ICAI Launches New Initiatives To Support MSMEs, Sustainability And Digital Transformation

New Delhi, Jun 2 (KNN) The Institute of Chartered Accountants of India (ICAI) has announced a series of initiatives focused on MSME development, sustainability assurance and digital transformation, reinforcing the accounting profession's role in supporting India's economic growth and entrepreneurship ecosystem.
 
MSMEs Continue To Drive Economic Growth
ICAI President Prasanna Kumar D highlighted the growing contribution of MSMEs to the Indian economy, noting that the sector accounts for around 35 percent of manufacturing output, 49 percent of exports and 31 percent of GDP, while generating employment for nearly 33 crore people.
 
He said MSMEs have evolved into key drivers of industrial growth, export competitiveness and inclusive development, supported by government initiatives aimed at technology adoption, digital governance and market access.
 
ICAI Strengthens Advisory And Mentorship Support For MSMEs
To strengthen support for small businesses and startups, ICAI has expanded its MSME-focused programmes through a dedicated MSME and Startup Committee. 
 
Key initiatives include the ICAI MSME Clinic, which offers advisory support on finance, compliance, taxation, digital transformation and business sustainability, along with mentorship programmes, knowledge sessions and facilitation centres.
 
The institute also organised the ICAI-DFO Stakeholders Residential Meet, ‘MSME Manthan Meet 2026’, in Shimla, bringing together officials from the Ministry of MSME and other ecosystem stakeholders to discuss sectoral growth and capacity building.
 
Draft Sustainability Assurance Standards Released
On sustainability, ICAI's Sustainability Reporting Standards Board has released exposure drafts of the Standard on Sustainability Assurance (SSA-5000) and a framework for sustainability assurance engagements. 
 
The proposed standards are aligned with international sustainability assurance norms and are open for stakeholder feedback until June 19, 2026.
 
Digital Transformation And Global Engagement In Focus
The institute also reiterated its commitment to digital transformation through the Digital Transformation Finance Summit 2026, which focused on emerging areas such as artificial intelligence, cybersecurity, data protection, forensic accounting and digital trust. The summit drew participation from regulators, industry leaders and technology experts.
 
ICAI further announced the World Forum of Accountants (WOFA) 2026, scheduled to be held in Visakhapatnam in December, which will focus on the theme ‘Technology, Trust and Transformation’ and bring together global accounting and finance professionals.
 
The institute said these initiatives are aligned with the vision of Viksit Bharat 2047 and aim to strengthen entrepreneurship, sustainability practices and digital readiness across India's business ecosystem. 

(KNN Bureau)