Trust is the invisible thread that connects individuals, fosters collaboration, and paves the way for progress. In a country as diverse and vibrant as India, trust is far more than just value; it is the very cornerstone of our collective spirit. Rooted in compassion and unity, this intrinsic faith in each other has been our strength for centuries, enabling us to stand tall through challenges and transform aspirations into achievements. Whether in governance, business, or social harmony, trust has been our guiding light, making the Indian identity synonymous with reliability and integrity.

Building on this deep-rooted culture of trust, we celebrate the 77th CA Day. This day stands as a testament to the commitment of an institution that has nurtured generations of professionals renowned for their integrity, independence, excellence, competence, and global credibility. Chartered Accountants have long been the silent architects behind thriving enterprises, anchoring trust in financial systems and strengthening the very foundation of our economy. In today's dynamic, technology driven world, the role of Chartered Accountants is evolving beyond numbers; we are now trusted advisors, champions of governance, and catalysts of sustainable transformation. As India moves confi dently towards a digital and globally integrated economy, Chartered Accountants remain the stewards of trust- Vishwasniya in every sense, empowering progress, inspiring confidence, and upholding the core values that defi ne our profession.

"कुछ किये बिना ही जय जय कार नहीं होती,

सच्चे प्रयासों की कभी हार नहीं होती।"

These words beautifully capture India's unwavering spirit, one that is now sett ing global benchmarks, especially in the accounting and finance domain. With a large talent pool and human resources being skillfully utilized, India is rapidly emerging as a global hub for accounting and finance expertise, establishing a new standard for excellence on the world stage. India's young, tech-savvy workforce, supported by educational institutions, industry bodies, and progressive policies, is being prepared for leadership roles internationally.

ICAI is actively preparing future ready professionals for the global markets. The initiative of Shri Narendra Modi ji, Hon'ble Prime Minister of India to establish India's own 'Global Firms' is a strategic move aimed at strengthening the domestic professional services sector, reducing foreign dependence, and positioning India as a global leader in accounting, auditing, consulting, and advisory services. The Draft Guidelines for Overseas Network, recently released by ICAI as the Exposure Draft, represent ICAI's calibrated approach toward fostering global integration without compromising the sanctity of domestic professional standards and regulatory safeguards. ICAI recognizes that global integration is essential in an increasingly nterconnected professional landscape. Accordingly, the framework seeks to enable Indian CA firms to associate with overseas networks/entities through a regulated structure that upholds the provisions of the Chartered Accountants Act, 1949 and ICAI's Code of Ethics. The combination of skilled human capital, strategic partnerships, and technological adoption positions India as the trusted global leader in accounting excellence.

The Hon'ble Prime Minister of India aptly remarked, "World is now recognizing this century as India's century and India's achievements and successes have sparked new hope globally". Our nation's remarkable progress in manufacturing and exports is a testament to this vision. Indians are not only leading by example but also embodying the values of leadership and trust, as seen in the growing number of top global companies led by CEOs of Indian origin.

The time is now for India to rise, like a caravan soaring towards the skies. Our path ahead is filled with opportunities and growth. India's impressive economic trajectory, with an average growth rate of 7.2% over the past three fiscal years, signals a strong foundation for its ambition to become a high-income country by 2047. Achieving the targeted 7.8% sustained growth over the next two decades will require comprehensive reforms across the critical areas, creating a unique opportunity as well as responsibility for Chartered Accountants (CAs) to play a transformative role in the development of the nation. CAs can support this vision by enhancing the financial transparency and governance, ensuring regulatory compliance, and facilitating credit access for MSMEs through accurate financial reporting and due diligence.

I believe we will evolve to be Vishwaguru through continuous progress and addressing the challenges we face. As professionals, we can assist in empowering growth in job-rich sectors such as agro-processing, manufacturing, hospitality, and the care economy, as well as promote innovation in the startup ecosystem specially in emerging areas like Fintech, AI, Biotechnology, Sustainability etc. CAs are playing a crucial role in enhancing the competitiveness of Indian enterprises and ensuring better integration into Global Value Chains (GVCs). Our profession is best placed to play a vital role in ensuring efficient public expenditure, proper fund allocation, improved fiscal management, driving reforms to promote ease of doing business, attract global investment, enhance business ecosystems, and enable India's greater participation in the global economy.

Clearly, the grass is greener on our side, but only if we continue to nurture it with trust, integrity, and a collective purpose. This promising vision will come to fruition only when our trust in one another grows stronger. Being Vishwasniya to each other empowers our ever-evolving, ever-rising journey to make India Viksit Bharat by 2047. India is not merely seeking global recognition; it is steadily earning it through principled commitment, transparency, and resilience. Trust is the cornerstone of global stature, and India is proving that credibility is its most valuable currency.

Let us have a glimpse of some important evelopments since our last communication-

India's economic resurgence is being powerfully driven by the rapid growth of the MSME sector, contributing over 30% to our national GDP and accounting for approximately 35.4% of our manufacturing output.

With a focus on building a self-reliant economy, ICAI is committed to empowering MSMEs and startups as the key drivers of economic progress, employment, and industrial development. On the eve of International MSME Day on 27th June, ICAI organized MSME & Startup Conclave and MSME Mahotsav, highlighting the vital role these sectors play in shaping India's future

• MSME and Startup Conclave 2025 was organized on June 26-27 in Mumbai, inaugurated and graced by Shri Jitan Ram Manjhi, Hon'ble Union Minister of MSME along with CA. Suresh Prabhu, Chancellor Rishihood University & Former Union Minister. The conclave brought together over 3,000 stakeholders from MSMEs, startups, investors, and policymakers to foster innovation, build capacity, and support India's entrepreneurial ecosystem.
• ICAI MSME Mahotsav 2025, a nationwide initiative, was organized on the theme "Ek Din MSME ke Sath - CA's Karenge Pragati ki Baat", across all our branches on 27th June 2025. The Mahotsav provided free Udyam registration support, walk-in consultations, helpdesks from SIDBI, NSIC, DICs, and banks, and on-the spot grievance redressal. Many MSMEs participated and benefited from the expert advisory on finance, compliance, credit, and government schemes, making CAs essential partners in the MSME growth journey.

In a significant step toward strengthening India's MSME and entrepreneurial ecosystem, the ICAI has entered into an MoU to collaborate with the National Small Industries Corporation (NSIC) on 27th June, 2025. The MoU with NSIC focuses on capacity building of MSMEs, entrepreneurship development, and integrated support services including marketing, technology, finance, and global outreach through acceleration programs and events.

Pursuant to the MoU signed between the Office of the Comptroller and Auditor General (C&AG) of India on 21st April 2025, the first batch of a 32-day Residential Capacity Building Programme was successfully conducted for 50 C&AG officers at ICAI's Centre of Excellence, Hyderabad, from 5th May to 5th June 2025.

ICAI continues to play a vital role in the capacity building of finance and accounts/ treasury officials of various tiers of Governments in India. Recently, ICAI extended faculty support to the Panchayati Raj Department, Bihar; Metropolitan Transport Corporation Limited, Chennai; and Treasuries and Accounts Department, Government of Tamil (GoTN), further enhancing its contribution to public financial management.

Since 2014, the ICAI Accounting Research Foundation (ICAI ARF) has served as the technical partner in the Indian Railways' Accounting Reforms initiative, contributing significantly to this transformation journey. ICAI ARF has successfully prepared Accrual-Based Financial Statements for the years 2017-18 to 2022-23. Recently a meeting was held on June 17, 2025, with Ms. Nirupama Kumar, CAO/ AR, Northern Railways, at ICAI to discuss the way forward, including the preparation of financial statements for 2023-24 and 2024-25 and Indian Railways’ efforts towards achieving Environmental, Social, and Governance (ESG) goals.

Augmenting the global presence in the United States, the Institute launched two more chapters, namely Los Angeles and Atlanta. Distinguished guests included Dr. K. Srikar Reddy, Hon'ble Consul General of India, San Francisco (Virtually) & Mr. Scott Hanson, Director, Policy & Global engagement at IFAC (Virtually) for the launch of the Los Angeles Chapter and Shri. Ramesh Babu Lakshmanan, Hon'ble Consul General of India, Atlanta for the launch of the Atlanta Chapter. With this, ICAI's global network now includes 54 Chapters and 31 Representative Offices across 47 countries and 85 cities.

During interaction with Hon'ble Consul Generals of India of San Francisco and Atlanta fruitful discussions were held for fostering strong professional ties leading to enhanced investment and business opportunities. I also engaged with Stanford University representatives to explore global collaboration and knowledge partnership.

Recently, I represented ICAI at the 140th AFA Council Meeting, reinforcing India's commitment to regional cooperation and policy dialogue within the ASEAN accountancy community on 31st May 2025. Earlier on 30th May, 2025, I met Mr. Vanlalvawna Bawitlung, Hon'ble Ambassador of India to Cambodia, and discussions were held on expanding professional avenues for Indian Chartered Accountants in Southeast Asia.

With the aim of reaching the unreached, the ICAI conducted a 2-day financial literacy awareness program, "Empowering Self Help Groups for Financial Independence and Security" for the self-help groups of the Garo and Khasi regions of Meghalaya. The program was conducted in association with the Meghalaya State Rural Livelihood Society, under the Ministry of Rural Development. In addition to this, the Directorate hosted an engaging event, "Building Financial Roots in Tribal Meghalaya", for the tribal population in the Mawlai Mawtawar village, Shillong.

India is home to over 1,800 Global Capability Centres (GCCs), employing more than 1.9 million professionals which positions the country as a global hub for finance, innovation, and strategic business services. In alignment with the national vision, ICAI has established a dedicated group 'Group to promote India as Accounting GCC' to promote India as a preferred destination for finance and accounting centric GCCs. This initiative seeks to enhance the role of Chartered Accountants in global financial leadership and leverage India's skilled talent to build a GCC-ready workforce. To further this vision, ICAI has launched a Nationwide GCC Summit Series across key cities of New Delhi, Ahmedabad, Mumbai, and Hyderabad, in collaboration with MEA, MeitY, IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. The first summit was held in New Delhi on June 27-28, 2025, inaugurated by CA. Mahaveer Singhvi, Joint Secretary, MEA and witnessed participation from about 500 professionals, fostering strategic partnerships and dialogue on innovation and evolving trends in the GCC space.

In a demanding profession like ours, yoga serves as a gentle yet powerful reminder to pause, breathe, and realign. It nurtures both body and mind, supporting better focus, emotional balance, and sustainable productivity. Embracing this ancient practice to integrate wellness into our daily lives, ICAI celebrated the spirit of holistic well-being through Yoga across its 5 Regional Councils, 179 Branches, 54 Overseas Chapters, and 31 Representative Offices, on the International Yoga Day on 21st June 2025, promoting health and mindfulness among professionals. A grand event was organized at Bharat Mandapam, New Delhi under the theme "Yoga for One Earth, One Health", with participation from over 2000 Chartered Accountants and students. The inaugural ceremony was graced by Chief Guest Shri Vijender Gupta, Hon'ble Speaker, Delhi Legislative Assembly and Guests of Honour Shri Raja Iqbal Singh, Hon'ble Mayor, MCD, Delhi and Shri Sandeep Kapoor, Hon'ble Councillor & Ex-Chairman, Standing Committee.

Over the years, our profession has evolved as trusted partners in growth. Now it's time to foster environmental consciousness and lead the sustainability movement. The LiFE - Lifestyle for Environment initiative, calls upon each of us to adopt mindful consumption and sustainable living. In alignment with this vision, ICAI is conducting a focused survey to assess the awareness, attitudes, and behaviours of our members and students toward eco-friendly practices. The survey is available in the journal, and I urge you to share your inputs. This initiative will enable us to design impactful initiatives for a greener future.

Sustainability is no longer a choice; it's an imperative. Building on ICAI's growing efforts in promoting sustainability, ICAI marked the International Day for Biological Diversity by partnering with the United Nations Global Compact Network India (UNGCNI) and hosted an event on "Biodiversity & Business in Harmony" in New Delhi on 24th May, 2025. The event was graced by Shri C. Achalender Reddy, IFS (Retd.), Chairperson, National Biodiversity Authority, CA. Anand Mohan Bajaj, Deputy Comptroller and Auditor General (Commercial) and Shri Amarjeet Singh, Whole Time Member, SEBI with participation from over 200 stakeholders, including industry leaders, policymakers, and CAs. The event was aimed at integrating biodiversity into corporate sustainability practices and highlighted the growing responsibility of finance professionals in this critical space.

As India accelerates its journey toward Viksit Bharat, ICAI gets ready for the future, inspired by its rich legacy. With the vision and mindset to build a profession for tomorrow, the Past Presidents' Meet was held on 11th June 2025, which brought together the 25 stalwarts of the profession who have shaped ICAI's identity over the decades. The wisdom of our past Presidents remains our guiding compass for the Institute. The discussions focused on aligning the ICAI's vision to build the blueprint for tomorrow's profession for building a new India guided by the principles of innovation, integrity, inclusiveness, and impact.

We deeply mourn the passing of CA. V. Rajaraman, Past President of the Institute of Chartered Accountants of India (1980-1981), passed to the heavenly abode at the age of 95. A humble leader and dedicated professional, he played a pivotal role in shaping the profession during his tenure. His contributions to the Institute and the accounting community will always be remembered with great respect and admiration. We extend our heartfelt condolences to his family and loved ones.

India's emergence as the 4th largest economy is not by chance, it is the result of collective determination, resilience, and persistent effort by every Indian. As professionals, let us honour the trust society places in us and rise to meet the responsibility it entails.

I humbly salute the esteemed Institute that has empowered each one of us with a platform to actively contribute as pillars for nation-building. This illustrious institution always stands with the nation as a beacon of excellence, ethical leadership, and global credibility. It is a moment to reflect with pride on the journey of ICAI, as an institution that has empowered generations of professionals, instilled a culture of integrity, and strengthened the foundation of our economy.

As rightly mentioned by the Hon'ble Prime Minister of India in the 123rd episode of Mann Ki Baat, that on 1st July, we honour two important professions, the Doctors who are protectors (Rakshak) of our health, and the Chartered Accountants who are the guides (Margdarshak) of our economic life. Inspired by these words, let's continue to shoulder the vital responsibility of guiding India's economic journey with integrity and excellence, as financial sentinels of the nation. On this day, my best wishes to all the financial doctors (Chartered Accountants) for their service and commitment to society.

Let us continue to shape a New India, a globally respected and trusted India. I like to conclude with a couplet-

" काम करो ऐसा कि एक पहचान बन जाए,
हर कदम ऐसा चलो कि निशान बन जाए,
यहां जिंदगी तो हर कोई काट लेता है,
जिंदगी जियो इस कदर कि मिसाल बन जाए। "