The Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors.The Institute of Chartered Accountants of India (ICAI) has been working towards formulating & implementing an Action Plan for this Champion Sector under the guidance of Ministry of Corporate Affairs.
ICAI through its Committee for Export of CA Services & WTO (CESWTO) is taking various measures & initiatives to supplement Government of India’s impetus on increasing the share of Trade in Accountancy & related services being identified as Champion Sector and also bringing panorama of opportunities for the Indian CAs in the WTO regime.
In this endeavour, ICAI has signed a Memorandum of Understanding (MoU) with the Service Export Promotion Council (SEPC) on June 30, 2020 with the objective to enhance the competitiveness of India’s exports in Accounting and Finance Services through implementation of the focused and monitored Action Plan.
ICAI and SEPC have identified the need to work together for the benefit of this Champion Sector and its members in order to promote export of Accounting services at the International arena on the newer radar and in furtherance thereof, these two eminent institutions have arrived at mutual understanding.As per the MoU, both organizations have agreed to jointly set up a Co-ordination Groupwhich will work for Promoting awareness on various initiatives of the Government of India in various countries for creating awareness towards Action Plan for Champion Sector, with regard to Accounting and Finance Servicesand for export promotion of such services.The endeavor would also be to organize studies and publish knowledge papers with inputs and research based on feedback from members.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India.
ICAI has its headquarters in New Delhi and 5 Regional offices in Mumbai, Chennai, Kanpur, Kolkata and New Delhi. It presently has 164 branches spread all over the country. In addition, it has also set up 35 chapters outside India and two overseas offices in Dubai& Singapore.
About Service Export Promotion Council (SEPC)
SEPC has been set by Ministry of Commerce &Industry; Government of India in 2006. It is an apex trade body which facilitates service exporters of India.
SEPC has been instrumental in promoting the efforts of Indian service exporting community, and in projecting India’s image abroad as a reliable supplier of high quality services.
As an advisory body it actively contributes to the formulation of policies of Government of India and acts as an interface between the services Industry and the Government.