The Institute of Chartered Accountants of India (ICAI) announced plans to expand its chartered accountant workforce to 30 lakh professionals by 2047, with artificial intelligence training becoming a cornerstone of the profession’s evolution, according to ICAI President CA Charanjot Singh Nanda at the MSME & Startup Conclave 2025 in Mumbai.

“We need 30 lakhs CA by 2047,” Nanda said, addressing the current shortage with only 5 lakh chartered accountants serving India’s 140 crore population.

ICAI has established a dedicated AI committee and has already trained over 16,000 chartered accountants in artificial intelligence applications between July 2024 and February 2025. “From 1st July 2024 to 11th February 2025, we had trained more than 16,000 Chartered Accountants,” Nanda stated, emphasising that the training program extends beyond India to include foreign chartered accountants.

The announcement comes as India’s MSME sector contributes approximately 30 per cent of GDP and accounts for 45 per cent of manufacturing output. MSMEs employ between 110-150 million people and generate nearly half of India’s exports, yet receive only 16 per cent of total bank credit.

Addressing the role of technology in the profession’s future, Nanda emphasised that “our real intelligence will always be above artificial intelligence.” He positioned AI as an enabler rather than a replacement, stating, “Artificial intelligence is to support us. It is an enabler. We have the vision to take things forward.”

The institute has expanded its examination system to address the growing demand for chartered accountants. “We have done three exams. Earlier, there used to be two. Now, there are three exams in a year, for interns and faculty,” Nanda explained, highlighting efforts to accelerate professional qualification processes.

ICAI has established MSME clinics across all 179 branches nationwide to provide comprehensive support. “We will be servicing at least 25,000 MSMEs. We have set up MSME clinics all across our 179 branches,” Nanda announced, coinciding with International MSME Day. These clinics offer pro bono services covering finance, governance, and loan-related issues.

“Any person having any issue with MSME related to finance, related to governance, related to loans, they could always go there and meet senior charter contractors who will do everything pro bono for them,” he added.

The president acknowledged three major challenges facing MSMEs: awareness gaps, finance accessibility, and governance issues. “The biggest challenge is about awareness. They are not aware where they have to go. Second, finance is a big challenge. Third, governance. They don’t have people to pay their returns and accounting,” Nanda explained.

Despite global uncertainties, including geopolitical tensions, Nanda expressed confidence in India’s economic resilience. “There is no major impact yet”, he said regarding potential effects of international conflicts on small-scale traders.

The institute maintains strong relationships with regulatory bodies. “We have a very good connection with RBI, all the regulators,” Nanda noted.

ICAI’s rural outreach covers smaller cities and villages through its branch network. “In rural areas, all the areas around Gwalior, even Chambal, it is co-catered,” Nanda said, highlighting the institute’s commitment to underbanked regions

The chartered accountant body positions itself as a partner in nation-building, with Nanda stating, “As chartered accountants, we are partners in nation building. We never differentiate how many people are there in the industry. We are service providers.”

Looking ahead, ICAI projects that AI integration will be complete within seven to eight years. “It is just a matter of 7-8 years AI will take control and we shall be servicing the nation in the highest esteem as ever,” Nanda concluded.

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Published on June 26, 2025