ICAI's Vision 2047: Scaling the CA Workforce
Addressing the MSME & Startup Conclave 2025 in Mumbai, ICAI President CA. Charanjot Singh Nanda emphasized the pressing need to increase the number of chartered accountants in India. With only 5 lakh CAs serving a population of 140 crore, the institute aims to expand this number to 30 lakh by 2047. This strategic move is designed to meet the growing demands of India's dynamic economy and ensure robust financial governance across sectors.
Embracing Artificial Intelligence in the Accounting Profession
Recognizing the transformative potential of technology, ICAI has established a dedicated AI committee. Between July 2024 and February 2025, over 16,000 chartered accountants received training in AI applications. President Nanda highlighted that this training extends beyond domestic professionals, encompassing foreign chartered accountants as well. He stated, "Artificial intelligence is to support us. It is an enabler. We have the vision to take things forward," emphasizing that AI will augment, not replace, human intelligence in the profession.
Enhancing the CA Qualification Process
To expedite the entry of qualified professionals into the workforce, ICAI has revamped its examination system. Previously held twice a year, the exams are now conducted thrice annually, providing more opportunities for aspirants to qualify and meet the increasing demand for chartered accountants.
Strengthening MSMEs: Nationwide Clinics and Pro Bono Services
In a bid to support the MSME sector, which contributes approximately 30% to India's GDP and employs between 110-150 million people, ICAI has launched MSME clinics across all 179 branches nationwide. These clinics aim to service at least 25,000 MSMEs, offering pro bono assistance in areas such as finance, governance, and loan-related issues. President Nanda emphasized, "Any person having any issue with MSME related to finance, related to governance, related to loans, they could always go there and meet senior chartered accountants who will do everything pro bono for them."
Leadership at ICAI
As of June 27, 2025, the leadership at ICAI is as follows:
- President: CA. Charanjot Singh Nanda
- Vice-President: CA. Prasanna Kumar D
- Chairman, Committee on MSME & Startup: CA. Gyan Chandra Misra
- Vice-Chairman, Committee on MSME & Startup: CA. Arpit Kabra
These leaders are steering ICAI's initiatives to integrate technology into the accounting profession and bolster support for MSMEs.
Conclusion
ICAI's multifaceted approach—expanding the chartered accountant workforce, integrating AI into the profession, and providing comprehensive support to MSMEs—demonstrates its commitment to strengthening India's economic framework. By addressing current challenges and anticipating future needs, ICAI is positioning itself as a pivotal player in India's journey toward economic resilience and growth.
Source:thehindubusinesslineChat GPT
