Subsequent to a communication from Ministry of Corporate Affairs, a meeting was held on 8th March, 2017 under Chairmanship of Joint Secretary, Ministry of Commerce which Joint Secretary, Ministry of Corporate Affairs also co-chaired; with Stakeholders and Industry Association to develop Short & Long Term Action Plan to provide services in Accounts and Finance Sector to access overseas markets.

After the meeting, ICAI has been asked to give a report inter-alia covering the following aspects:

• Identification of the accountancy, finance and related services with the potential of exports and related geographical markets.
• Assessment of skill requirements and building capacity for accessing the markets.
• Whether the present legal structure of the organization is able to cope up with demand & opportunities exist in global market – what are the GAPS and how to overcome the GAPS.
• Identify the regulatory impediments which are coming in way of signing of MOUs/MRAs and suggestions from ICAI to overcome the same.
• To make ICAI competitive in global market, what regulatory changes are required in ICAI framework.
• How to prepare an aggressive road map for better engagement & opportunities in global market e.g. Foreign Language Module.
• What could be the maximist offer for GATS after studying the offers given by other Countries.
• What approach should ICAI follow for up skilling semi-skilled accountants and also to explore opportunities for placement in India & outside India especially in commonwealth Countries.

A copy of note circulated by Ministry of Commerce at the meeting is enclosed.

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group for formulating a detailed action plan for submission to the Ministry in the aforesaid matter; with the following composition:-

• CA. Sanjay Kumar Agarwal, (Convenor of the Group)
• CA. Tarun J. Ghia, Member
• CA. (Dr.) Debashis Mitra, Member
• CA. Mangesh P. Kinare , Member
• CA. M P Vijaykumar , Member

Shri Rakesh Sehgal, Director, will act as a Secretary of the group.

The said Group will submit its report within 15 days of its formation.