ICAI Organizes Global Education Summit in Commerce and Accountancy 2024

• ICAI has entered into MOUs with 08 universities.
• Vice-Chancellors and Academicians from AICTE, NIEPA, NCERT Unite to Share Expertise.

The Institute of Chartered Accountants of India (ICAI), through its Board of Studies, is hosting the 4th Global Education Summit in Commerce and Accountancy (GESCA) 2024 at New Delhi, on July 5th and 6th, 2024.

The two-day summit was inaugurated by Shri Harsh Malhotra, Hon’ble Minister of State for Corporate Affairs and Road Transport and Highways, along with CA. Ranjeet Kumar Agarwal, President of ICAI; CA (Dr.) Rajkumar S Adukia, Chairman of the Board of Studies; CA. (Dr.) Raj Chawla, Central Council Member, ICAI; CA. Piyush S Chhajed, Central Council Member, ICAI. Also present were distinguish Guests of Honor, Dr. Abhay Jere, Vice Chairman of AICTE and Prof. Shashikala Wanjari, Vice Chancellor of NIEPA.

The summit brings together Vice Chancellors, Chairmen, Directors, Principals, Deans, HoDs, and Professors from renowned Indian universities and colleges specializing in Commerce and Accountancy. The focus will be on sharing insights to enhance the employability of Commerce graduates through upskilling initiatives.

The GESCA 2024 features participation from 36 Vice-Chancellors of various universities, along with representatives from 115 top universities and 30 autonomous colleges across the country. Additionally, the summit witnessed the signing of Memorandums of Understanding (MoUs) with University of Kerala, Manipal University, S.S.Jain Subodh PG College, Ganpat University, Kongu Arts and Science College, Graphic ERA (Deemed to be University), Amity University and Apeejay Stya University.

In his inaugural address, Shri Harsh Malhotra emphasized the pivotal role of education in national development, stating, “India has established a commendable position in the field of accountancy. Educationists are crucial in advancing India’s economy to third place globally. The National Education Policy (NEP) 2020 prioritizes holistic student development, with the educational institutions nurturing their growth. Chartered Accountants plays a pivotal role in India’s progress by auditing companies, ensuring transparency, and upholding ethical standards. Financial literacy is very important, and I am happy that ICAI is taking a lead in spreading financial literacy.  I am sure the 2-day deliberation will come out with significant outcomes.”

On this occasion, CA Ranjeet Kumar Agarwal, President of ICAI, highlighted the significance of the summit, stating, ” ICAI is committed to advancing commerce education not just in India but globally. Today, we celebrate 75 years as educators and regulators setting global benchmark in commerce education. ICAI has entered into MRA/MoUs with 24 countries across the world. We have awarded scholarships to 11047 students, ensuring accessibility and maintaining our position as the most affordable accounting course. We are also empowering the nation and women, with 43.5% of our CAs students being female and 30% of our total membership are women Chartered Accountants. 

He further added, “Looking ahead, we have a 25-year plan focused on how India can achieve developed nation status, continuing our commitment to excellence and global impact in the field of commerce and accountancy. This summit marks a pivotal step in our journey towards these ambitious goals, fostering collaboration and innovation in education and professional practice.”

CA (Dr.) Rajkumar S Adukia, Chairman of the Board of Studies, remarked, “Education is a single product that empowers individuals to contribute significantly to the development of the country. This summit symbolizes the essence of education, with each letter representing a key attribute: E for Energy, D for Discipline, U for Unity, C for Confidence, A for Aim, T for Talent, I for Interest, O for Opportunity, and N for Nationality. Through GESCA 2024, we aim to inspire and equip future leaders in Commerce and Accountancy to drive positive change and growth in our nation.”

Dr. Abhay Jere, Vice Chairman of AICTE, said, “At GESCA, our focus is on pushing quality education by recognizing the immense talent present in tier 3 and tier 4 cities. We urge institutions to explore collaborative opportunities. While we address existing problems, our primary focus should be on generating innovative ideas to transform India into a knowledge economy. Our efforts should center on providing innovative solutions that are relevant not just for India, but for the world. Problem-solving must be a priority, and without collaboration, we cannot emerge as effective problem solvers. Let’s work together to advance quality education and drive our nation towards a brighter, more prosperous future.”

Prof. Shashikala Wanjari, Vice Chancellor of NIEPA, underscored the importance of prioritizing ‘Manthan’ in the Board of Studies, stating, “If we do not prioritize ‘Manthan’ in the Board of Studies, our efforts will be in vain. The National Education Policy (NEP) aims for a Viksit Bharat, with Chartered Accountants as key pillars of this vision. This conference highlights ‘Manthan’ as a catalyst for academic growth, with CAs playing a crucial role in achieving NEP’s goals. They are essential for advancing financial understanding and accelerating economic progress. It’s vital for citizens to understand the importance of commerce and accountancy. Building a robust educational ecosystem is critical, and CAs significantly contribute to this effort. ICAI’s vision to promote commerce and accounting aligns with the national agenda, paving the way for a brighter future for India.”

GESCA 2024 is poised to be a transformative event, fostering collaboration between academic institutions and the professional accountancy sector. By bringing together esteemed educators and industry leaders, the summit will pave the way for innovative educational practices and curriculum development. The signing of MoUs with various universities underscores ICAI’s dedication to enhancing the quality of commerce and accountancy education in India. This initiative will not only bridge the gap between theoretical knowledge and practical application but also equip future graduates with the necessary skills to excel in a dynamic global economy. ICAI remains committed to its mission of producing highly skilled professionals who can contribute significantly to the growth and development of the nation. On the sidelines of this summit, a Press Conference was also organized today to brief media on the summit.