KOLKATA, Feb 7: The Institute of Chartered Accountants of India (ICAI) third Centre of Excellence was inaugurated in Kolkata on Friday.
The ICAI plans to establish eight more Centre of Excellence over the next three years, taking the total to 11 as part of its vision to make India a hub for global accounting standards, an official said.
“We want Eastern India to emerge as a global hub for accounting outsourcing, and we will do everything necessary to achieve that,” ICAI president Ranjeet Kumar Agarwal said.
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The Kolkata Centre of Excellence follows similar facilities in Jaipur and Hyderabad. It is spread over two acres and has been built at an investment of Rs 50 crore in its first phase. The second phase will include 400-500 residential apartments to accommodate researchers working at the centre.
Agarwal highlighted ICAI’s focus on research and development for indigenous accounting standards, stating that India currently adopts accounting standards from the UK or US with certain modifications.
“By 2047, as part of the viksit Bharat roadmap, we aim to develop our own accounting standards that can be followed globally,” he said.
The ICAI president also emphasised the need to improve India’s tax-to-GDP ratio, pointing out that only 1.5 crore people currently pay taxes, while nine crore individuals file tax returns out of a total population of 140 crore.
ICAI’s expansion plan aligns with its broader objective of strengthening India’s position in the global financial accounting ecosystem and enhancing the role of chartered accountants in the country’s economic development. (PTI)
