ICAI to Power India's AI with Trusted Financial Data

• ICAI may share financial data to help build India’s sovereign AI model
• Talks underway with MeitY to support locally trained LLMs
• AI expected to reduce financial frauds and boost auditing efficiency

The Institute of Chartered Accountants of India (ICAI) is in talks with the Ministry of Electronics and IT (MeitY) to share financial and economic data of listed companies to support India's homegrown Artificial Intelligence model.

India is building its own sovereign Large Language Models (LLMs), and ICAI aims to contribute by offering verified financial data, such as audit reports and balance sheets. This data will help train Indian AI models with accurate and authentic information.

A Senior ICAI official said, “We’re in discussions with MeitY. ICAI has proposed to provide trusted financial and economic data to India-made LLMs”. The institute, which has over 4 lakh members, plays a key role in financial reporting, taxation, and audit practices in the country.

India’s sovereign AI model is expected to be unveiled before the India AI Impact Summit 2026, which will be held on February 19-20 next year, according to IT Secretary S. Krishnan.

ICAI is also using AI tools to assist its members in auditing by automating repetitive tasks, enabling real-time auditing, and analyzing data for fraud detection and risk assessment.

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The institute believes its initiatives could help reduce nearly 25% of online and digital financial frauds. It is also exploring more AI use cases to improve accuracy and transparency in financial reporting.

This move strengthens India’s efforts to create AI solutions rooted in local, credible data.