ICAI’s Vision for 2047: 30 Lakh New CAs Needed for India's Growing Economy

The Institute of Chartered Accountants of India (ICAI) is gearing up for a transformative journey to meet the growing demands of India's economy. As announced by the new ICAI President, Ranjeet Kumar Agarwal, the institute envisions producing over 30 lakh new Chartered Accountants (CAs) by the year 2047. This ambitious goal aligns with the anticipated growth of the country's economy, where a one trillion dollar expansion corresponds to a requirement of 1 lakh CAs.

Currently, there are 8.5 lakh students pursuing the CA course across India, with ICAI witnessing a significant surge in registrations under the new syllabus scheme launched on July 1, 2023. For the May-June 2024 session, 1.29 lakh students have registered, showcasing the continued interest in the chartered accountancy qualification.

To achieve its future plans, ICAI aims to attract students from the school level. Agreements with more than 500 colleges and schools across India have been initiated. Under these agreements, local faculty is being hired to teach CA courses, with additional support provided for school-level career counseling initiatives, online query resolutions, and tuition classes.

One noteworthy initiative is the 'Each One, Teach One' program, encouraging existing CA members to mentor at least one CA student. The institute is also planning to provide free lectures from the best faculties on its website and YouTube, fostering an environment of shared knowledge and learning.

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While addressing the pressing need for new CAs, ICAI recognizes the importance of handholding and providing free online content to support students. The goal is not only to increase the number of qualified CAs but also to ensure their success and expertise in the field.

In terms of campus placements, ICAI has made substantial progress, with more than 9,000 students out of 22,000 newly qualified CAs in 2023 securing placements. The campus placements saw the participation of 138 companies, offering opportunities to the qualified CAs.

To further facilitate access to CA education, ICAI has introduced fee concessions for students registering from specific regions. Until March 31, 2025, students from Jammu and Kashmir, Ladakh, and eight Northeastern states can avail a 75% reduction in the registration course fee.

Additionally, ICAI is embracing technological advancements by constituting a committee to implement artificial intelligence (AI). The integration of AI is aimed at enhancing the overall learning experience, allowing CAs to focus on deeper analysis, compliance, and providing valuable business advice.

As ICAI embarks on this transformative journey, it not only envisions addressing the demands of India's growing economy but also aims to empower students and facilitate the pursuit of a rewarding career in chartered accountancy. With strategic initiatives, collaborations, and a focus on leveraging technology, ICAI is shaping the future of CA education in India.

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