ICAI Organises Cooperative Chintan Shivir to Strengthen India’s Cooperative Ecosystem; Deliberated on Expanding Role of Chartered Accountants

The Institute of Chartered Accountants of India (ICAI), through its Committee on Commercial Laws, Economic Advisory & NPO Cooperative, organised the Cooperative Chintan Shivir, a platform for in-depth deliberations on the growing role of Chartered Accountants in strengthening the cooperative sector and reinforcing its contribution to India’s economic development. The programme focused on how professional expertise in areas such as governance, financial management, compliance, audit and advisory services can enhance transparency, accountability and efficiency within cooperative institutions.

The Cooperative Chintan Shivir, was held under the theme “Transforming India’s Economic Future through the Expanding Role of Chartered Accountants,” highlighted the critical role of the profession in supporting cooperatives to adapt to evolving regulatory frameworks, improve financial discipline and adopt best practices aligned with national development priorities.

The event was inaugurated by Shri Bhupender Yadav, Hon’ble Union Cabinet Minister for Environment, Forest & Climate Change, along with Shri Krishan Pal Gurjar, Hon’ble Union Minister of State for Cooperation and Shri Suresh Prabhu, Former Union Minister and Founding Chancellor of Rishihood University. The programme was held in the august presence of CA. Charanjot Singh Nanda, President, ICAI, and CA. Prasanna Kumar D, Vice-President, ICAI along with CA. Abhay Chhajed, Chairman, CCLEANC and CA. Pramod Jain, Vice-Chairman, CCLEANC.

On this occasion, Shri Bhupender Yadav, Hon’ble Union Cabinet Minister for Environment, Forest & Climate Change, said, “Chartered Accountants play a crucial role in upholding public trust through transparency, financial discipline, and ethical conduct. Strengthening India’s cooperative institutions through professional governance, timely audits, sound financial management, and technology-driven systems will ensure greater accountability, retain economic value within communities, and support inclusive and sustainable economic growth.”

Shri Krishan Pal Gurjar, Hon’ble Union Minister of State for Cooperation while addressing the participants said “Cooperative institutions are emerging as key drivers of India’s economic growth. Chartered Accountants, with their expertise in governance and financial management, can strengthen these institutions, ensure transparency and accountability, and enable communities to benefit from inclusive and sustainable development.”

Shri Suresh Prabhu, Former Union Minister and Founding Chancellor of Rishihood University stated “The cooperative sector has immense potential to drive India’s socio-economic development. Chartered Accountants bring the expertise, discipline and ethical standards needed to strengthen these institutions. By ensuring transparent and accountable governance, CAs can help cooperatives deliver tangible benefits to individuals and communities while contributing to the nation’s overall economic progress.”

CA. Charanjot Singh Nanda, President of ICAI, said, “Chartered Accountants are strengthening every sector by upholding ethics and enabling growth. Since 2014, ICAI has been playing a key role in empowering the cooperative sector through specialised training, technical guidance, uniform audit frameworks, and continuous capacity building, thereby reinforcing governance, transparency and financial discipline in cooperatives. This Chintan Shivir underscores our commitment to empowering cooperative institutions, promoting transparency and accountability and contributing meaningfully to inclusive development and India’s economic progress.”

CA. Prasanna Kumar D, Vice-President of ICAI, added, “ICAI has always stood for integrity, professionalism, and public service. Today, as Chartered Accountants engage with the cooperative sector, we have a unique opportunity to contribute to nation-building. By supporting cooperative institutions at the grassroots level, promoting good governance and enabling financial discipline, our members can empower communities and foster sustainable economic growth.”

During the event, the Concept Paper on strengthening India’s cooperative ecosystem was also launched. The Concept Paper outlines the strategic role of Chartered Accountants in enhancing governance, financial transparency, audit quality and capacity building within cooperative institutions.

Chintan Shivir hosted a series of thought-provoking panel discussions, experts examined critical aspects such as governance reforms, financial discipline, transparency and the expanding role of professionals in enhancing the efficiency and credibility of cooperative institutions. The event facilitated constructive dialogue between policymakers, professionals and key stakeholders, aimed at aligning cooperative institutions with contemporary economic, regulatory and compliance expectations. Emphasis was laid on professional capacity building, accountability, and sustainable growth of cooperatives through structured frameworks and adoption of best practices.

The Chintan Shivir concluded with actionable insights and policy-oriented suggestions focused on strengthening India’s cooperative ecosystem, in alignment with national development priorities and the vision of a resilient, transparent, and professionally governed cooperative sector.

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India. With over 15 Lakh Members and Students, today ICAI is the largest professional accountancy body in the world. ICAI has a wide network of 5 Regional Councils and 185 Branches within India and a global presence with 54 Overseas Chapters and 31 Representative Offices spanning 85 cities across 47 Countries worldwide.