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.
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.
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