ICAI President anticipates Demand of 30 Lac CAs in India by 2047

"For every one trillion dollar growth in the economy, there is an expected requirement of 1 lakh chartered accountants." - ICAI President Ranjeet Agarwal
ICAI - ICAI President - ICAI President anticipates Demand - Chartered Accountants - Ranjeet Agarwal - TAXSCAN

In anticipation of the future, Ranjeet Agarwal, the President of the Institute of Chartered Accountants of India ( ICAI ), highlighted ambitious forecasts, underscoring the rising demand for chartered accountants in India’s dynamic economy.

The president articulated, “For every one trillion dollar growth in the economy, there is an expected requirement of 1 lakh chartered accountants.” Further projected that by the time India celebrates its 100 years of independence, the nation would require over 30 lakh new CAs to support its growth trajectory.

Also read: UK and Canada Chartered Accountants may be allowed to Practice in India, says ICAI President Ranjeet Kumar Agarwal

ICAI, the top regulatory body overseeing chartered accountancy in India, saw a strong turnout with 49,000 registrations at the foundational level, 58,900 at the intermediate level, and 21,185 for the final level since the new scheme’s introduction on July 1, 2023.

These numbers highlight the increasing interest and engagement in the chartered accountancy field. With more than 4 lakh members and over 8.5 lakh students, ICAI is the largest accounting body in the world.

The May-June session ahead will be the first of the intermediate and final examinations under the new syllabus. Nonetheless, the president recognized the potential need for schedule changes due to the expected Lok Sabha elections, which could overlap with the exam period. An official notice mentioned the possibility of rescheduling the May 2024 CA Examination to accommodate election schedules.

The president in the press conference on 21st February 2024 has shared his vision at a press conference held in New Delhi. His vision for the year is encapsulated in the initiative “DRISHTI” means ‘vision’ that would lead the Institute towards groundbreaking advancements in the fields of Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T), and Independence (I).

He held the belief that the CA profession, built upon principles of ethics, integrity, and independence, would act as the foundational pillar driving India’s transformation into a global economic powerhouse by 2047.Also read: ICAI issues Guidance Note on Bank Audits – 2024 Edition

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