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ICAI Dubai Chapter launches new theme on 40th anniversary

ICAI has a presence in over 70 cities in the world and almost 50 countries.

The Institute of Chartered Accountants of India (ICAI) Dubai Chapter on Friday evening announced a new theme with knowledge and goodwill at the heart of their operation.

The event, held under the title ‘Ladder of Accountability: Ask where you START’, coincided with the accounting body’s 40th anniversary, and drew the participation of several officials.

In his virtual address, Sanjay Sudhir, ambassador of India to the UAE, said that the world and India are going through a revolution, where technology has a big role to play. “Technologies such as Artificial Intelligence, Blockchain, the Internet of Things, and Big Data and Analytics are fundamentally changing the way we experience and live in the world around us.”

For the government of India, he said that it has been a conscious choice to promote technology as an important means of achieving future goals. He also highlighted the importance of CEPA, describing it as a “deep and full agreement.”

“We believe that CEPA will open new opportunities on both sides,” he said. “When trade increases so does investment on both sides. Over the last eight years, we have seen the strength of the relations between the UAE and India deepening and CEPA has added to the comprehensive dimensions of this partnership.”

Introducing this year’s theme for the ICAI Dubai Chapter, Anurag Chaturvedi, chairman of ICAI Dubai Chapter, said: “The theme this year, as we celebrate our 40th anniversary, will be ‘Spreading Knowledge and Creating Goodwill’. What we will be focusing on this year is imparting knowledge to prepare you to think, and the goal is to train your mind to see the world differently and question what others say. Because, once you gain knowledge is when it creates goodwill.”

He also spoke about the importance of mentorship and finding the right coach for yourself in the business world. “Mentors play a critical role in your journey and help you to see the hope in yourself. Find a mentor who can help you grow. The journey is very long, but you need to find the right guide and leader to help you along.”

Aniket Sunil Talati, VP of ICAI, also highlighted plans for the organisation moving forward. “Today, as we begin our new financial year in India, I would say that things are looking up. From tomorrow, in the largest cities of India, mask mandates are not going to be there. We are now truly looking over two full years of the Covid-19 pandemic, where we will be able to come together once again for physical programmes and meetings.”

He added that the ICAI now has a presence in over 70 cities in the world and almost 50 countries. “It is a great source of pride for us that our profession has gone global. The contribution of our chartered accountants that have played abroad cannot be overlooked.”

Debashis Mitra, president of ICAI, noted that organisations today have the choice of viewing technology as an enabler or a disruptor to their operations. “At our institute, we believe that technological changes are going to be a great enabler, and we are doing everything possible to bring the latest technology that is available out there to the doorsteps of this profession.”

He added that the future will see more of a focus on green and sustainable solutions, with technologies such as AI, Data Analytics, and Blockchain playing a key role in ensuring that the ethical standards of the accounting profession are upheld. “Audit quality can never be compromised. Today, we are the second largest accounting body in the world, and I am proud to say that the ethical standards that we have at the institute are considered to be among the best in the world.”

The event also saw presentations from two Indian business professionals, who highlighted their journey and expertise in the industry.

In her presentation at the event, Swathy Rohit, founder and CEO of Health Basix, shared several facts about the startup system in India. “One of every eight new companies is a startup today, and just under a tenth of these companies get funding. Also, we know that India is the fourth largest country by size of venture funding. Lastly, research has shown that half of all Indian startups belong to five sectors, namely, EdTech, Enterprise SaaS, RetailTech, Fintech, and HealthTech.”

Keeping the Covid-19 pandemic in mind, she stated that there are several lessons that everyone in the landscape should be observing: “Founders are not obliged to deliver valuations to investors, but they are obliged to deliver value to consumers, shareholders, and employees. Secondly, we often romanticise speed in the growth of a business, but what truly matters is that you eventually become an enduring and valuable business. Lastly, company building should not become a race, but an infinite game.”

Yogesh Chaudhary, director and COO of Jaipur Rugs, talked about what has set his business apart and the importance of having an employee-centric approach.

“What sets us apart is our connection to our weavers,” he said. “We eliminated various middle men such as contractors, and as a result we were able to pay our weavers a lot more. We deliver them their materials at their doorstep, we do quality checks at their homes every few weeks, and we pay them every month at their doorstep.”

This dedication has been extremely rewarding and fulfilling for the company, he said. “Life is so much more beautiful when you have a purpose and don’t just chase after money.” — rohma@khaleejtimes.com