These powerful words opened my eyes to a profound truth - one that our young generation must embrace. This perspective can pave the way towards a life of positivity and purpose.

India stands today at the crossroads of a demographic advantage and an economic transformation. With over 65% of our population under the age of 35, the youth are not only the future of this nation - they are the present drivers of innovation, consumption, and progress. As we move towards becoming fourth largest economy, an educated and financially literate youth will be our greatest asset.

These efforts are also bearing fruit, as a wave of optimism and positive change is clearly visible across society. India is taking determined strides towards global leadership. However, true leadership requires inclusive and collective development. It calls for a youth who is not only aware and empowered, but also actively engaged in the nation's economic growth. We are nurturing a generation that is financially literate, looking to invest in the capital markets, and are inclusive in their outlook, a generation ready to build a resilient and prosperous India.

India's capital markets have emerged as a pivotal catalyst for economic growth, driven by a remarkable surge in retail investor participation and the expansion of domestic mutual funds. Between 2020 and March, 2025, the number of demat accounts soared from 4 crore to 19.2 crore, a massive expansion, reflecting a significant shift in household savings towards equity markets and growing confidence in Indian economy. This trend is further evidenced by the growth in mutual fund assets under management (AUM), which increased by 35% in FY24, reaching Rs. 53.4 lakh crore, the highest rise since 2016-17. Retail investors now hold over 60% of mutual fund assets, with a predominant 86% allocation in equity-oriented schemes. This democratization of capital markets not only enhances financial inclusion but also provides a stable domestic funding source for Indian enterprises, reducing reliance on foreign capital and fostering sustainable economic development. The robust participation of retail investors highlights the capital market's role in channelling household savings into productive investments, thereby fuelling the nation's economic growth.

India's Micro, Small, and Medium Enterprises (MSMEs) are increasingly turning to capital markets to meet their financing needs, marking a significant shift from traditional lending avenues. In FY2023, MSMEs raised 2,333 crore through capital markets, which surged to 6,095 crore in FY2024. By January 2025, they had already secured 7,453 crore, underscoring a growing reliance on alternative funding sources. This trend is facilitated by platforms like NSE EMERGE, which offers streamlined listing processes for smaller enterprises, reducing compliance burdens and enabling easier access to equity financing.

Further, the growth in digital tools and formal registrations, such as GST and Udyam, has improved transparency and made MSMEs more attractive to investors. The expansion of MSME definitions and credit guarantees in the Union Budget 2025 will improve access to capital markets, enabling MSMEs to contribute to India's goal of becoming a $5-trillion economy.

The Institute has consistently championed capacity building and professional development to ensure that its members remain at the forefront of a rapidly transforming financial ecosystem, particularly within the capital markets. Recognizing the increasing professional opportunities and specialization in this domain, ICAI has curated a suite of advanced and niche courses such as the Certificate Course on Compliance of Capital Market Intermediaries, and the Certificate Course on Fund Management at IFSC, in addition to the existing four courses. These programs are meticulously designed to deepen members' understanding of market instruments, regulatory frameworks, risk assessment, and ethical investing. The first online batches of these two courses will soon be held in May; and details are separately provided in the journal.

Financial literacy is not merely a skill, but a foundational necessity for enabling informed decision-making and inclusive growth. Recent reports indicate that India's financial literacy rate stands at a modest 27%. I strongly believe that if we can elevate this figure in the coming years, we will nurture a society that is not only financially informed but also actively contributes towards strengthening the economy through informed investing.

To shift from passive saving to proactive investing, the Institute has been creating ecosystems that promote financial and tax literacy. We recently conducted dedicated financial literacy programmes for the Bharat Scouts and Guides and continue to collaborate regularly with various regional governments. Following the overwhelming success of the first e-course module on the basics of financial planning, budgeting, and tax filing, the institute has launched an advanced e-learning module on the 'iGOT Karmayogi' platform of the Government to train officials.

These initiatives aim to enhance understanding of financial management, tax compliance, and regulatory frameworks empowering individuals, MSMEs and entrepreneurs to make informed decisions and build sustainable businesses.

We also continue our partnership with the Investor Education andProtection Fund Authority under the aegis of the MCA. Through the successful conduct of over 8,828 Investor Awareness Programs (IAPs), reaching more than 4.42 lakh participants including women, youth, and members of the armed forces fostering a more secure and financially aware society.

With its vision for Viksit Bharat, ICAI envisions to work towards enhancing financial literacy, to safeguard individuals from financial fraud, enabling long-term wealth creation and informed participation in India's formal economy. These efforts will pave the way for improved livelihoods, self-reliance, and a better quality of life for the citizens.

I believe that it is time for our profession to take the baton and help citizens become financially aware and ethically correct. Former Prime Minister Late Dr. Manmohan Singh quoted that "Service to the nation is the highest calling for any citizen". As trusted custodians of financial integrity the Chartered Accountants (CAs) simplify complex financial concepts, making these accessible to individuals across all strata of society. Through advisory, audit, taxation and consultancy services, we instil ethical financial behaviour and sound financial decision-making.

Let us now have a look at the recent developments related to the profession at the institute level.

I am proud to share that the Institute has partnered with the Comptroller and Auditor General of India (C&AG) on 21st April, 2025 in a landmark initiative aimed at enhancing the professional capabilities of audit officers in Public Sector Undertakings (PSUs). Through focused training programs and knowledgesharing platforms, this partnership will not only sharpen the skill sets of our auditing professionals but also elevate the quality of financial oversight in PSUs. This MoU represents more than just a partnership; it is a commitment to contributing meaningfully to India's economic progress with 'Nation First' approach through institutional excellence.

The Institute of Chartered Accountants of India (ICAI) and the Standing Conference of Public Enterprises (SCOPE) have successfully renewed their Memorandum of Understanding on 22nd April, 2025. This collaboration aims to enhance financial reporting, governance standards, and capacity-building initiatives across Public Sector Undertakings (PSUs). This partnership will offer significant benefits, including enhanced professional development opportunities for ICAI members within prestigious Public Sector Enterprises.

In moments of personal crisis, the power of community shines the brightest. The Chartered Accountants Benevolent Fund (CABF) stands as a testament to our fraternity's commitment to supporting its members in times of need.

For decades, CABF has been a silent pillar of strength, offering financial aid to our fellow professionals and their families during the most challenging times, whether it is the loss of a loved one or a sudden, unexpected hardship. This noble initiative was passionately promoted and championed by Past President, late CA. P. A. Nair and our members continue to uphold this spirit of compassion and solidarity.

While the CABF has been managed with great care and dedication, an opportunity now exists to expand its capacity and deepen its impact. As the needs of members and their families grow, so does our chance to come together and strengthen this vital support system. With collective efforts, we can ensure that every helping hand reaches even further, exactly when it's needed most.

We must rise to the occasion, not just as professionals, but as caring members of a united family, to come forward and contribute to the CABF. Become a part of this noble mission. Your contribution, however modest, can be the difference between despair and hope for someone in our ICAI family.

It was a moment of great pride and fulfilment for me to join the Hon'ble MP Shri P. P. Chaudhary and esteemed members of our fraternity at the inauguration of the new ICAI Bhawan of the Pali Branch of CIRC. Equally inspiring was the Foundation Stone Laying Ceremony for the ICAI Bhawan at Tirupati, where I had the honour of joining our VicePresident, CA. Prasanna Kumar D, along with colleagues from SIRC and the local branch.

These aren't just buildings, they are the platforms to nurture talent, empower our members, and extend the reach of quality education and professional development. Each new structure we build, is a step toward a stronger, more connected ICAI and a reflection of our promise to support and uplift every region and every aspiring professional.

In our continuous pursuit to expand the horizons of knowledge and professional excellence, the Institute had the honour of signing Memoranda of Understanding (MoUs) with esteemed institutions—Rashtriya Raksha University (RRU) and the National Forensic Sciences University (NFSU). These collaborations aim to foster academic exchange, research, and capacity building in critical areas such as finance, forensic accounting, and emerging technologies. These partnerships reflect ICAI's evolving role, not just as a regulator and educator, but as a thought leader driving innovation, interdisciplinary learning, and global relevance. With these strategic collaborations, we are building a solid foundation for a stronger, more innovative, and future-ready accounting profession.

The 87th Board meeting of the South Asian Federation of Accountants (SAFA) was held in Kathmandu on 7th April 2025. Alongside President-SAFA, Vice President-ICAI, and other distinguished board members, I had the privilege of contributing to discussions about enhancing the quality and standards of the profession while fostering collaboration among member bodies to ensure the continued growth and relevance of the accounting community in South Asia. During the visit, I had the honour of chairing a session on Innovating Public Financial Management (PFM) with Digital Transformation, where we explored global trends and local implementation strategies, as part of the 4th National Convention of Accounting Professionals organized by ICA Nepal.

The Annual Return in Form GSTR 9 and Reconciliation Statement in Form GSTR 9C are integral to the annual compliance framework under GST. Accurate reporting in these forms is critical for both taxpayers and regulators alike. While there have been many amendments in the GST law, these Forms have not been updated to reflect the changes. To address this, the GST & Indirect Taxes Committee undertook a thorough review of the structure, format, and implementation challenges associated with these Forms and submitted its suggestions to the Government. The suggestions aim to simplify the return filing as well as to ensure standardization and clarity.

I extend my heartfelt congratulations to CA Harshita Goyal for securing the second rank in the UPSC Civil Services Examination, bringing great pride to the accounting profession. Her remarkable journey from the field of Chartered Accountancy to the path of public service is both inspiring and commendable.

The recent incident in Pahalgam has deeply saddened all of us. Acts of terrorism have no place in any society, especially not in one that aspires to be educated, compassionate, and developed. My heartfelt tributes go out to the victims and their grieving families. In this hour of sorrow, the entire nation stands united in solidarity and prayer.

The entire ICAI family also stands in solidarity with the victims and the nation. Condolence prayers were observed on 25th April, 2025 across, ICAI Headquarter, 5 Regional Councils, 177 ICAI branches, 52 overseas chapters, 33 Representative Offices, 140 CPE Study Circles, 84 Study Chapters, and all ICAI offices to honour and pay tribute to those affected by this tragic event.

Pablo Picasso once said, "Our goals can only be reached through the vehicle of a plan. There is no other route to success." These words resonate deeply with me, especially as I witness that India is steadily following a well-charted strategy aimed at strengthening the very foundations of its economy and empowering every Indian citizen. I firmly believe that collective efforts must focus on advancing financial literacy, expanding capital markets, and nurturing an entrepreneurial spirit. Financial literacy must be seen not as a privilege but as a fundamental right, enabling individuals to make informed decisions and contribute to India's economic growth. Our capital markets must be more inclusive, offering opportunities not just for large corporations but also for small investors to participate in nation-building.

As guardians of financial discipline and transparency, Chartered Accountants play a vital role in guiding India's transformative journey, educating, protecting, and empowering stakeholders with unwavering integrity.

Let us stay committed to the journey, embracing each challenge as an opportunity. United in purpose, we can unlock India's boundless potential and shine as a beacon of innovation, resilience, and prosperity on the world stage.

Jai Hind! Jai ICAI!