Several steps will have to be taken by regulators in our country as well, by the CAG, by the RBI, and by the Ministry of Finance: Vice-President, Shri Jagdeep Dhankhar: I am deeply concerned when I notice that when balance sheets shine premised on avoidable imports, finances blossom on raw material exports, the national economy bleeds as there is avoidable drain of foreign exchange, loss of employment, and impeding of entrepreneurial growth. There is need, and this need you alone can satisfy.
Vice-President, Shri Jagdeep Dhankhar addressed the gathering at the 75th Annual function of ICAI at World Forum of Accountants at Yashobhoomi in New Delhi on Sunday
FinTech BizNews Service
Mumbai, February 2, 2025: Vice-President, Shri Jagdeep Dhankhar presided as Chief Guest at 75th Annual function of ICAI at World Forum of Accountants at Yashobhoomi in New Delhi today.
Excerpts of Vice-President’s address at ICAI Annual Function at the World Forum of Accountants, New Delhi are given below:
I am extremely happy and delighted to be at this World Forum of Accountants. Greetings to everyone, those from the country and outside. This is a unique gathering that is bound to inspire, energise, and motivate not only me, but many others.
Chartered Accountant stands, not for Chartered Accountant, but credibility, ambassadors, change accelerators, and I would urge you to be conscience arbiters, ethical guardians, and bold decision makers. Friends, the theme of this year's event, Accountability Meets Innovation for a Sustainable Planet, is of supreme contemporaneous relevance. India's ancient wisdom, Vasudhaiva Kutumbakam stands as a lighthouse illuminating humanity's path through today's twin challenges of climate crisis and technological disruptions.
This philosophy, anchored in our G20 motto, ‘One Earth, One Family, One Future’ guides us and our collective journey towards sustainable solutions and unified global action. Our sacred earth, Dharti Mata, stands, distinguished audience, at a critical precipice.
The rivers once sacred now choke, forests fall silent, and toxic air strangles life itself. Peremptorily demanding, we unite Vedic sustainability with modern action before time runs out on humanity's final chance to survive.
Friends, in today's world, sustainability is not just a choice, it is an imperative. There is no other option. Businesses are increasingly being evaluated, not just on their financial performance, but also on the will of their social and environmental impact. It is soothing that building on its successful G20 leadership and Global Biofuels Alliance, India continues this vision at this World Forum of Accountants, thanks to your organisation.
Artificial intelligence emergence, or if you may call it onslaught, is no less than industrial revolution. The world is at the cusp of a change at a level unknown before. Artificial intelligence balances immense potential with critical challenges, data quality, ethics, regulations, bias, and transparency. Effective and efficient use of artificial intelligence requires organisations to walk the fine line between innovation and responsibility, guided by robust ethical frameworks and proactive leadership. If not tapped and regulated, artificial intelligence will emerge as a monster. Artificial intelligence landscape is suffering a paradigm shift by the moment.
Friends, let me first advert briefly to the state of the nation. India has had unparalleled remarkable economic rise and upsurge, infrastructure development, technology penetration, and deep digitisation in the last few years amongst large economies, its growth stands out. An environment of hope and possibility is all-pervasive. There has been a budget booster, and for me there has been a Kumbh booster, the two are coupled. Budget booster, particularly for taxpaying populace has generated radiance all around. My visit to Kumbh, an event of unparalleled consequence for humanity. When I took the holy dip, in an event that celestially occurs after 144 years, population beyond America had already visited the place.
Excellent management! I'm sure, World-level arrangements, you have noticed. It will be studied for many, how in such a small area, such a large human congregation has been taken care of. Reflecting India's inclusivity, peace within us, there was a mishap but what stands out, the management thereof. The response was electric, nuclear. It was done in a moment. Health facilities, law and order facilities, helping hand facilities.
I, therefore, as an Indian, take pride that we as a nation have come of age where such human congregation, driven by commitment to religiosity, sublimity, spirituality, and our civilisational ethos, has come together and peacefully handling situations. I salute everyone associated with such kind of exemplary management.
Friends, a challenge to all of us. We allow some people to have microscopic approach to generate sensation, to get space when something happens. Ignoring the major achievements, I'm sure this distinguished group, which is unique, will take note of it and be on the watch out. Friends, our nation's youth demographic component is global envy. Our median age is 28 for the U.S. it is 39 and China 40 but what is particularly of critical importance is, and what is heartening to note, that around 68% of the total chartered accountants in India, they are under 40. This global powerhouse, situated in the largest democracy on the planet, can effect wonders. I am optimistic you will do it.
Friends, I would be a little honest in my thought process sharing with you and this is underscored by my very strong belief that if I express myself before you, it will generate a dialogue. Expression and dialogue, both are essential to democracy. Once you understand my point, you will realise to what extent you can make the difference. While undoubtedly affirmative and innovative governance policies are enabling for expanding potential and talent, hand-holding is essential to get human resources out of silos and grooves they have long believed in.
Youth has to look beyond government jobs as therein lies a goldmine for them. Friends, so is also true of industry, commerce, business and trade. You will appreciate a discerning audience, International Monetary Fund has accoladed India as the favourite global destination of investment and opportunity. Friends, surely it is not premised on government jobs, something else. Friends, you as a distinguished category of professionals having deep connect with those who control economy. You can wisen people and youth in particular that there are growing vistas for you where the youth gets to be involved.
They have to look beyond government jobs and that is something which can emanate from your side. In such a scenario, those in executive governance, parliamentarians, bureaucracy, business tycoons and managers, professionals in all fields have to rise and they have to rise to make aware to our youth, to our entrepreneurs, opportunity basket that is available for them. Our youth, our entrepreneurs can optimally contribute towards national development. If they come to know of new vistas where they can really contribute. For instance, let me tell you, blue economy, space economy have enormous potential. For the youth, number of avenues are available. They have to get into the groove of change, get out of silos.
Friends, without adverting more, since I am frankly communicating with you, without adverting more, without elaborating, I dare assert each segment, the professionals, the parliamentarian, those in business and the like, have enough to reflect, soul search and resolve to be in correctional mode sooner than later so as to act in this direction. Friends, in last decade, a big change has taken place in the mindset of the people. People have tested development at all levels. What was beyond belief, amenities as toilet, gas connections, electricity, and ongoing pipe water schemes in all rural households, this has had transformative impact.
Internet connectivity and smartphones have generated a particular climate of participation in all spheres, including governance. The people have now got into aspirational mode. This aspirational mode is premised that in last decade, no nation has progressed as much on development aspect as Bharat. So when people taste development, they want more. This has converted one-sixth of humanity as most aspirational population and therefore, this discerning, demanding populace is an asset but it is also a challenge. If it is restive, it is ticking time bomb. If energy is channelised, it is no less than nuclear power. I strongly feel bodies like yours have capacity to convert youth dividend into nuclear power and keep it away from restive temperament. After some analysis of the budget proposals yesterday, you are experts. I analysed it and I found there is all around joy, hope, and expectation of delivery.
In such a scenario, keeping the principle of nation ever first, as a prestigious organisation like yours, you ought to fire on all cylinders to contribute to the attainment of a developed nation at 2047. Viksit Bharat at 2047 is no longer a dream, it is our destination. We will accomplish it in 2047 when we celebrate centenary of our independence, if not before. But for that, you all will have been overdrive.
Friends, assured of your indulgence, assured of your consideration, and fully assured that you will not misunderstand me, I seek to assert that the chartered accountants fraternity will have to walk the talk. Soul searching will make you realise that your potential still remains untapped. If you fully exploit your potential, the results for the nation will be geometric.
Friends, I am venturing into troubled waters to so indicate, as I trust your deep sense of understanding and also alive to your potential as a class to fuel research, innovation, ethical governance, and promote venturing into new economic vistas of artificial intelligence, blue and space economies of the kind.
Friends, I am deeply concerned when I notice that when balance sheets shine premised on avoidable imports, finances blossom on raw material exports, the national economy bleeds as there is avoidable drain of foreign exchange, loss of employment, and impeding of entrepreneurial growth. There is need, and this need you alone can satisfy. There is need to imbibe the spirit of economic nationalism, as a distinguished class, chartered accountants are immediately positioned and suited to propagate and nurture the spirit of nationalism.
Such an approach will be highly beneficial to the economy and save us billions in foreign exchange, billions of dollars, and create millions of jobs and account for growth of entrepreneurship. Bharat is home to one-sixth of humanity, it is gifted with human resource that is invaluable. Time has come for us to emerge a global leader in accounting profession. No one doubts your talent, no one doubts your potential but at global level, our chartered accountant outfits have to emerge. They have to occupy the space which is yours.
I appeal to all concerned also in the government, to be proactive so that our chartered accountants as individuals or in conglomerates occupy global space. It's a matter of concern that on those front, there seems to be no moment in as much as we are yet to be liberated on the home front. I want our firms, homegrown firms, to occupy a place of pride, and that is need of the times and also the challenges including data privacy we suffer.
Arthashastra by Chanakya is a treatise of foundation for economic thought. We need to propagate this legacy and our firms must be amongst the top names in the world. All concerned, I appeal, must converge to secure this, and I'm sure the Institute will take proactive steps.
Friends as a nation, and with civilisational history of thousands of years, and getting knowledge from our ethos, we can confidently assert to the world that adherence to the highest standards of ethics, property, and propriety are the ones that we have followed all throughout. When it comes to your profession, a profession that is unique because it is a repository of trust of people, unqualified trust, unqualified belief, and therefore I call upon you to maintain and exemplify scrupulously highest ethical standards because for your profession that is minimal requirement. There can be no human lapse than betrayal of trust. You are a repository of that.
Friends, I come from a stream of legal profession. Like your profession, we also have self-regulation. I would therefore urge placatory stance at your end is fraught with severe consequences when there are transgressions in law. We must take all care and caution to see that we are not afflicted by ingratiating with our fraternal feelings or taking care because they belong to our fraternity.
As an institution and as a class, you will be beacon of hope and trust to everyone once your disciplinary prescriptions are adhered to in exemplary manner.
Friends, I earnestly appeal to you to realise and amplify your potential and potency to effect transformative change in economy and commerce. Set global benchmarks in transparency, accountability, and ethical standards. Be torchbearers of the change in your sector. Budget boost beacons you to add taxpayers and achieve higher formal economy. We have graduated into formal economy but now is the time for professionals in your category to contribute massively to see that more and more people contribute to national development by coming in tax net. As the architects of economic stability, watchdogs of financial integrity, and guardians of fiscal discipline, you are particularly enjoined to contribute optimally for nation's march to unprecedented growth and prosperity.
We are living in times when influencers in various walks of life matter hugely but as a class, you are the most potent influencers for transformative change in economy. There is no other class other than chartered accountants who can bring about revolutionary positive change in business ethics, business promotion. Your unique position at the intersection of business, finance, and governance enables you to bring about, catalyse reforms from the grassroots to the highest corporate achievements. You have the potential to be nerve centre for big change to contribute to our economy.
A challenge to be a developed nation has to be understood at your level. A developed nation status, you know more than I do, is not as such defined, but certain global parameters can be called out and that, in my modest understanding of economics, means our per capita income has to rise eightfold. A daunting challenge, but achievable. Let us keep that in mind.
Friends, as guardians of upright governance, your role transcends mere compliance. You are the conscious keepers of corporate India, wielding the power to shape ethical business practises and ensure transparent operations that build trust in our financial system. Your profession must emerge as harbinger of innovation, leading industry and business into new frontiers. Your expertise in financial structuring, risk management, and which is occurring very frequently now, and strategic planning positions you perfectly to guide businesses, industry, commerce, and organisations through technological transformations and sustainable growth initiatives.
I firmly believe, and I'm sure nobody will disagree with me, if chartered accountants are first responders to transgression of law and ethics in any form, this will herald needed exit of malpractices. No malpractices can flourish if chartered accountants are so determined. I need not reflect in detail, but you are aware, placatory positioning of one of the world's largest chartered accountants firm led to its exit from the radar, that's a lesson to one and all.
Friends, may you as a class get positioned at global level, befitting the largest, oldest, and most functional democracy in the land that has over 5,000 years of unparalleled civilisational and cultural heritage. Time is now, Time is ripe. Several steps will have to be taken by regulators in our country as well, by the CAG, by the RBI, and by the Ministry of Finance. Get in communication with them as a body. Make your suggestions. Lay bare your intent and I would want, as I dream, Indian accountancy and consultancy firms dominating not only the national scene, but also global scene.
Friends, I'm sure the deliberations would have been highly productive and fruitful, particularly the young professionals. I'm addressing young professionals. You are the most impactful, powerful stakeholder in economy, in democracy, in shaping the future of Bharat. You are required to fire on all cylinders, contribute optimally to the Marathon March which the nation is having for Viksit Bharat at 2047. I have no doubt in your capacity.
अंत में मैं यही कहूंगा, दुनिया के किसी भी कोने में चले जाओ, एक छत के नीचे इतने प्रतिभाशाली लोगों का एकत्रित होना।
On a lighter note, I wish to share. A very distinguished parliamentarian, who was a distinguished senior advocate, he is no more with us. He paid tribute to your profession and he was a lawyer like me. उन्होंने कहा, Chartered Accountancy में पास होना मुश्किल है और कानूनी की शिक्षा में फेल होना मुश्किल है। That is your power.
जब देश के सामने संकट भारी हो, जिनको जो काम करना है, कर्तव्य का निर्वाह करना है, वो नहीं कर रहे। आज के दिन अति आवश्यक है कि भारत की युवा शक्ति, जिसके apex पर आप लोग हैं, वह सही रास्ते पर डाले। यदि अगर संसद में चर्चा नहीं होगी, वाद-विवाद नहीं होगा, उसेमे व्यवधान होगा तो आपको भी कुछ करना पड़ेगा।
मेरे लिए चिंता, चिंतन और मंथन का विषय बन गया है कि संविधान सदन के अंदर क्या होता था, चर्चा, विचार-विमर्श कोई टकराव नहीं, हार-जीत का प्रश्न नहीं था, लक्ष्य एक था, लक्ष्य था —राष्ट्रहित में क्या अच्छा है। आज का परिदृश्य क्या है? उसके ठीक विपरीत।
कई बच्चे मुझे कहते हैं, आप कुछ क्यों नहीं करते, सदन तो अखाड़ा बन गया है, कुश्ती दंगल बन गया है। सोचने की बात है।
दूसरा, भारत की अप्रत्याशित छलांग, ऐसी विकास यात्रा की दुनिया की संस्थाएं अचंभित हैं। चमत्कारी योजनाओं का जमीनी हकीकत, कुछ लोगों को ठीक नहीं लगता है और ऐसे हालात में आ जाते हैं कई बार कि sensation generate करो, एक narrative करो, narrative के अंदर भारतीयता को भूल जाते हैं, राष्ट्रवाद, राष्ट्रहित को भूल जाते हैं और ऐसा कृत करते हैं जैसे उस टहनी को काट रहे हैं, जिस पर बैठे हैं।
I appeal to youth, I appeal to platinum category of young minds that are before me. You have now gifted power in your hand to neutralise the Anti-National narratives. To defeat those forces that are inimical to India, your mind should be concerned, with the existential challenges we are facing, and the government is doing much. Our nation, cannot afford to have, millions of illegal migrants. We cannot have, we cannot allow, our electoral politics, to be disturbed, by demographic dislocations, and earthquakes.
These are things which will matter for you because, these are the challenges, for which you collectively, have to find an answer. I have no doubt.
मेरे लिए इतना कहना काफी है क्योंकि कहा जाता है, समझदार को इशारा काफी है।
