India Will Need 50 Lakh Chartered Accountants by 2050 to Support Economic Growth: ICAI President

India will require as many as 50 lakh (5 million) CharteredAccountants (CAs) by the year 2050 to keep pace with its expanding economy, said Charanjot Singh Nanda, President of the Institute of Chartered Accountantsof India (ICAI). He made the announcement at the inaugural session of ‘Veda Excellence’, a two-day national conference hosted by the Vadodara branch of ICAI’s Western India Regional Council, in collaboration with the Anand and Bharuch branches.

“India currently has around 4.85 lakh registered CAs. But as our economy grows rapidly and new businesses emerge, the need for highly qualified financial professionals will grow exponentially,” Nanda stated, addressing a gathering of professionals, students, and industry experts.

He explained that Chartered Accountants play a critical role in ensuring financial discipline, transparency, and regulatory compliance, especially as India aims to become a $5 trillion economy in the near future.

Nanda highlighted the ICAI’s digital transformation initiatives, pointing out that the institute has provided free access to ChatGPT for students and has also developed CA-GPT, an AI-powered tool that draws answers exclusively from ICAI’s internal resources. This tool, he said, is already being widely used in areas like accounting, auditing, and taxation.

Despite the growing use of Artificial Intelligence (AI) in financial systems, Nanda made it clear that AI can complement but not replace the expertise of a Chartered Accountant. “These technologies are tools to support our work, not to substitute the critical thinking and judgment that CAs bring to the table,” he added.

In response to recent developments where bodies representing company secretaries and cost accountants have sought inclusion under the legal definition of "accountants" for conducting audits, Nanda reaffirmed ICAI’s position. “Tax and other audits should remain the domain of Chartered Accountants, as we are the most thoroughly trained and professionally equipped for these responsibilities,” he argued.

To ensure CAs stay future-ready, Nanda also announced the launch of a new certificate course titled ‘AI for CAs (Level 1)’. This program aims to equip professionals with foundational knowledge of artificial intelligence and how it can be applied in financial and audit processes.

“Whether it’s forensic accounting, GST compliance, or sustainability reporting, the role of a CA is evolving rapidly, and we are preparing our members accordingly,” he concluded.

The conference, Veda Excellence, continues to host technical sessions on industry trends, regulatory updates, and skill development, drawing participation from across India.

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