Chartered Accountants Play Crucial Role In India’s Economic Growth, Says KTR

BRS Working President K. T. Rama Rao (KTR) on Saturday said that Chartered Accountants (CAs) are playing a vital role in shaping India’s economic progress and have emerged as the backbone of the country’s financial system.

Addressing the convocation ceremony of the Institute of Chartered Accountants of India (ICAI) at Anvaya Convention in Hyderabad, KTR said the role of CAs has expanded far beyond tax filings and audits, with professionals now contributing significantly to strategic business growth, financial transparency and nation-building.

Congratulating the graduating students, KTR noted that the CA course was once considered extremely difficult, discouraging many students from pursuing it. However, he said those who successfully complete the course after overcoming pressure, setbacks and repeated challenges prove their ability to face any professional hurdle with confidence and determination.

Highlighting the changing economic landscape, KTR said the rise of GST reforms , evolving taxation systems and India’s booming startup ecosystem have made chartered accountants indispensable to both private companies and government institutions. He added that increasing incomes, expanding businesses and improved compliance in tax payments have sharply increased the demand for CAs across sectors.

Speaking about Telangana’s economic growth, KTR described the state as one of the country’s most successful hubs for startups and innovation. He said professional financial management and structured taxation systems have helped governments generate stronger revenues, which in turn support welfare and development programmes.

Citing official figures, he stated that Telangana’s own tax revenue recorded growth of more than 37 per cent between 2014 and 2023 , which he claimed was higher than any other Indian state during the same period. He further said the state’s overall revenue growth increased from 14 per cent to 24 per cent , while per capita income rose from around Rs 94,000 before state formation to over Rs 3 lakh by 2023 .

KTR asserted that Telangana has outperformed larger states such as Gujarat, Maharashtra, Tamil Nadu, Karnataka and Haryana in terms of per capita income growth.

Emphasising the importance of technology in the profession, KTR advised the new generation of chartered accountants to focus on Artificial Intelligence (AI) and emerging digital tools. He said technology can significantly improve productivity and help professionals deliver more efficient and accurate services.

He also urged students to always remember the sacrifices made by their parents and encouraged them to continue striving for excellence while staying grounded in gratitude and discipline.