The joy and pride in these words capture our nation's remarkable economic trajectory. India affirmed its dynamism with an extraordinary 8.2% GDP growth in the second quarter of 2025, far outpacing the global average of about 3.2%, positioning the country as a key driver of global economic momentum. With inflation at historic lows, India has provided an ideal environment for investment and prosperity, brimming with optimism and opportunity for every citizen. The Reserve Bank of India has revised its GDP forecast for FY26 upward to 7.3%, up from the earlier estimate of 6.8%, signalling sustained momentum amid global challenges. These achievements made the close of 2025 a memorable one and ignited an inspiring start to 2026.

What elevates this growth narrative is the overwhelming confidence from global investors. India has emerged as a magnet for major tech corporations pledging long- term investments in artificial intelligence, exports, and infrastructure. This wave underscores global endorsement of our vision, markets, and entrepreneurial spirit, positioning India as a lighthouse of innovation and inclusive progress.

In this dynamic landscape, I am reminded of the timeless words of Carl Rogers: "The only person who is educated is the one who has learned how to learn and change". This philosophy resonates deeply with the spirit of today's India, where the idea of change is not just confined to policy corridors but lives in the aspirations of over a billion minds. India has emerged as the world's third-largest startup ecosystem, a testament to our collective ability to adapt, innovate, and reimagine the future. With over 4.15 lakh startups, including nearly 75,000 women-led enterprises, the nation is witnessing an entrepreneurial renaissance that is both inclusive and transformative. These ventures have already generated over 17,00,000 jobs, turning ideas into livelihoods and ambition into opportunity.

This vibrant ecosystem reflects more than economic momentum; it signifies a shift in mindset.

Young innovators, first-generation entrepreneurs, and women leaders are boldly addressing real-world challenges, harnessing technology, sustainability, and social purpose to build enterprises of lasting value. Our willingness to learn, relearn, and evolve stands as India's greatest competitive advantage, forming the cornerstone of our progress.

The numbers do not speak for themselves; they echo the commitment and intellect forged by the sweat of lakhs of professionals, including Chartered Accountants, who have firmly taken up the baton of change. As guardians of financial integrity and strategic advisors, Chartered Accountants strengthen governance, ensure regulatory confidence, enable capital formation, and facilitate cross- border investments, forming the invisible backbone of India's rise as a global investment powerhouse.

The call of the moment is for Next-Generation CA Firms that are agile, tech-savvy, innovative, and are willing to take risks, to embed the startup ethos and meet evolving client needs. Continuous upskilling is imperative, and the Institute is leading with specialised courses in artificial intelligence, data analytics, sustainability, and global compliance. This empowers CAs to deliver strategic, technology-driven solutions that will attract investment, bolster transparent governance, and elevate India's global credibility.

I believe that future CA Firms, in upcoming years, will not only serve clients but also shape a future-ready India with global credibility and inclusive progress by promoting ethical governance, sustainability, and ease of doing business.

Let's have a look at some recent developments since our last communication

Reforms to Strengthen Indian Firms - Aligned with the National Vision

In line with the Hon'ble Prime Minister's vision of strengthening Indian firms and showcasing India's professional excellence on the global stage, the Institute has recently approved a landmark set of reforms. This includes:

• Revision in Code of Ethics
  
  The Council has approved the revised 13^th Edition of the Code of Ethics. The new Code will be applicable from 1.4.2026, and a major highlight of the reforms is the amendments to the advertisement guidelines. This long-awaited move opens new possibilities for Indian CA firms, especially emerging and mid-sized practices, to enhance visibility, expand their reach, and compete confidently at a global level.
  
  With this revision, ICAI has now converged its Code of Ethics with the 2024 edition of the International Ethics Standards Board for Accountants (IESBA) Code of Ethics. New Ethical Standards for Sustainability Assurance, which are based on the International Ethics Standards for Sustainability Assurance (including International Independence Standards) issued by IESBA, have been incorporated into the Code of Ethics.
  
  Further, under the revised Code of Ethics, the list of Management Consultancy and Other Services (MCS) that a Chartered Accountant may provide has been further expanded to include a wider range of contemporary, digital-age services. These now encompass areas such as social impact assessment, artificial intelligence-related services, forensic accounting, and other emerging professional domains. This expansion reflects the evolving needs of the economy and enables Chartered Accountants to offer more diverse and modern professional services.
  
  
• ICAI (Global Networking) Guidelines, 2025
  
  The Council also approved the ICAI (Global Networking) Guidelines, 2025, a milestone that unlocks a new era of global alliance for Indian CA firms. These guidelines provide a structured, transparent, and compliant framework for Indian CA firms, domestic networks, and ICAI-registered consultancy companies to forge international affiliations and access opportunities across global markets. They further empower domestic networks to collaborate with overseas entities across jurisdictions.
  
  

Anchored in the theme Nation Building, Global Collaboration: Strengthening Trust, Enabling Growth, WOFA 2.0 advances the Institute's thought leadership and India's rising role in the world economy. The execution phase of the forum is progressing with focused momentum, with meticulously curated 60+ technical sessions, 200+ national and global speakers, which will ensure discourse in depth and build a roadmap for future readiness. In addition, around 100 exhibitors will showcase new ideas, solutions, and best practices, creating opportunities for learning, collaboration, and growth across the profession. Delegates from 15 countries have already registered, the strong global response highlights India's rising stature as a trusted knowledge hub.

I urge you all to register and participate in WOFA 2.0 to showcase our professional excellence on the global stage.

In an ever-evolving global economy, the institute hosted a delegation led by the Hon'ble Premier and Minister for Financial Services and Commerce of the Cayman Islands, Mr. André M. Ebanks, on 2^nd December 2025. Discussions focused on strategic ties in technology-driven services, education, tax literacy, and policy research, strengthening the economic ties between India and the Cayman Islands.

CA. Prasanna Kumar D., Vice President, ICAI, visited Jakarta from 3^rd - 6^th December 2025 and, participated in the Institute of Indonesia Chartered Accountants 68^th anniversary celebrations. The deliberations at the convention highlighted the evolving role of accountants as strategic advisors of sustainability, digital transformation, and governance.

He also participated in the CAPA Members' Meeting, the Extraordinary General Meeting, and IFAC Connect Asia Pacific 2025. At IFAC Connect Asia Pacific 2025, he was one of the panellists in a session on "Trust in AI: Preparing the Profession for Assurance and Ethics", highlighting the growing responsibility of accountants in providing ethical and independent assurance over AI systems. Further, he delivered a session on Public Accountancy Organization Development Strategy at the AFA-IFAC Dialogue, underscoring ICAI's leadership in institutional capacity building and global professional governance.

Earlier during the year, ICAI submitted comprehensive views to the Parliament Select Committee, constituted to examine the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, on the proposed amendments, including various provisions of the Bill and the concerns, if any, arising therefrom.

Recently, on an invitation received, ICAI made a detailed presentation before the Select Committee on the subject 'Examination of the IBC (Amendment) Bill, 2025' on 6^th November 2025. The Select Committee appreciated the focused, comprehensive, and constructive inputs of the Institute on the proposed amendments.

The Council has approved Granting of Most Favoured Nation treatment under the India-New Zealand FTA negotiations on a reciprocal basis on similar lines to the India-UK FTA, with the objective of reducing regulatory barriers, creating a predictable business environment, and expanding professional and employment opportunities.

The Council has also approved Certificate Courses on Overseas Outsourcing Services for Australia and Canada, aimed at equipping professionals to serve global markets and leverage outsourcing potential.

• UDINs Generated Crosses 10 Crore Milestone
  
  It is a matter of pride to note that the number of Unique Document Identification Numbers (UDINs) generated by ICAI members has crossed the milestone of 10 crore in December, making 2025 a particularly significant year for UDIN. This achievement reflects the widespread adoption of the UDIN system across the profession.
  
  
• Migration of UDIN Portal to ICAI DigiCA Platform
  
  From 20^th December 2025, the UDIN Portal has migrated to the newly developed ICAI DigiCA Platform, offering an enhanced interface, improved usability, and strengthened security. Post-migration, the UDIN Mobile Application for iOS and Android platforms is also proposed to be launched, enabling members to conveniently generate, view, and download UDINs on a real-time basis.
  
  

I am delighted to share that the Institute organized the 3rd edition of RESOLVE-2025, the International Convention on Insolvency Resolution and Valuation, in Mumbai on 1^st and 2^nd December 2025. With the theme 'Enabling Resolution, Maximizing Value', the global convention brought together regulators, policymakers, insolvency professionals, valuers, and domain experts from multiple jurisdictions to deliberate on evolving best practices and forward-looking strategies.

It was inaugurated by the Chief Guest, Shri Tirunelveli Kamalasamy Viswanathan, Chairman, Bankruptcy Law Reforms Committee, and Shri Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India, as Guest of Honour. The Conference focused on varied topics including the discussion on Group Insolvency and Cross Border Insolvency, Shaping Policy amid Global Trade Shifts, IBC Amendment Bill and Way Forward, Valuation under IBC framework, Perspective of various Stakeholders of IBC like Judiciary, Regulators, COC, IP, Bankers, Asset Reconstruction Companies etc., Issues and Challenges faced by IPs and Valuers, Issues in Real Estate Resolutions.

I am proud to share that ICAI has achieved one more Guinness World Record for conducting the 'largest careers advice lesson' during the "Career in Accounting and Finance for Youth (CAFY 4.0) & Super Mega Career Counselling Programme - "भविष्य की राह" held in Mumbai on 27^th November 2025. Over 7400 Students, Teachers, and Principals set the eligible record. This initiative helped young minds distinguish between a short-term job and a long-term career while exploring diverse career opportunities across science, commerce, humanities, sports, and emerging digital domains.

This achievement highlights ICAI's enduring role in shaping youth with clarity, confidence, and purpose, transforming guided students into empowered professionals who contribute to a stronger, self-reliant India.

In alignment with the vision of Viksit Bharat @2047, the Institute launched 'Project Vanijya' on 19^th December 2025, a visionary national initiative aimed at strengthening commerce education from the early stages of schooling. The project aims to empower young students with early exposure to commerce, trade, banking, money management, taxation, and ethical business practices, making education more practical, relevant, and future-oriented. The initiative is aligned with the National Education Policy (NEP) 2020, which emphasizes holistic, multidisciplinary, skill-based, and experiential learning to prepare students as per the demands of the 21^st-century workforce. Senior leaders and representatives of education boards from 17 states across India participated in the event.

ICAI has also signed an MoU with the Punjab State Education Board on 22^nd December 2025, at Mohali to promote Commerce Education and career guidance about the Chartered Accountancy Course among the students of Punjab State.

The Institute participated in the Chintan Shivir organised by the Department of Commerce (DoC), Ministry of Commerce and Industry, under the theme 'Expanding Global Horizons: Opportunities for Indian Professionals' on 23^rd December 2025 at Vanijya Bhawan, New Delhi. During the event, Shri Rajesh Agrawal, Secretary, Department of Commerce, Ministry of Commerce and Industry, while inaugurating, emphasised the importance of enhanced stakeholder coordination, reforms in the domestic ecosystem, and legally binding commitments on professional services under various FTAs to unlock global markets for Indian professional services.

The Chintan Shivir provided an opportunity for professional bodies to exchange ideas on global best practices as well as practices followed among peers in India. I shared the accountancy profession's perspective and ICAI's strategy for globalising the Indian CA profession. ICAI's strategy was well appreciated by the ministry and delegates, in terms of initiatives like establishing chapters, certificate courses to service global markets, language courses, and alike towards developing professionals for global markets. Further discussions were held on exploring and making MRAs & FTAs more effective in India’s future professional services export strategy. Based on the deliberations, a way forward will be developed for expanding Indian professional services globally.

With the growing profession and envisioning the future, the Institute has been consistently strengthening its infrastructure across the country that will help promote research, skill-building, training, and improved services for the professional community and society at large. I, along with CA. Prasanna Kumar D., Vice President, ICAI, and Central Council members, participated in the Bhoomi Pujan for the new ICAI Building in Hyderabad on 30th November 2025.

Also, I, along with Central Council members, participated in the Bhoomi Pujan for the new ICAI Building in Gwalior on 16th December 2025.

A nationwide convocation was conducted on 29^th December 2025 to confer Certificate of Membership to newly qualified CAs across 15 locations, namely Ahmedabad, Mumbai, and Pune in West; Chennai, Bangalore, Ernakulam, Vijayawada, and Hyderabad in South; Kolkata in East; Jaipur, Indore, and Ghaziabad in Central; and New Delhi, Chandigarh & Ludhiana in North.

Chief Guest Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Government of India, inaugurated the event centrally from New Delhi and addressed the young minds. Around 17800 young minds were conferred Certificates of Membership at the Convocation. The occasion marked a defining milestone not only in the professional journey of the new members but also for their families, as they entered one of the world's most trusted and respected professions.

India is moving forward with determination and purpose, and as a profession integral to this journey, we too must move with resolve and responsibility. Let's keep in mind that the ultimate aim is to meet the aspirations of 1.4 billion Indians.

As we welcome the New Year, let us choose to protect what nurtures us. The shade we enjoy today is a reminder of our shared responsibility. Let me conclude with a couplet:

पेड़ काटने आये हैं
कुछ लोग मेरे गाँव में,

अभी धूप बहुत तेज है
कहकर बैठे हैं उसकी छांव में!

May the year ahead inspire conscious growth, where progress and care for nature walk together, creating a greener and more hopeful tomorrow.