ICAI President Message April 2025: Recent significant developments that have taken place in the last month relating to Accountancy Profession – ICAI president message for the month of April 2025.
ICAI President Message
Dear Professional Colleagues,
I am reminded of a powerful quote by Shaheed Bhagat Singh: “The sword of revolution is sharpened on the whetting stone of ideas.” This sentiment perfectly encapsulates the Indian mindset, where innovation thrives even in the most challenging and resource constrained settings. Our ability to harness ideas and transform them into tangible advancements has been a cornerstone of India’s technological and economic progress.
Aiming high and forging a path through obstacles and overcoming challenges to achieve one’s dreams is the driving force behind every Indian, with the aspiration of building a Viksit Bharat. In recent years, we have witnessed a transformative wave sweeping across our nation, one that envisions a tech-enabled future. I feel privileged to experience this evolution firsthand and to contribute, even in a small way, to this remarkable journey.
India has no intention of slowing down. From being an emerging economy in 2000 to the world’s fifth-largest economy in 2025 and going to be the fourth-largest economy by 2027, our progress is a testament to the dedication of millions of our brothers and sisters who are relentlessly working towards shaping our nation’s achievement path. The road ahead demands determination, innovation, and collective effort for India to position itself as the global leader. Here I would like to add that the accounting profession also, in recent years has gone through a similar technological revolution wherein many opportunities exist amidst the fast-paced changes taking place.
The dawn of the 21st century saw the rapid expansion of the IT sector, positioning India as the world’s leading hub for software development and outsourcing. With the advent of the Digital India campaign, the nation has seamlessly integrated technology into governance, education, healthcare, and finance, bridging gaps and empowering millions. The rise of fintech has revolutionized digital payments, with the introduction of groundbreaking payment systems like UPI making India a leader in cashless transactions. According to the recent reports, India has processed 18,120 Crore digital payment transactions (including UPI) in FY24 -25 till January 2025 value crossing Rs 2,330 lakh crore.
India is charting out an ambitious plan to revolutionize its financial landscape through technological innovation. Central to this vision is the enhancement of Digital Public Infrastructure (DPI), which includes platforms like UPI, Aadhaar, and the Open Network for Digital Commerce (ONDC). These initiatives have significantly bolstered financial inclusion, streamlined digital payments, and expanded e-commerce, thereby reducing transaction costs and enhancing accessibility. The telecom revolution, driven by affordable data (amongst the lowest in cost globally) and widespread smartphone penetration, has connected even the remotest corners of the country, fostering inclusivity and digital literacy.
Additionally, the Government of India has introduced several technology-driven schemes to enhance efficiency, transparency, and compliance in accounting and taxation. The Faceless ITR initiative, covering assessments, appeals, and penalties, utilizes automation through the new e-filing portal, minimizing human intervention and expediting resolutions under the Income Tax Act, 1961. The Income Tax Transaction Analysis Centre (INTRAC) leverages data analytics to strengthen tax administration, and the Compliance Management Centralized Processing Centre (CMCPC) uses a campaign management approach (consisting of emails, SMS, reminders, outbound calls, letters) to support voluntary compliance and resolution of compliance issues. Additionally, GST e-invoicing streamlines compliance, curbs tax evasion, and promotes a digitally empowered economy. These initiatives reflect India’s commitment to a modern, technology-driven financial ecosystem.
The government’s commitment to foster innovation is also reflected in its increased investment in Research and Development (R&D), aiming to elevate spending from the current 0.7% to at least 2% of GDP. This strategic move is designed to stimulate research, entrepreneurship, and greater private-sector involvement, thereby enriching the financial ecosystem.
Artificial Intelligence (AI), Blockchain, and the Internet of Things (IoT) are revolutionizing industries by enhancing efficiency and driving automation across various sectors. A recent report highlights AI’s transformative potential, projecting that its integration will be instrumental in achieving the goal of a $1 trillion digital economy by 2028, contributing approximately 20% to India’s GDP. Furthermore, it estimates that AI adoption could generate an economic value of at least INR 33.8 lakh crore in India by 2030, underscoring its pivotal role in shaping the nation’s economic future.
While we celebrate the transformative power of technology and innovation, it is equally crucial to reflect on the challenges they bring. With every breakthrough comes a set of risks that demand our attention. The rise of deep-fake technology and the surge in financial scams serve as stark reminders of the darker side of digital advancement. The very tools designed to empower society, if misused, can undermine trust, security, and ethical boundaries. Therefore, it is imperative to strike a balance, ensuring that progress is accompanied by robust safeguards, responsible use, and a collective commitment to ethical digital practices.
In these times, Chartered Accountants, with their deep-rooted commitment to transparency and accountability, are best positioned to act as guardians of digital security and ethical financial and technological practices. CAs will remain indispensable in building a resilient, tech-enabled, and ethically governed business ecosystem. Their adaptability and expertise will ensure that they remain at the forefront of the digital revolution
Being a part of this esteemed profession, I firmly believe that we have a significant role to play in shaping India into a tech-driven yet ethically sound nation. As businesses embrace automation, artificial intelligence, and blockchain, we are no longer confined to traditional accounting and auditing. Our expertise in forensic accounting, data analytics, and compliance ensures that businesses operate within ethical and regulatory frameworks while mitigating digital threats.
CA firms, too, are transforming themselves by upskilling to evolve into tech-driven advisory entities, integrating AI-powered audits, Robotic Process Automation (RPA), and blockchain-led financial reporting to better serve stakeholders. As regulations around data privacy, taxation of digital transactions, and financial cybercrime increase, firms must upskill to provide cybersecurity consulting, AI-based fraud detection, and risk assessment services. The future of the profession lies in leveraging technology to its fullest.
I am pleased to inform you that in my Action Plan 2025-26, accelerating digital transformation will be an important catalyst for growth. As a premier educator, facilitator, and architect of future Chartered Accountants, the Institute is committed to lead this technological evolution. Through specialized training programs, technology-driven learning modules, and continuous professional development initiatives, ICAI ensures that Chartered Accountants remain proficient in emerging fields such as artificial intelligence, blockchain, cybersecurity, and data analytics. By leveraging state-ofthe- art tools introduced by both the government and private entities, professionals can enhance accuracy, reduce human errors, and streamline operations. The seamless integration of these advancements into accounting, auditing, and financial advisory services is crucial for strengthening governance, ensuring data integrity, and mitigating digital risks. The Institute is actively shaping a future-ready profession that can navigate the evolving business ecosystem with confidence.
Remembering Dr. B.R. Ambedkar, the father of the Indian Constitution, on his 134th birth anniversary, his profound words resonate: “Cultivation of mind should be the ultimate aim of human existence.” Inspired by this thought, ICAI is committed to fostering intellectual growth and professional excellence among its members.
Now let’s take a look at some interesting developments related to the profession.
ICAI’s Commitment to Simplify the Income Tax Bill 2025
In refining India’s tax legislation to promote clarity and efficiency, the Institute has proactively engaged with the Lok Sabha’s Select Committee to review the Income Tax Bill 2025. On March 6, 2025, a dedicated 10-member ICAI delegation presented a series of recommendations aimed at refining the proposed bill. While the finer details presented before the Hon’ble Select Committee can’t be shared, I must admit that inputs given by ICAI were highly appreciated, and amongst our key suggestions is the reduction of the bill’s sections by 90-100 from the existing 536. This streamlining effort seeks to eliminate redundancies and promote a more user-friendly tax code. Additionally, we have advocated for the simplification of legal language within the bill to minimize ambiguities and reduce potential litigation.
Furthermore, to assist the members in understanding the nuances of the new legislation, the institute has launched the New Income Tax Bill 2025 GPT, a tool designed to provide quick summaries and indepth analyses of the bill’s provisions. Soon countrywide awareness program will be launched.
Following the introduction of the Income Tax Bill 2025 in Parliament, ICAI has expressed its strong support for the proposed legislation, highlighting its potential to simplify India’s tax framework and stimulate economic growth.
AIMCMM – 2025
“If you want to walk fast, walk alone. But if you want to walk far, walk together” – Ratan Tata
As we embarked on a new journey for the Council term 2025-29, I am delighted to share that the All India Managing Committee Members Meet (AIMCMM 2025) organised in New Delhi from 21- 23 March 2025 was a resounding success, bringing together 1,400 leaders of ICAI from across the country working at various levels from the Central Council to CPE Study Chapters. This landmark gathering was a moment of collective commitment to shaping the future of our profession and reinforcing ICAI’s role as a pillar of trust and excellence in nation-building. It served as the catalyst for laying the foundation for a dynamic and forward-looking Council term 2025-29.
The theme for the year 2025-26, “VISHWASNIYA”, resonated throughout the event, highlighting the profession’s focus on integrity, innovation, digital transformation, sustainability, and leadership development. Through insightful discussions, interactive sessions, and strategic deliberations, we reaffirmed our shared vision of a Viksit Bharat with Nation – First Approach, where ICAI stands as a key driver of economic growth and governance.
One of the key takeaways from AIMCMM 2025 was the importance of collaboration and accountability in driving meaningful change. Our newly elected leaders are now equipped with strategic insights and leadership direction to guide ICAI’s Regional Councils, Branches, Study Circles, and Chapters towards greater impact and inclusivity.
As we move forward, let us work as one team, lead with integrity, and drive innovation to elevate ICAI and our profession to new heights. The future of ICAI is the future of India, and together, we will make it stronger than ever.
IFSCA Delegation and ICAI’s Strategic Engagements in the United Kingdom
Recognizing the integral role of accountancy, book-keeping, taxation and financial crime compliance services in international financial ecosystem, I visited London in March 2025, as part of high-level delegation from the International Financial Services Centres Authority (IFSCA) to showcase the advantages of India’s Gujarat International Finance Tec-City (GIFT City) to overseas investors and to gain insights into the UK’s accounting and auditing practices.
During the visit, I attended the Conference on “Business Opportunities in India’s maiden IFSC at GIFT City” on March 17, 2025, and addressed the members on the above-mentioned topic. I met Mr. Sujit Ghosh, Deputy High Commissioner of India to the UK, and Ms. Nidhi Mani Tripathi, Minister (Economic) at the High Commission of India, to discuss avenues for Indian Chartered Accountants to offer valueadded services in the UK.
Further engagements included discussions with Mr. Erkki Liikanen, Chair of the IFRS Foundation Trustees, and Mr. Andreas Barckow, Chair of the IASB, exploring increased ICAI representation in international accounting standard-setting bodies. On March 18, 2025, we met with Mr. Malcolm Bacchus, President of the Institute of Chartered Accountants in England and Wales (ICAEW), to explore joint research opportunities in areas of sustainability and green financing. Additionally, I addressed an interactive meeting on outsourcing opportunities in GIFT City for UK firms co-hosted by the ICAI – London (UK) Chapter and ICAEW.
Central Statutory Auditors’ (CSAs) Meet
The Banks’ Central Statutory Auditors’ Meet, was held in Mumbai on 24th March 2025, where about 150 participants attended the meet. Discussions were held on strengthening financial oversight, enhancing audit quality, and aligning with evolving regulatory expectations. With the role of Central Statutory Auditors (CSAs) becoming increasingly significant in ensuring the sound financial health of banks and financial institutions, this interactive meet facilitated dialogue among ICAI, regulators, and industry experts on key developments in the sector.
Significant discussions took place on regulatory compliance, audit quality, and risk assessment. This year’s meet further delved into RBI’s evolving expectations, supervisory assessments, and the latest updates in statutory branch audits. The meet provided participants with insights into enhanced reporting standards, business coverage norms, and international benchmarking of financial reporting. As the profession continues to embrace digital transformation and AI-driven auditing, the meet also focused on leveraging technology for audit excellence.
ICAI Reforms Exam Structure – More Chances, More Success
To align with global best practices and offer students more opportunities, the 26th Council of ICAI has decided to conduct the CA Final exam three times a year instead of twice. Last year, ICAI made a similar change for the Intermediate and Foundation exams, and now all three levels will have equal exam attempts in January, May, and September.
Additionally, the Post Qualification Course in Information Systems Audit will also shift from biannual to thrice-yearly assessments in February, June, and October. These changes aim to enhance flexibility, accessibility, and professional growth for students and members.
These historic decisions will ensure that both students and professionals have abundant opportunities to succeed and excel in their careers.
Conclusion
As we move forward in this era of rapid technological evolution, it is vital to ensure that progress does not come at the cost of our values or well-being. Innovation must serve as a force for good—empowering society, not overwhelming it with unintended consequences. A clear ethical framework and responsible practices are essential for shaping technology that is not just intelligent, but also just. The Institute remains resolute in its commitment to foster a future where innovation is guided by integrity, responsibility, and a deep sense of purpose.
Friends, true progress is not just about technological strides; it is also about the well-being of those who drive this change. The rising stress levels among young professionals are a growing concern, impacting mental health, productivity, and overall quality of life. An increasingly sedentary lifestyle is giving rise to serious health challenges, demanding immediate attention. Recognizing the need for balance, this year the Institute will be focusing on the Work-Life Balance priority area, to promote the holistic development of professionals. A thriving nation and profession is built on individuals who are not only skilled but also physically and mentally resilient.
The future belongs to those who can harmonize innovation with human well-being. By fostering a culture where ethical technology and wellness are at the heart of progress, we can ensure that India’s journey toward digital excellence remains sustainable, inclusive, and deeply human.
Our journey has only just begun. The true destination lies ahead, testing our resolve and pushing us beyond our limits. We have measured but a handful of earth; the vast sky still awaits our stride. Looking forward to our next interaction, I leave you with the couplet.
अभी तो असली मंजिल पाना बाकी है,
अभी तो इरादों का इम्तिहान बाकी है
अभी तो तोली है मुट्ठी भर जमीन,
अभी तोलना आसमान बाकी है।
Jai Hind, Jai ICAI.
CA. Charanjot Singh Nanda
President, ICAI
New Delhi, 30th March, 2025
