WIRC of ICAI hosts 38th Regional Conference deliberating on Journey towards Viksit Bharat

Bengaluru, August 26, 2024: The Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) inaugurated 38th Regional Conference today at the Jio World Convention Centre, Mumbai. The two-day event, scheduled for August 23rd and 24th, 2024, brings together some of the most esteemed personalities from industry, government, and academia under the theme “Sashakt CA- Vikstit Bharat”, a testament to the profession’s commitment to innovation, governance, integrity, trust, and excellence.

The first day of the conference started with the keynote address of Dinesh Kumar Khara, Chairman of the State Bank of India and Ashwani Bhatia, whole-time member of SEBI. 

Speaking during the inaugural session, Ashwani Bhatia, whole-time member of SEBI emphasized the vital role of Chartered Accountants (CAs) in safeguarding financial integrity. He said, “The role of auditors in maintaining transparency and trust in the capital market is more crucial than ever. Auditors must remain vigilant, especially in scrutinizing related party transactions and safeguarding public money and savings in the SME sector. The evolving market dynamics and a robust pipeline of opportunities demand that CAs continue to protect shareholder interests and ensure the accuracy of financial information."

Dinesh Kumar Khara, Chairman of The State Bank of India, added, "In our judiciary roles, trust is crucial, magnifying the responsibility of Chartered Accountants (CAs). The banking sector relies heavily on CAs for credit decisions, as they validate critical cash flow information, establishing a vital link between bankers and CAs. As we move towards 'Viksit Bharat' and new structures like REITs emerge, maintaining high governance standards becomes essential. Additionally, educating entrepreneurs on the value of formal compliance and enhancing efficiency in limited liability partnerships is key for growth. ICAI’s esteemed reputation is a cornerstone of our profession. We must uphold this standard and explore opportunities for global recognition while ensuring the highest quality in our work, which impacts the entire economy."

CA. Suresh Prabhu, Former Union Minister highlighted the need for India to balance economic growth with social and environmental responsibility. He said, “Industrial revolutions have reshaped the world, elevating the Global North to a position of immense geopolitical influence. However, India and China once held nearly half of the world’s GDP. Today, as we face unprecedented challenges like climate change, it is imperative for India to lead in creating a more equitable global governance model. Our focus should not be solely on economic growth but on balancing it with social and environmental responsibility. Technology offers tools, but it is human intelligence and the rich cultural wisdom that will guide us to make the right choices for a sustainable future.”

Later in the evening CA. Piyush Goyal, Hon’ble Union Minister of Commerce & Industry, delivered a crucial address on "Viksit Bharat@ 2047 - The Road Map," outlining the future trajectory of India’s economic development.

CA. Piyush Goyal, Hon’ble Union Minister of Commerce & Industry said, "The rigorous journey that Chartered Accountants undertake is truly commendable. The CA profession not only evolves with time but also equips individuals with a unique combination of law and financial acumen, preparing them to serve the nation and contribute to the monumental task ahead taking the Indian economy from $3.5 trillion to a $35 trillion economy as we celebrate 100 years of independence as a developed nation.”

He further added, “At the forefront of India’s growth story are ICAI and the 4 lakhs+ Chartered Accountants who are ready to take on the big challenges. Every CA plays a pivotal role in shaping the future of India. Their signature is one that millions of investors trust, as they invest in India and witness the unfolding of the world’s next great growth story."
Motivational Speaker Miss Jaya Kishori also graced the conference, sharing her profound insights to inspire and uplift the audience.

The second day will witness the esteemed presence of Shri C. P. Radhakrishnan, Governor of Maharashtra; CA. Ranjeet Kumar Agarwal, President of ICAI, and CA Charanjot Singh Nanda, Vice President of ICAI.

CA. Ranjeet Kumar Agarwal, President of ICAI, congratulated WIRC for organizing this conference and said "This conference is a powerful testament to the pivotal role that Chartered Accountants play in shaping a developed and resilient India. The theme of the Conference `Sashakt CA- Vikstit Bharat ' is not just a reflection of our achievements for the past 75 years but also setting the course for future growth. ICAI has always been at the forefront of driving excellence in the profession, ensuring that our members are equipped with the skills and knowledge to navigate the complexities of an evolving global economy."

He further added, “ICAI is committed to fostering innovation, upholding the highest standards of governance, and ensuring integrity and trust across all sectors of the economy. This conference serves as a platform for sharing insights, exchanging ideas, and empowering our members to contribute more effectively to the nation’s growth trajectory. The discussions and deliberations here will inspire our members to work towards strengthening India’s financial framework, ensuring sustainable development, and maintaining the public's confidence in our economic systems."

CA. Charanjot Singh Nanda, Vice President of ICAI, added, "ICAI’s regional conferences have always been a cornerstone for knowledge exchange and professional development. This year’s event is particularly significant as it underscores our collective responsibility to support India’s journey towards becoming a global economic powerhouse. As CAs, we must continuously adapt and excel to meet the challenges and opportunities that lie ahead, ensuring that we remain at the forefront of India’s financial ecosystem."

The 38th Regional Conference of WIRC of ICAI stands as a testament to the evolving role of Chartered Accountants as an economic guardian and a trusted partner in nation-building. The Conference brings together leaders, visionaries, academicians, industry experts and professionals under one roof, providing a platform for sharing insight on critical issues, exploring emerging trends, and fostering innovation that would lead India towards a developed nation.