On the occasion of Chartered Accountants Day 2025, Prime Minister Narendra Modi extended greetings to professionals in the field, lauding their expertise and pivotal role in nation-building.
In a post on X, PM Modi wrote, “Wishing all Chartered Accountants a very happy CA Day! Their precision and expertise are essential for every organisation. By emphasising on compliance and transparency, they contribute to a healthy economy,”
“Their role in nurturing successful corporations is also outstanding” he added.
Why is July 1 celebrated as Chartered Accountants Day?
Every year on July 1, India observes Chartered Accountants Day to mark the establishment of the Institute of Chartered Accountants of India (ICAI) in 1949. This year commemorates the 77th anniversary of the statutory body that regulates the accounting profession in India.
Earlier, the accounting profession in India was regulated under the British-era Companies Act. As there was a need to have adequately qualified auditors, the colonial government introduced a diploma course in accountancy. The Register of Accountants was established in 1930, enrolling those persons qualified to conduct audits. However, there was no uniform system of regulation.
In 1948, a committee appointed by the government recommended the setting up of an autonomous body to regulate the profession. This resulted in the passing of an Act known as the Chartered Accountants Act of 1949 and thereby establishing an ICAI-the organised, self-regulating accounting body in the country.
CAs: Beyond balance sheets
Today, CAs stand in the forefront of financial decision-making, either in the public or private sector. Their functions are increasingly beyond auditing, and now include tax planning, strategic advisory, forensic accounting, regulatory compliance, and financial risk management. The maintenance of fiscal discipline and economic transparency is attributed to their contributions.
The significance of CA day
Chartered Accountants Day is celebrated to commemorate the CA profession with its technical skill and ethical standards, and also to reinforce their power over India’s economic resilience. It reminds people of the role of the ICAI in developing talent, controlling professional conduct, and revising accounting education in the changing scenario of global standards.
