Strengthening collaboration with the Institute of Chartered Accountants of India (ICAI) can play a significant role in supporting India's economic growth and advancing its global trade ambitions, Union Commerce and Industry Minister Piyush Goyal said on Wednesday following a meeting with the institute's leadership.
According to the minister, the discussions focused on expanding cooperation between the government and the accounting profession to facilitate trade and investment while enhancing India's competitiveness in the global marketplace. Goyal said the meeting also explored the evolving role of the accounting profession in supporting businesses as they navigate emerging global opportunities.
He noted that chartered accountants can make a significant contribution by helping enterprises adapt to changing international trade and investment landscapes. "Held a productive meeting with CA Prasanna Kumar D, President, Institute of Chartered Accountants of India, to discuss avenues to strengthen collaboration and support India's economic growth and global trade ambitions," he said in a post on social media platform X.
The minister further said both sides deliberated on enhancing institutional participation in the Free Trade Agreement (FTA) ecosystem. He emphasised that greater involvement of professional institutions such as ICAI could help businesses better understand and leverage the opportunities arising from India's expanding network of trade agreements.
"We also deliberated on the evolving role of the accounting profession in facilitating trade and investment, enhancing institutional participation in the Free Trade Agreement (FTA) ecosystem, and supporting businesses in navigating emerging global opportunities," Goyal mentioned.
"The discussions underscored the importance of collaboration between policymakers and professional bodies in promoting trade, investment and economic development, as India continues to deepen its engagement with global markets," the minister added.
Meanwhile, earlier this week, Goyal said India's new free trade agreements (FTAs) are creating fresh opportunities for manufacturing and innovation, opening doors for the country's youth to compete globally. He urged students to equip themselves with practical skills and embrace technology-driven learning to make the most of the emerging opportunities.