ICAI collaborates with MeitY for India’s sovereign AI mission, ETCFO
The Institute of Chartered Accountants of India (ICAI) has announced plans to collaborate with the Ministry of Electronics and Information Technology (MeitY) to support India’s national Artificial Intelligence (AI) mission. The institute will provide authenticated financial and economic data to developers working on India’s sovereign Large Language Model (LLM).
A senior ICAI functionary told ETCFO that discussions are underway with MeitY to share verified financial data of listed companies to help train India’s homegrown AI model.
“We are in discussions with MeitY. ICAI has a proposal to provide financial and economic data to the India-grown LLMs,” the official said. “We can give authenticated financial data for the LLMs.”
The institute clarified that the move would not violate the Digital Personal Data Protection (DPDP) Act, as only publicly disclosed data of listed entities will be shared.
ICAI in touch with 10 LLM developers
The ICAI confirmed that it is in contact with 10 companies developing India’s own Large Language Models. The institute’s contribution will focus on providing credible and structured datasets, such as balance sheets and audit reports of listed firms, to strengthen the accuracy and reliability of India’s sovereign AI system.
ICAI, which represents over four lakh members, plays a central role in accounting, auditing, and financial reporting standards in India. The move aligns with the government’s effort to create a sovereign AI framework powered by domestic data and expertise, the ICAI official said.
Sovereign LLM expected by February 2026
Earlier this month, Electronics and IT Secretary S. Krishnan said India’s sovereign AI model is expected to be ready before the India AI Impact Summit in February 2026. The model will form part of the government’s broader IndiaAI Mission, aimed at building indigenous AI capabilities and reducing reliance on global models.
ICAI also working to curb digital fraud
Alongside its AI collaboration, the ICAI is also developing mechanisms to combat online and financial frauds through digital verification initiatives. The institute expects these measures to help reduce such frauds by nearly 25%.
(The announcement was made during a media meet in Goa at ICAI’s session titled “Future of Audit – Leveraging AI to Empower Future Auditors.”)
