E-Journal of ICAI summarises the roadmap of growth with the influence of professional education. The ICAI presidents address to the students explains the role of education in creating entrepreneurship spirit, a framework for fintech companies, and start-up culture. He mentioned the global outreach and international conferences of ICAI council members. The journal also has the details of the 2021 election according to the four regions. The Council members have disclosed detailed speeches on the following topics: start-ups, the MSME sector, taxation, corporate law, capital market, public finance management, and digital learning hub. This blog provides a summary of the president and council members’ message in the ICAI e-journal. Let us analyse the different verticals of the ICAI.
The message of the ICAI president to students:
Find below the crux of the message of the president:
• The President CA. NiharN.Jambusaria welcomes the new members of the councils who have won the elections at the starting of the message.
• He has been notified about the MOU between ICAI and PIBR.
• Recently, ICAI had opened representative offices to outreach the global population. The new centres are operating in Sweden, Netherlands, and Denmark. ICAI’s representative offices and chapters have been functioning in 29 and 44 places so far.
• The prideful presidents of ICAI holding higher positions in other institutions also attract the readers in the ICAI students’ journal. CAPA, SAFA and CAW are the federations that are located outside India. And it has placed Indians as vice presidents.
• He requests the members to register for the ICAI international conference that is going to happen on January 21st, 2022. The theme of the conference is “Digital and the sustainable economy created by accountants”. It is organised at Jio world centre, Mumbai.
• The WCOA has proposed to organise the world conference in November 2022. Honourable Indian president takes the privilege to be part of the world expo in Dubai.
• His concluding remarks motivate the students to work hard for resilience.
Start-up economy:
CA. Anshul Kumar has presented a page about the start-ups in the year 2021. Find below the interpretation of his message to the students:
• He compared the year 1990 and 2020. The peak business in 1990 was the banking sector. Axis Bank, ICICI Bank and HDFC bank have witnessed vast growth.
• Job portal Naukri.com and telecommunication industry Airtel was also part of 90’s industrial development.
• This decade had encouraged the entrepreneurial path of young professionals through technology.
• Banking, telecommunication and software formed the foundation of the industries.
• With the strong foundation, the e-commerce industry, and fin-tech start-ups gave a boom to the Indian Companies. The start-ups which evolved in the year 2021 amidst the covid-19 are e-commerce, fintech, edtech, food tech, proptech, gaming, logistics, and social media businesses.
• The development of forty start-up businesses is a good number compared to 2020.
• Foreign venture capital funds are comparatively high than Indian venture capital funds. The government need to introduce policies and arrange for venture capital funds to encourage the start-up economy.
MSME sector:
In the CA student’s journal JAN 2022, CA Nitin Kumar Agarwal had presented a page about MSME banking finance. This loan processing is the other side of the MSME sector growth. The manufacturing sector gets the loan through the project, trading Companies get finance through years of experience, and the service industry gets finance through the client database and the nature of projects. The loan sanction is after checking the business profile, financial assessment, credit rating of CIBIL, collateral comfort, banking conduct, and other aspects. The details that banks ask for depending upon the nature of business. The bank dealing differs from case to case during the loan application. Bank do the reference check by communicating with the suppliers and buyers of the applicant. This process is a crucial one for loan sanction. All this information educate the reader about the critical process of getting a loan for the MSME business units.
Taxation:
CA.Tejassavla, Dr ShikhaGupts, CA. Vijaykumarpuri and CA MohitChoudhary have presented an analysis of taxation. The authors have analysed the interest on delayed tax refund, the beneficial ownership saga, a critical analysis of alternate tax regime under section 115BAC of the Income-tax act, and e-commerce transactions and overview.
Corporate law:
Corporate law brings the topic of family business governance mechanisms, interfaces, professionalization, business level, social responsibility and remuneration for family. The content lists the maturity model for family businesses with dimensions as family business goals, conflict and dispute resolution, family governance processes, family ownership control, identity preservation, family communication, member assessment and assimilation, governance of family business units, succession, philanthropy and CSR, and wealth management.
Capital market:
Capital gain is the subject that attracts the readers as there is a hike in the share market investment. The capital gains fall under different heads, and it creates confusion for the taxpayer. The detailed analysis was presented by CA. PrachiAgarwal. This page is an interesting journal, and it helps for understand the subject better.
Public finance management:
Urban local bodies complete their functions with standing committees committee on taxation, PH water supply, finance & Accounts, planning and development, public works, licenses and appeal, social justice and grievances. The public finance management journal talks about the auditing for the ULBs.
Digital learning Hub:
ICAI digital learning hub is for participatory learning and interactive learning experience. A knowledge repository, multiple formats and content as per the learner are the advantages of a digital learning hub.
Bottom line:
ICAI has invited the subject matter experts and chartered accountancy professionals to write a journal for the publication. The wide range of subjects for the journal is technology, strategy, taxation, laws, auditing, and finance. The executive summary and total words need to be 100 and 2500 words. The originality and relevance produce the best journal. The ICAI journal enhances the learning habit of the existing members and students. The conceptual part of the subjects is understood with the help of the ICAI journal.
