ICAI holds 445th Council meeting in Pahalgam, expresses solidarity with people of Kashmir

Srinagar, Aug 15: The Institute of Chartered Accountants of India (ICAI), in a show of solidarity with the nation and commitment to regional economic development, convened its 445th Council Meeting in Pahalgam, Jammu & Kashmir, from August 12 to 14.

A statement said that the event brought together over 40 high-level delegations along with their families. Chief Minister of J&K, Omar Abdullah, attended the meeting and thanked ICAI for choosing Pahalgam as the venue after the tragic Baisaran incident on April 22.

Addressing the Council, Omar Abdullah said, “Your presence here, along with your spouses and children, is truly encouraging. It sends a powerful message that winter is not everlasting, that snow melts, and spring returns. Your belief in this place reflects confidence and support for the people of J&K.”

He further invited ICAI to collaborate with the state government, stating, “You are witness to best practices across India. Working together will help us tap into your knowledge base and replicate successful models for the betterment of Jammu & Kashmir.”

ICAI President CA. Charanjot Singh Nanda said the decision to hold the meeting in Pahalgam was both symbolic and strategic. “Our presence here is a message of resilience, unity, and hope. We are not just financial architects; we are partners in nation-building. We aim to reaffirm our commitment to J&K’s economic revival, boost tourism, and contribute to the region’s growth.”

Proposing joint initiatives, he offered ICAI’s expertise in cost optimisation, accounting reforms, and curriculum development for J&K universities. “We can help government departments identify savings, implement accrual-based accounting, and strengthen education and research to support development goals,” he added.

ICAI Vice-President CA. Prasanna Kumar D called the meeting a milestone in the organisation’s history, underscoring its significance as a gesture of national solidarity and a commitment to Kashmir’s progress.

During the meeting, the ICAI President presented a research report titled “From Policy to Profit: Amplifying MSME Revenues in J&K through Targeted Government Initiatives” to the Chief Minister. The report offers a five-pillar strategy to transform MSMEs into sustainable revenue generators. ICAI also unveiled another study, “Hope in the Hills: Strengthening MSMEs in Jammu & Kashmir through Comparative Policy Innovation”, focusing on challenges faced by tourism and handicraft sectors and recommending global best-practice solutions.

Looking ahead, ICAI announced plans to set up a Centre of Excellence in J&K to drive research, innovation, and capacity building for members and students, while providing the government with data-driven insights to aid policy planning and execution.

The Institute of Chartered Accountants of India, established under the Chartered Accountants Act, 1949, is the world’s largest professional accountancy body with over 15 lakh members and students. It operates under the Ministry of Corporate Affairs, with five Regional Councils, 182 branches in India, and a global presence across 47 countries.