Budget proposals aim to establish stable regulatory environment, enable cos to focus on growth: ICAI

Chartered accountants' apex body ICAI on Sunday said the proposals in the 2026-27 Union Budget aim to establish a stable regulatory environment that enables enterprises to concentrate on innovation and growth. Finance Minister Nirmala Sitharaman presented her ninth consecutive Budget where she kept away from any populist announcements. ICAI President Charanjot Singh Nanda said proposals in the Budget align with the overarching objective of the Income Tax Act, 2025 -- simplifying legal language and mitigating litigation to foster trust and accelerate decision-making. ''By ensuring transparency and precision in the law, these measures aim to establish a stable regulatory environment that enables enterprises to concentrate on innovation and growth, thereby advancing the ease of doing business,'' he said in a statement. The Institute of Chartered Accountants of India (ICAI) has more than 5 lakh members. He also welcomed the proposal for corporate mitras to help MSMEs (Micro, Small and Medium Enterprises) meet compliance requirements. ''ICAI is happy to be entrusted with the task of designing short-term, modular courses and practical tools to develop a cadre of 'corporate mitras', especially in Tier-II and Tier-III towns to help MSMEs meet compliance requirements at affordable costs,'' he said. In her speech, Sitharaman said the government will facilitate professional institutions such as ICAI, ICSI, and ICMAI, to design short-term, modular courses and practical tools to develop a cadre of 'corporate mitras', especially in Tier-II and Tier-III towns. These accredited para-professionals will help MSMEs meet compliance requirements at affordable costs. Separately, the Institute of Company Secretaries of India (ICSI) said the Budget emphasises on strengthening human capital through education, skilling, building digital infrastructure, innovation, and research, along with accelerating regulatory reforms to improve business environment and voluntary compliance. It also appreciated the government's proposal for developing corporate mitras to help MSMEs.