Minister for Education and IT Nara Lokesh on Saturday described the “Institute of Chartered Accountants of India (ICAI)” as the backbone of India's intellectual power. He termed the institute as “young” though it has completed 76 years since its inception. Minister Lokesh was the Chief guest at the Mega CA students' meet titled "Spoorthi" organized by ICAI's Guntur chapter at Bandlamudi Gardens in Guntur. Speaking on the occasion, Minister Nara Lokesh complimented that ICAI is not only the largest institution in India but also the largest accounting powerhouse in the world.

Minister Lokesh mentioned how every government file that has budgetary approval in the administrative set-up needs an auditor's stamp of approval. He complemented that CAs are not just numerical analysts, they are the drivers of economic growth who help businesses raise capital and create jobs. He also complimented how governments value the inputs of CAs in governance decisions. “You don't just verify the balance sheets, you make up the financial backbone of the state. The New Age CA is more than just a calculator,”he remarked and asked CAs to be equipped with advanced technology, global awareness, AI-based communication, ethics.

Minister Nara Lokesh also stated that Chartered Accountants are spread across sectors such as professional taxes, law, banking, investments, technology and policy. He said that in line with Prime Minister Narendra Modi’s dream to become a $30 trillion economy by 2047 as part of the Vikasith Bharat, Andhra Pradesh Government also aims to achieve $2.4 trillion economy by then for which a growth rate of 15% is needed every year. He asserted that Chartered accountants have to play a key role in achieving this noble goal.