ICAI Begins Construction of Rs 34 Crore Eco-Friendly Nagpur Branch Office

The Institute of Chartered Accountants of India (ICAI) has begun building a new office for its Nagpur branch, which will cost about Rs 34 crore. The foundation stone was laid by ICAI’s national president, Charanjot Singh Nanda. The land for the project was bought in 2010, and branch chairman Dinesh Rathi said the new building is needed because the number of students in Nagpur is increasing.

ICAI will fund the entire construction, and the contractors were chosen through a tender process where nine companies submitted their bids. The building will come up in Besa and is expected to be ready in about two years, and will be designed as an eco-friendly green building.

After the foundation event, Nanda told reporters that India may need around 30-35 lakh chartered accountants by the year 2047 because the economy is growing so fast. Right now, about 35,000 students become chartered accountants every year, and more students are choosing this career than before. He said ICAI is focusing on supporting the new generation of CAs and has set aside Rs 500 crore for scholarships.

In Mumbai, ICAI guided nearly 7,000 students at the same time about becoming chartered accountants, a number so large that it entered the Guinness Book of Records. This will be known as Project Vanijya. ICAI has also partnered with many universities and even the armed forces to promote the profession.