globe. With these aspirations we recently organized ICAI Student International Conference “Aarohan – Conquering New Horizons with Integrity and Innovation”. The conference was inaugurated by Hon’ble Governor of Gujarat Shri Acharya Devvrat. This dynamic event reflected ICAI’s dedication to nurturing international collaboration in finance. It provided an exciting space for students to exchange ideas and insights, emphasizing ICAI’s commitment to preparing the next generation for the everchanging global landscape. The Conference was an astounding success with 3500 students attending the conference.

Conclusion
On the auspicious occasion of the 75th Republic Day, let us reflect on the essence of our Constitution and honour the indomitable spirit of our nation builders. Their unwavering dedication has empowered us to act independently and shape our destiny. May this Republic Day inspire us to continue striving forward, contributing to the ongoing glory of our nation. “The Constitution is not a mere lawyer’s document, it is a vehicle of Life, and its spirit is always the spirit of Age”. - Dr. B.R. Ambedkar

Once again, I extend my heartfelt wishes to everyone for a joyous New Year. Let the coming year be a canvas for new beginnings, where each stroke paints a picture of progress, unity, and success. As we partake in the celebrations, let’s embrace the opportunities and potential that the forthcoming year brings with the famous quote of Mr. Nelson Mandela - “I never lose. Either I win or learn.”

May the New Year bring forth success, prosperity, and moments of happiness for all.

Jai Hind! Jai ICAI!