Page 203 - ENVISAGE - Souvenir 2024 - Flip Book

Envisage: Chartered Accountancy Profession,
Bharat, and the World Economy

CA Prem P Jain

The Chartered Accountancy (CA) profession has always been at the heart of economic stability and growth, serving
as a vital link between financial transparency and sustainable development. In Bharat, the profession has been
instrumental in navigating the country’s economic evolution, from independence to becoming one of the fastest-
growing major economies in the world. Globally, Chartered Accountants are respected for their expertise in
maintaining financial integrity and driving innovation in increasingly interconnected markets.

This article explores the pivotal role of the CA profession in shaping Bharat’s economy and its contribution to
the global economic landscape, blending insights from decades of collective experience with the forward-looking
vision of the profession.

The Evolution of the Chartered Accountancy Profession

The Chartered Accountancy profession in Bharat traces its origins to the establishment of the Institute of Chartered
Accountants of India (ICAI) in 1949. Over the decades, CAs have been at the forefront of major economic reforms,
adapting to shifts in policy, globalization, and technology.

Key milestones include the liberalization of the economy in 1991, the adoption of International Financial Reporting
Standards (IFRS), and the implementation of the Goods and Services Tax (GST) in 2017. Each transformation has
expanded the scope of the profession, from core auditing and taxation to corporate governance, sustainability, and
digital transformation.

For instance, the introduction of GST revolutionized India’s tax system, creating a unified framework that replaced
a complex web of state and central taxes. Chartered Accountants were instrumental in guiding businesses through
this transition, conducting training sessions, advising on compliance, and building systems for seamless operations
under the new regime.

Role of Chartered Accountants in Bharat’s Economy

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