The Institute of Chartered Accountants of India ( ICAI ), the apex body for chartered accountants, is poised to offer recommendations to the government focused on fortifying the tax to GDP ratio.
Speaking at a press briefing in Delhi on Wednesday, ICAI President Ranjeet Kumar Agarwal stressed the importance of enhancing the tax to GDP ratio as a crucial step towards India’s goal of achieving developed economy status by 2047.
Furthermore, Mr. Agarwal highlighted the role of the Financial Reporting Review Board ( FRRB ) within ICAI, which has been actively examining the accounting practices of prominent edtech firm Byju’s. He indicated that the FRRB is in the process of finalising its report on the matter.
“FRRB is working on it. It is under process,” Agarwal informed reporters during the press briefing.
The engagement of ICAI in addressing key economic and financial matters underscores its commitment to contributing to India’s economic growth and regulatory landscape. As the chartered accountancy profession continues to evolve, initiatives such as these serve to maintain standards and promote transparency in financial reporting and governance practices.
Mr. Ranjeet Kumar Agarwal is the 72nd president of the ICAI for the Council Year 2024-25. An accomplished academician, renowned for his unwavering commitment to excellence, and a technically proficient professional who has made significant contributions to the field of chartered accountancy, CA Ranjeet Kumar Agarwal has been elected as the Vice-President of the Institute of Chartered Accountants of India for the term 2023-24.
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