Prime Minister Narendra Modi has said that responsible and inclusive adoption of artificial intelligence will be crucial in accelerating India’s journey towards becoming a developed nation. (A file photo) | Photo Credit: PTI

Prime Minister Narendra Modi on Friday said responsible and inclusive adoption of artificial intelligence will play a vital role in accelerating India’s journey to become a developed nation. Meanwhile, Union Tourism and Culture Minister Gajendra Singh Shekhawat suggested that the chartered accountants’ body, ICAI, come out with assurance standards on artificial intelligence as part of efforts to ensure the responsible use of technology and curb potential biases in algorithms.

AI can transform accounting and financial professions

In a message to the AI Innovation Summit organised by the Institute of Chartered Accountants of India (ICAI), Modi said the accounting and financial professions are also witnessing rapid changes driven by technological advancements. “When used responsibly and allied with human judgement, AI-powered tools can improve efficiency, strengthen compliance, enable better decision-making and help professionals deliver greater value,” he said in the message, which was read out during the summit here.

Artificial Intelligence is reshaping industries and creating new avenues for productivity as well as innovation, he said. According to him, as India advances towards becoming a developed nation, responsible and inclusive adoption of AI will play a vital role in accelerating the journey. “The government is taking various initiatives as part of larger efforts to make India a developed nation by 2047,” Modi said while appreciating the invaluable contribution of the chartered accountants’ fraternity to the country’s progress.

“As India embraces the opportunities of the Al era, I am confident that the CA fraternity will continue to uphold the highest standards of integrity, while leading innovation and excellence in the financial sector, contributing to the building of Viksit Bharat,” he said.

ICAI urged to develop AI assurance standards

Meanwhile, inaugurating the conference, Shekhawat emphasised the need for continuous upskilling and keeping pace with technological evolution for chartered accountants and other professionals. “AI provides an opportunity for the country to lead with innovation, integrity and trust,” he said.

He highlighted the pivotal role of Artificial Intelligence and the Chartered Accountancy profession in driving development, innovation, and transformative change.

ICAI, which has more than five lakh members, is providing AI programmes to upskill its members. Shekhawat said the institute can consider developing assurance standards for AI, while also noting the challenges posed by algorithmic biases. “Chartered accountants are not just financial professionals but also the protectors of investor confidence,” he said. Further, while stressing the importance of responsible behaviour and trust, he said India is advocating for the responsible use of AI.

ICAI explores partnerships for AI tools

During the conference, ICAI announced an MoU with Sarvam. According to the ICAI President, Prasanna Kumar D, Sarvam is an Indian LLM. So, the priority is to them. “We are also in discussion with OpenAI and with Microsoft. We will get deployed LLMs which are available for training,” he said while adding that there is a thought of creating an LLM where the data will remain in the system, it can’t go out.

“Keeping in mind the data sovereignty, there are customised LLMs only for us. And nobody else can have access to it. The data will be only with us. It will be ready soon,” he added.

Published on June 26, 2026