I have always believed that the true value of ideas lies not just in eloquent boardroom discussions but in their translation into meaningful actions in the real world. Every idea offers two possibilities: it either succeeds or teaches us valuable lessons for a better future. Success brings new challenges that require innovation and reform, while setbacks call for a transformation in our thinking.

India today stands at a remarkable juncture where strategic execution and reforms are delivering visible results that uplift millions. From a Chartered Accountant's perspective, the nation's balance sheet reflects significant progress. The numbers and narratives reaffirm our shared mission of "Viksit Bharat" - a developed nation. As the old saying goes, "a bundle of sticks bound together can never be broken,". We are united by a common goal to build a prosperous nation.

A key reform driving this transformation is undoubtedly GST 2.0, which has sparked widespread conversations beyond boardrooms to everyday chai stalls. While the initial GST rollout in 2017 required an adjustment period, GST 2.0 promises greater transparency, simplicity, and equity. Consumers have benefited from more affordable essential goods along with significant price reductions in automobiles and electronics.

Aligned with the vision of "Vocal for Local", and in the face of global uncertainties and increasing tariffs on imported goods, the Government's emphasis on domestic manufacturing, skill enhancement, and ease of doing business is empowering MSMEs as vital engines of growth. GST 2.0 acts as a catalyst in this journey by simplifying compliance through faster automated refunds, improving cash flows, and reducing disputes via streamlined tax rates.

I firmly believe that the reduction in input taxes and acceleration of refund mechanisms will significantly enhance export competitiveness, stimulate domestic consumption, and fortify overall economic growth. These landmark reforms under GST 2.0 bring tangible relief to the common man while promoting transparency and efficiency in the taxation framework. The 56th GST Council Meeting was held in New Delhi under the chairpersonship of Hon'ble Union Finance Minister Smt. Nirmala Sitharaman marked a pivotal moment in India's tax reform journey. Alongside the introduction of GST 2.0, the Council also addressed critical issues such as the correction of inverted duty structures in key sectors like manmade textiles and fertilizers, and the operationalization of the Goods and Services Tax Appellate Tribunal (GSTAT) by December 2025.

In alignment with the nation's reform momentum, the Institute has also taken forward-looking initiatives to strengthen India's professional ecosystem. Visionary step like homegrown multi-disciplinary firms seeks to nurture indigenous professional service giants capable of competing on an international stage, supporting India's aspiration to become a developed economy by 2047. Collectively, these reforms and initiatives embody a citizen-centric, transparent, and growth-oriented approach, bringing us closer to realizing the vision of One Nation, One Tax, One Market.

Progress, in its truest sense, is not a destination but a continuum - a reflection of our collective advancement across every sphere of development. Today, as India moves steadily towards becoming a more developed and inclusive society, technology and sustainability stand as the twin pillars of this transformation. We have entered an era where technology empowers us, enhancing efficiency, transparency, and accountability, rather than fostering dependence. Our profession has embraced this evolution with agility, incorporating tools such as AI, Robotic Process Automation (RPA), and data analytics to elevate accuracy and insights in financial reporting and auditing. Simultaneously, the rising emphasis on ESG reporting highlights our deep commitment to sustainability, reminding us that progress must go hand in hand with responsibility toward the planet.

The month of November, which commemorates the adoption of the Constitution of India on 26^th November, 1949, serves as a powerful reminder of the laws and values that unify us as one nation. In this spirit of reform and modernization, India's financial systems continue to evolve, exemplified by the recent T+0 cheque clearing initiative by NPCI, which will significantly hasten fund settlements, reinforcing India's dedication to digital excellence. Undoubtedly, our journey does not end here; a long path lies ahead, and we stand ready to face every challenge with determination. Together, these strides showcase a nation in motion: driven by innovation, governed by values, and committed to sustainable growth.

Let's have a glimpse at some of the developments related to the profession and institute:

India is now the world's fourth-largest economy, projected to become the third-largest by 2030. This growth is driven by digital transformation and progressive regulatory reforms, positioning India as a beacon of economic dynamism, powered by its skilled human and intellectual capital.

The World Forum of Accountants, WOFA 2.0, aligned with our collective vision of Viksit Bharat by 2047, aims to position India as the Global Professional Hub. WOFA 2.0 will highlight and celebrate the professional excellence of the accounting community in an evolving landscape that embraces innovation, technology, and global best practices.

To showcase the strength of the Indian accounting profession on the world stage, we encourage active participation from Indian CA Firms in WOFA 2.0. This event offers a unique annual opportunity for global exposure, professional collaboration, and networking with peers from around the world.

As we prepare to make WOFA 2.0 a landmark global event for the accounting profession, I urge all members and CA firms to register and participate wholeheartedly to make it a resounding success.

The institute has always striven for academic and professional excellence for its key stakeholders, i.e., Studentsand Members. Aimingtoexpand opportunitiesfor professionals in foreign jurisdictions, the Institute engaged ECCTIS to conduct an independent benchmarking study. This study evaluated the comparability of the ICAI Intermediate and Final levels against the frameworks of Australia, US, UAE, Canada, UK, and European framework. Subsequently, the Chartered Accountant designation has been deemed equivalent to a Master's degree in this evaluation. This recognition marks a significant milestone in our efforts to enhance international avenues for the profession and establish Indian Chartered Accountants as globally recognized professionals.

In line with its vision to support sustainable economic growth and inclusive development, ICAI has been actively working to strengthen the MSME and startup ecosystem across India. As part of this commitment, the institute successfully conducted ICAI MSME Connect Stakeholders Strategic Meet 2025 on 24^th October, 2025 in New Delhi. The meet was graced by Smt. Smriti Irani, Former Union Minister and provided a common platform to deliberate on MSME empowerment initiatives and key challenges & opportunities for the sector.

During this landmark event, the ICAI launched the 'MSME Clinic Programme', an innovative initiative for handholding and facilitating Micro, Small, and Medium Enterprises (MSMEs) through structured professional support, guidance, and awareness. Under this program, MSME Clinics are being inaugurated at 183 ICAI Branches and Regional Offices across the country. These MSME Clinics will offer expert advisory services in finance, compliance, taxation, accounting, digital transformation & business sustainability to the MSMEs.

Further, an MoU was exchanged with NPCI Bharat BillPay Limited (NBBL) through the 'Bharat Connect for Business' platform to promote digital payments among MSMEs, Startups, and members, strengthening financial inclusion. Also, ICAI joined hands with 'Foundation for Innovation and Technology Transfer (FITT) IIT Delhi' to nurture innovation and entrepreneurship, by supporting startups with mentorship, industry networking, investor access, and capacity-building, integrating technology with financial and regulatory excellence.

I am elated to share with you that the ICAI was felicitated by World Book of Records, Asia Book of Records & India Book of Records for achieving a remarkable milestone of "Maximum MSME Mentorship Felicitations Achieved in a Day". On 27^th June 2025, a total of 19,355 MSMEs were mentored across different branches of the ICAI.

The ICAI, in collaboration with Startup Tamil Nadu, participated in the Tamil Nadu Global Startup Summit (TNGSS) 2025, which was held on 9^th and ¹⁰th October 2025, in Coimbatore. Further, the institute participated in the Uttar Pradesh International Trade Show 2025 held from 25^th to 29^th September 2025, in Greater Noida. The ICAI stall attracted significant attention from visitors and industry stakeholders, underscoring the Institute's role in promoting financial literacy, professional excellence, and entrepreneurial development. In recognition of its participation, the ICAI was honoured by the Government of Uttar Pradesh, and the award was presented by Shri Rakesh Sachan, Hon'ble Minister of MSME, Khadi, Village Industries, Sericulture & Textiles, UP.

ICAI has strengthened its commitment to women's entrepreneurshipthroughaformalassociationforknowledge dissemination with the Women's Collective Forum, marked by the launch of SPARK - The 100K Collective Program, inaugurated by Smt. Smriti Irani, Former Union Minister. The collaboration aims to empower women-led MSMEs and startups by leveraging ICAI's expertise in financial and regulatory compliance. Through such initiatives, ICAI continues to champion women's empowerment while fostering growth and resilience within the broader MSME and startup ecosystem.

ICAI aspires to inspire and recognize the global research community for its significant contributions in advancing innovation and value creation in the areas of Accounting, Auditing, Finance, Economics, and Taxation. The Institute organized the 6th International Research Awards 2025 on 14^th October 2025 in Goa. This year, a total of 316 research papers were received from 14 countries, out of which 16 researchers were honoured for their exemplary contributions. The ceremony was graced by distinguished dignitaries, including Mr. John Turner, CEO, XBRL International, Jury Chairperson and CA. Lalita Correia Afonso, Former CFO, SESA Goa Ltd, who was the Guest of Honour.

• Supporting the Government Accounting Standards Advisory Board (GASAB)

The Institute continues to play a pivotal role in promoting transparency and accountability in public financial management through its close collaboration with the Government Accounting Standards Advisory Board (GASAB). The 37^th Board Meeting of GASAB, held on 26^th September 2025 under the aegis of the Comptroller and Auditor General (C&AG) of India, was attended by ICAI representatives.

Recognizing the growing importance of Urban Local Bodies (ULBs), GASAB has initiated work on Accounting Standards for Local Bodies through a dedicated Core Committee. In acknowledgment of ICAI's expertise and leadership in standard-setting, the institute will be nominated as a member of the newly constituted core committee.

• MoU with the National Institute of Urban Affairs (NIUA)

The ICAI, through the Committee on Public and Government Financial Management (CPGFM), entered into a Memorandum of Understanding (MoU) with the National Institute of Urban Affairs (NIUA) on 16^th October 2025. NIUA, established under the aegis of the Ministry of Housing and Urban Affairs (MoHUA), is a premier national think tank dedicated to research, policy development, and capacity building in the domain of urban planning and development. This strategic collaboration aims to strengthen municipal finance and urban financial management across the country. Through joint initiatives in research, capacity building, and policy advisory, ICAI and NIUA seek to enhance financial accountability, promote sustainable urban governance, and build institutional capacity within Urban Local Bodies (ULBs).

As part of ICAI's global strategy to engage with international forums, I recently attended the IFAC Connect MENA 2025 in Riyadh, Saudi Arabia, on 2^nd October 2025. The event provided a platform to share diverse perspectives and identify practical measures to further enhance values like integrity, innovation, and public value within the profession. I had the privilege to address the forum on the topic 'Importance of Global Standards and Regulation'.

During the visit, I met Dr. Ahmad Almeghames, CEO of the Saudi Organization for Chartered & Professional Accountants (SOCPA), to discuss strengthening collaboration between ICAI & SOCPA to achieve Global Excellence in Accountancy. Additionally, I met Dr. Suhel Ajaz Khan, Ambassador of India to the Kingdom of Saudi Arabia, and discussed ways to enhance the brand value of Indian Chartered Accountants in Saudi Arabia.

Leadership must be global in vision, inclusive in approach, and sustainable in its outcomes, and its light today must shine across geographies, bridging cultures, harmonizing differences, and fostering collaboration.

Recently, I visited Bahrain to engage with key stakeholders and promote the growth of the profession in the region. During the visit, I met H.E. Mr. Vinod K. Jacob, Ambassador of India to the Kingdom of Bahrain; Mr. Abbas Abdulmohsin Radhi, President, Bahrain Accountants & Auditors Association; and Ms. Abeer Shaikh Ebrahim AlSaad, Executive Director - Policy & Enforcement, Central Bank of Bahrain. The discussions focused on strengthening member engagement, deepening professional collaboration, advancing digital transformation, and recognizing the increasing contribution of Indian Chartered Accountants in Bahrain.

I also had the honour of addressing an event organized by the ICAI Bahrain Chapter on the theme 'Leadership, Legacy & Vision - Celebrating ICAI Vision and the Festival of Lights', where I highlighted that true leadership transcends boundaries and inspires collective progress in today's interconnected world.

The Institute hosted a Residential Meet on 12^th October 2025 in Goa, themed on 'Chartered Accountants' Role in Realizing the Vision of Viksit Bharat @ 2047'. The Meet brought together eminent Chartered Accountants serving across the Judiciary, IAS, IPS, IFS, and other public services. The deliberations at the event focused on strengthening the connection between ICAI and its members in public service, and on how the profession's financial acumen, governance expertise, and ethical leadership serve as catalysts in the journey towards a developed India.

The Institute organized a Media Residential Workshop in Goa on 11^th-12^th October 2025, aimed at equipping the media fraternity with deep insights into the evolving financial and regulatory landscape. The workshop featured expert-led sessions covering the evolving CA profession, ICAI's regulatory role, audit innovations leveraging AI, ESG and sustainability reporting, forensic accounting, accounting standards, and global opportunities. This proactive engagement underscores ICAI's commitment to helping the media understand and explain complex financial developments clearly, thereby promoting accurate and informed reporting as well as raising awareness about ICAI's initiatives.

Our scriptures have articulated this timeless wisdom beautifully: when the aim is clear, no challenge is insurmountable. Much like Arjuna, whose staunch focus led him to success, our purpose is equally steadfast - to see India rise as the Vishwaguru, guiding the world with wisdom, ethics, and strength.

We live in an era marked by shifting global alliances, economic uncertainties, and growing interdependence. Reducing external dependence means strengthening our internal foundations. When we produce within, we empower our people and move closer to a true Aatmanirbhar Bharat. Here lies our role as Chartered Accountants, not merely as number-crunchers, but as nation builders. Our ethics fuel ideas, our expertise nurtures entrepreneurs, and our guidance helps businesses grow with integrity.

I firmly believe that our profession has evolved. Today, we are strategic advisors, growth partners, and trusted voices in shaping India's economic destiny. I urge each one of you to continue learning, keep upskilling, and keep inspiring. The title before your name signifies more than a qualification; it is a commitment to drive change.

As Mahatma Gandhi rightly said, "The future depends on what you do today".

Let us continue to work with resilience, foresight, and service above self toward building an India that is self - reliant, respected, and ready to lead the world.

" ढूंढोगे अगर तो ही रास्ते मिलेंगे,

मंज़िलों की फ़ितरत है खुद चल कर नहीं आती। "