"India's growth story will be written not only in boardrooms and balance sheets, but in the aspirations of its entrepreneurs, the resilience of its MSMEs and the integrity of its professionals".

As I reflect upon India's transformative journey towards becoming a self-reliant and developed nation, I find our growing entrepreneurial landscape to be a powerful reflection of this national resurgence. India is redefining its identity by transforming its populace and human capital into a powerhouse of innovation, entrepreneurship, and global expansion. Our growing entrepreneurial landscape is a vivid reflection of this evolution, with nearly 8 crores registered MSMEs energizing and strengthening India's position in the global economic arena. MSMEs today are generating employment for nearly 33 crore people- the second largest source of employment after agriculture. They have transitioned from small business entities to key enablers of our industrial growth, driving export competitiveness, generating massive employment, and ensuring inclusive regional prosperity.

The Indian MSME sector accounts for nearly 35% of manufacturing, 49% of exports and 31% of GDP in India.

These figures translate much beyond metrics & statistics; they are rather a hallmark of the resilient spirit of millions of Indians. The sector significantly contributes towards poverty reduction, employment generation and socioeconomic empowerment, particularly in rural and semiurban areas, thereby strengthening the larger goal of inclusive development and nation- building.

This intrinsic ability to transform localized ingenuity into scalable, global ventures has strengthened our economic resilience, cementing India's status as a global entrepreneurial hub. Supported by a reform-centric policy framework as unleashed in the last Union Budget, these ambitions are no longer mere possibilities but tangible and achievable realities.

It is evident that India is meticulously developing an enabling ecosystem where entrepreneurial aspirations can flourish and contribute substantively toward the overarching vision of Viksit Bharat @ 2047, marking 100 years of India's independence to achieve a fully developed nation status by empowering four main pillars i.e. Yuva (Youth), Garib (Poor), Mahila (Women) and Annadata (Farmers) driving inclusive socio-economic growth and governance.

Recognising MSMEs as the backbone of inclusive economic growth, both the Central and State Governments are undertaking concerted efforts to strengthen the entrepreneurial ecosystem nationwide. The Government is focusing on technology integration, digital governance, financial assistance, and industrial expansion. Initiatives such as Nivesh Mitra, MSME One Connect, and the One District One Product (ODOP) programme are enabling enterprises to access streamlined approvals, wider market access, and improved competitiveness.

In this transformative journey, Chartered Accountants and the accountancy profession have a vital role to play as trusted advisors and partners in strengthening MSMEs through financial discipline, governance, and compliance for sustainable growth. By supporting enterprises in their formalisation and digital transformation journey, the profession continues to contribute meaningfully towards building a resilient and globally competitive economy.

Recognising MSMEs as the backbone of India's economic growth and entrepreneurship ecosystem, the Institute has undertaken several impactful initiatives to strengthen MSMEs and Startups across the country. With the formation of a dedicated committee for MSME and Startup, the ICAI, continues to promote capacity building, mentorship, and professional handholding for entrepreneurs across India. The launch of the ICAI MSME Clinic initiative marks a significant step towards providing structured advisory support in areas such as finance, compliance, taxation, digital transformation and business sustainability. Further, initiatives such as MSME Mentorship Programme, MSME Pathshala Series, Startup and MSME Knowledge Sessions, GST & MSME Facilitation Centres and specialised workshops for MSME consultants are equipping entrepreneurs and professionals with practical guidance on financial and tax literacy, and strategic insights. The ICAI MSME & Start-up Yatra, a nationwide outreach initiative, travelled across the country to provide mentorship and awareness support to small businesses and emerging entrepreneurs. Further strengthening its commitment towards the MSME sector, ICAI has also earned recognition in the World Book of Records (UK) and the Asia Book of Records for conducting the highest number of MSME mentorship felicitations in a single day by mentoring 19,355 MSMEs on International MSME Day.

At the same time, as MSMEs navigate challenges related to credit accessibility, regulatory complexities and global market volatility, the Chartered Accountancy profession has evolved as strategic advisors and trusted partners in enterprise growth by supporting MSMEs in areas such as financial discipline, risk mitigation, business restructuring, taxation strategy, and access to institutional credit. By providing all these services, the profession continues to play a critical role in transforming MSMEs from informal, localised entities to resilient, sustainable and globally competitive enterprises.

ICAI's continued efforts in this direction reaffirm the profession's commitment towards fostering grassroots entrepreneurship, inclusive economic growth and the vision of Viksit Bharat.

Let us look at the pivotal developments and initiatives that have taken place during the month.

Aligned with India's vision of strengthening local governance, inclusive growth and transparent public financial management, the Institute continues to contribute actively towards strengthening the country's public finance ecosystem.

In this spirit, the Institute and the Indian Institute of Public Administration (IIPA), New Delhi, jointly organized a One-Day Conference on "16^th Finance Commission and Local Public Finance", on 21^st May, 2026. The conference brought together policymakers, regulators, academicians, finance experts, and professionals who deliberated on important issues relating to fiscal autonomy of local bodies, strengthening revenue systems, digital transformation in governance, transparency and sustainable financing for urban and rural development.

ICAI signed an MoU with the Nagpur Metropolitan Region Development Authority (NMRDA) to provide advisory support for the Integrated Digital Platform/ Single Window Clearance System under the Naveen Nagpur Project on 21^st May, 2026.

In furtherance of our commitment to MSME Capacity building, the MSME & Start-up Committee of ICAI organised the ICAI-DFO-Stakeholders Residential Meet titled "MSME Manthan Meet 2026" at Shimla, Himachal Pradesh, which brought together more than 55 Development and Facilitation Officers (DFOs) from the Ministry of MSME, Government of India. The event also witnessed participation from key ecosystem partners, including Khadi and Village Industries Commission, National Small Industries Corporation, and Laghu Udyog Bharati. It was also enriched by a virtual address from the Hon'ble Union Minister of MSME, Shri Jitan Ram Manjhi, who appreciated ICAI's contribution towards strengthening the MSME ecosystem and acknowledged the Institute's role in advancing the national dialogue on MSME growth.

ICAI continues to strengthen the capacity of stakeholders in the cooperative and non-profit sectors in alignment with the Government of India's vision of सहकार से समृद्धि (Sehkar Se Samriddhi).

In this direction, ICAI, in association with the National Bank for Agriculture and Rural Development (NABARD), the Office of the Registrar of Cooperative Societies, and APSCAB, recently organized a two-day Capacity Building Program for officials of Large Area Multipurpose Cooperative Societies (LAMPS) and Arunachal Pradesh State Cooperative Apex Bank Ltd. at Naharlagun on 11^th & 12^th May, 2026. The program was attended by over 60 participants, including bank officials, auditors, and representatives of cooperative societies, and focused on key areas such as financial reporting, accounting, auditing, taxation, and governance.

As sustainability reporting continues to gain global prominence, the Institute remains committed to equipping the profession with robust and globally aligned assurance frameworks. In this direction, the Sustainability Reporting Standards Board (SRSB) of ICAI has issued the Exposure Drafts on the Standard on Sustainability Assurance (SSA-5000) - "General Requirements for Sustainability Assurance Engagements" and the "Framework for Sustainability Assurance Engagements" for public comments, with the last date for submission of comments being 19^th June 2026. These Exposure Drafts are aligned with the International Auditing and Assurance Standards Board's ISSA 5000.

Members are encouraged to review the Exposure Drafts and share their valuable suggestions and professional insights, which will further strengthen India's sustainability assurance framework.

The Institute of Chartered Accountants of India is proud to announce the World Forum of Accountants (WOFA) 2026 on the theme "Redefining Excellence: Technology | Trust | Transformation" at Visakhapatnam from 16^th to 18^th December 2026. As one of the largest gatherings of the global accountancy fraternity, the next edition of WOFA will further strengthen India's growing leadership in the international professional landscape. WOFA aims to promote meaningful dialogue on the future of the profession, emerging technologies, sustainability, governance, and global collaboration. The landmark global event will bring together thought leaders, policymakers, regulators, academicians and finance professionals from across the world. Registrations for this prestigious event are now live, and I warmly invite members and stakeholders across the world to be a part of this global engagement.

I am pleased to inform that Hon'ble Vice-President of India, Shri C.P. Radhakrishnan, has graciously consented to be the Chief Guest for the forthcoming 78^th Foundation Day of ICAI, i.e. CA Day on 1^st July, 2026. The celebrations will be held at Vigyan Bhawan, New Delhi, to commemorate this proud occasion in the illustrious journey of the profession.

• AFA Council Meet
  
  I, along with CA. Satish Kumar Gupta, Central Council Member, ICAI, participated in the 142^nd ASEAN Federation of Accountants (AFA) Council Meeting on 8^th May, 2026, at Singapore, and active dialogue and engagement reinforced ICAI's position as a key global partner in the region.
  
  
• Meeting with ISCA, Singapore
  
  Alongside the AFA Council, discussions were held with the Institute of Singapore Chartered Accountants (ISCA) to initiate the dialogue of qualification reciprocity between the two Institutes to create newer potential pathways for the Indian Chartered Accountants.
  
  During the said visit, I met Dr. Shilpak Ambule, High Commissioner of India to Singapore and discussed the expansion and strengthening of Brand 'CA India' and avenues of global professional opportunities for Indian Chartered Accountants in Singapore.
  
  
• MoU With ICPAC, Cyprus
  
  I am elated to inform you that coinciding with the state visit of the President of Cyprus to India, the Institute has entered into an MoU with the Institute of Certified Public Accountants of Cyprus (ICPAC) towards strengthening professional cooperation between India and Cyprus. The MoU was exchanged on 22^nd May, 2026, in the presence of ICAI leadership and Mr. Chrysilios Pelekanos, President, Cyprus-India Business Association. The MoU aims to promote collaboration in professional education, technical knowledge sharing, capacity building, research, and the exchange of best practices for the mutual benefit of both institutions.
  
  On behalf of the profession, I express my sincere gratitude to Mr. Manish, Hon'ble High Commissioner of India, Nicosia, Cyprus, for supporting this initiative as well as actively facilitating the MoU with ICPAC.
  
  
• ICAI Delegation to UK & Accountex London, 2026
  
  ICAI has been actively working to showcase India's professional services capabilities and strengthen engagement with global stakeholders. The Institute participated and exhibited in Accountex London, 2026, along with 25 members from across India and the UK. The occasion also witnessed the joint ICAIICAEW Global Summit on the theme "Borderless Profession: India-UK Pathways for Global Chartered Accountants". The summit focused on professional mobility, mutual recognition, cross-border services, and opportunities emerging under the India-UK FTA. The Summit was graced by Ms. Nidhi Mani Tripathi, Minister (Economic), High Commission of India, UK, and Mr. David Franklin, Deputy CEO, ICAEW, as Guests of Honour, along with other eminent speakers.
  
  

The Digital Transformation Finance Summit (DxFS) 2026, organised by the Digital Accounting and Assurance Board (DAAB) of ICAI on 22^nd and 23^rd May 2026 at Hyderabad, reflected ICAI's commitment towards preparing the profession for the challenges and opportunities emerging in a rapidly evolving digital economy. With participation from more than 1,200 members and stakeholders, including regulators, enforcement agencies, industry leaders, technology experts, and academicians, the Summit served as a significant platform for deliberations on Digital Transformation, Cybersecurity, Artificial Intelligence, Digital Personal Data Protection, Forensic Accounting, Information Systems Audit, Digital Trust, and technology-driven assurance. The inaugural session was graced by Shri Duddilla Sridhar Babu, Hon'ble Minister for Information Technology, Electronics & Communications, Industries & Commerce and Legislative Affairs, Government of Telangana. The Summit also featured addresses by Shri Anand Mohan Bajaj, Hon'ble Deputy Comptroller & Auditor General, and Shri Vinayak Godse, CEO of Data Security Council of India, along with participation from institutions including I4C, RBI, SEBI, CAG, CERT-In, NFSU, NSE, and ACFE (USA), reaffirming ICAI's growing leadership role in digital governance, assurance, and trust.

As I reflect upon the ICAI Convocation 2026 held across 23 centres, my heart is filled with immense happiness at witnessing young professionals becoming part of our admired profession that is built on trust, integrity, and excellence.

The Convocation ceremony was further enriched by the gracious presence of Shri Challa Sreenivasulu Setty, Chairman, State Bank of India, as the Chief Guest, whose inspiring address motivated the newly qualified members to uphold professional excellence and contribute meaningfully towards nation building.

To each newly qualified Chartered Accountant, I would like to convey that though this moment marks the end of an academic journey towards getting membership, it is also the beginning of a larger responsibility towards society, the economy, and the nation.

I firmly believe in the timeless words, "Success is not about how fast you reach the destination, but about how honestly and consistently you walk the path." Let this thought guide you throughout your professional and personal journey. Continue to learn, adapt, and grow with humility, while upholding the values and ethics that define our profession. I extend my heartfelt congratulations and best wishes to all the new members embarking on this exciting chapter of life.

I am reminded of a profound sentiment that resonates deeply with our current national spirit: "All dreams are within reach; all you have to do is keep moving towards them". This simple yet powerful adage encapsulates our collective pursuit of a developed India.

This vision of a self-reliant India is not a distant mirage but a destination we are steadily approaching, propelled by our human capital and the industrious spirit of our entrepreneurs, fuelled by professional expertise.

In this journey of national resurgence, our commitment remains resolute; to empower the engines of our economy, the MSMEs, with precision of our expertise and the sanctity of our ethics towards enhanced governance, sustainability and scalability to drive growth with inclusion.