ICAI, ICSI & ICMAI: Every Budget Applauded, None Criticised — Silence Sparks Controversy
ICAI, ICSI, and ICMAI—submit advisory memorandums on the Union Budget but consistently avoid public criticism.
India’s three premier professional institutes, the Institute of Chartered Accountants of India(ICAI), the Institute of Company Secretaries of India (ICSI), and the Institute of Cost Accountants of India (ICMAI), have stood as statutory pillars of taxation, compliance, and corporate governance. Each year, as the Union Budget approaches, these bodies diligently prepare...
India’s three premier professional institutes, the Institute of Chartered Accountants of India(ICAI), the Institute of Company Secretaries of India (ICSI), and the Institute of Cost Accountants of India (ICMAI), have stood as statutory pillars of taxation, compliance, and corporate governance.
Each year, as the Union Budget approaches, these bodies diligently prepare pre-budget memorandums, offering technical suggestions to the Ministry of Finance. After the budget is announced, they publish post-budget memorandums, highlighting accepted recommendations and explaining changes for their members.
Despite twenty budgets under different governments, not once have these institutes issued public criticism. Their press releases consistently praise the budget, portraying it as balanced and forward-looking.
This silence raises important questions. Were all budgets truly flawless? Did none contain provisions that burdened taxpayers, complicated compliance, or overlooked industry needs? If economists, trade associations, and civil society groups regularly critique budgetary measures, why do these statutory institutions remain uniformly supportive?
The answer lies partly in their legal framework. ICAI, ICSI, and ICMAI are creations of Parliament, operating under the Ministry of Corporate Affairs. Bound by their Acts, they are expected to maintain neutrality and alignment with government policy. Direct criticism could be seen as overstepping their statutory mandate. Their role is advisory, not oppositional.
These institutes are thus one of technical expertise constrained by statutory boundaries. They are advisors, not critics—voices of compliance rather than dissent. And while this ensures institutional stability, it leaves open the question of whether India’s professional guardians of taxation and governance should one day evolve into more outspoken advocates for accountability in public finance.
These institutes are created by Acts of Parliament and fall under the Ministry of Corporate Affairs. Their mandate is professional and advisory, not political. Criticism could be seen as stepping outside their statutory role.
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