Chartered Accountants of India to strive to take Indian Chartered Accountancy Firms to the global level: Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today called upon Chartered Accountants of India to strive to make India’s Chartered Accountancy Firms global level companies. He was addressing the Convocation of Institute of Chartered Accountants of India (ICAI) in New Delhi today.

The Minister referred to chartered accountancy as one of the noblest professions in the world and stated that the presence of a CA’s signature on a document was a very strong endorsement of its sincerity, integrity, and truthfulness. Shri Goyal expressed his happiness with the ICAI’s 168 branches, presence in 47 countries, and 77 centres in various locations throughout the globe. The Minister thanked ICAI for its efforts to develop 100 centres throughout the world and requested that it also increase its footprint in South America.

Union Minister emphasised that CAs must constantly be dedicated to fostering inclusive growth to ensure that no one is left behind as we move toward being a prosperous country. He stated that we must include all facets of society, including those who are at the very bottom of the social hierarchy and those who are marginalised. Even those who are least fortunate in the country have a right to a higher standard of living, and the CAs as a group must seek to protect these rights by encouraging inclusive growth, the Minister continued.

Shri Goyal observed that India is now looked upon as the talent factory of the world and said that CAs were among the most competent talent produced by the nation. He expressed confidence that the CAs of India will not only live up to the expectations of their countrymen but also those of the world.

Along with auditing, accounting, and management consulting, Shri Goyal urged young CAs to consider entrepreneurship as a career option. In order to make the Council of ICAI stronger and more diverse, he urged the Chartered Accountancy Bodies of India to work more closely with “naari shakti,” or women power, and ensure that more and more women become CAs.

During the celebration of India’s 75th anniversary of independence, Prime Minister Narendra Modi articulated the Panch Pran, which the Minister said must serve as our compass for the ensuing 25 years as we approach India’s 100th anniversary of freedom. According to him, Chartered Accountants must also uphold these five pledges.

Speaking of the first vow of building a developed India, the Minister asked Chartered Accountants to work to bridge the gap between rural and urban India, the developing India and the developed India, the rich and the poor, investors and entrepreneurs and thus empower India to become a developed nation by 2047. Shri Goyal said that PM Modi also spoke of the need to remove the colonial mindset from our day to day life. The Minister said that there are several areas where we must shun the legacy of colonialism and evolve to become contemporary in our outlook.

The Minister urged young people to be extremely proud of India’s long and rich history, customs, heritage, and culture, as well as its enduring dedication to the environment and sustainability. Shri Goyal asserted that India is a country that has an innate belief in sustainability and that our civilisation has known from the beginning the importance of nature and the need to leave a better world behind than what we inherited. He emphasised that intergenerational equity has always been valued in India.

Highlighting PM Modi’s call for unity, the Minister said that India must present a united face to the world. He asked professionals to be united and organizations to reflect this spirit of unity. India is a proud country with great unity amidst tremendous diversity, Shri Goyal observed. He opined that CAs of the country played a crucial role in promoting the ideals of national integration.

When discussing Prime Minister Modi’s emphasis on ‘kartavya,’ or duty, Shri Goyal noted that the ‘Chartered Accountant’s Oath’ was a superb illustration of this idea of duty. The exemplary oath mentions dedication to excellence, ethics, honesty, independence, confidentiality, and integrity. The Minister stated that the document “talks about working honestly, envisions an India free of corruption, makes a commitment to corporate governance, and aspirations for the efficient and effective use of the nation’s resources. He praised the oath’s emphasis on the virtues of humility, respect, and sensitivity to societal concerns.