Charanjot Singh Nanda, president of the Institute of Chartered Accountants of India (ICAI), in a recent interview with The Free Press Journal, expressed optimism about India’s prospects amid the ongoing tariff war initiated by US President Donald Trump.
Nanda believes that this situation will ultimately bolster India’s position as a global leader.
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Nanda highlighted that 11 member countries of BRICS have agreed to utilise the Indian Rupee as a common currency for trade settlements, stating, “And India is getting crude oil from Russia at a highly discounted rate. Everything is going its way.”
Speaking at the Navdrishti conference in Bhopal, Madhya Pradesh, Nanda asserted that India will emerge stronger from the tariff conflict with the US, citing the country’s ethical dealings and lack of fear towards other nations.
He pointed out several financial advantages for India, noting, “Our stock market is the best and the safest in the world, we balance imports and exports equitably and we have constituted the International Financial Services Centres Authority (IFSCA) to regulate the country’s special economic zones.”
Nanda also emphasised India’s significant consumer base, with 68% of its population under the age of 40, asserting, “The world’s economic powers will have to deal with India, whether they like it or not.”
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By GlobalDataRegarding the impact of artificial intelligence (AI) on the chartered accountancy profession, Nanda remarked, “No artificial thing, including intelligence, can ever be better than the natural.”
He noted that the ICAI is embracing AI to manage repetitive tasks, having launched a certificate course on AI for chartered accountants, which has seen participation from both young and experienced members.
Nanda further mentioned the ICAI’s commitment to enhancing financial and tax literacy among the public, revealing that clinics have been established at all 180 branches to provide consultancy for startup owners and MSMEs.
He concluded by stating, “With the advent of modern technology, it is no longer possible to evade income tax. Form 26AS tells everything about your financial dealings. Evading income tax is now a thing of the past.”
