India’s chartered accountants’ body, Institute of Chartered Accountants of India (ICAI), plans to provide financial and economic data of listed companies to the Ministry of Electronics and Information Technology (MeitY) for the development of the country’s own large language models (LLMs).
A senior official of the body said they are in talks with officials of MeitY to help contribute to creating India’s sovereign Artificial Intelligence (AI) model.
“We are in discussions with MeitY. ICAI has a proposal to connect with MeITY to provide financial and economic data to the India-grown LLMs,” the official said.
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He further said the institute has data on listed companies, such as their balance sheets and audit reports, which is “authenticated financial data for the LLMs” and can be beneficial to the language development.
On October 10, Electronics and IT Secretary, S Krishnan, said India’s sovereign AI model is expected to be ready before the AI Impact Summit in February next year. A two-day India AI Impact Summit 2026 will be organised on February 19 and February 20, 2026.
ICAI, which also plays a key role in taxation and financial matters, has more than four lakh members. It has already started using AI in its activities to help its members audit work, said the body, adding that it is taking AI’s help in automating repetitive tasks, enabling continuous auditing, and performing data analytics for fraud detection and risk.
The ICAI functionary also said the institute is working on ways to tackle online and digital frauds and hoped that around 25 per cent of such frauds can be reduced with its efforts.
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