In a strategic move, the Institute of Chartered Accountants of India (ICAI) is joining forces with the Ministry of Electronics and Information Technology (MeitY) to support the development of India's sovereign Artificial Intelligence (AI) model.

The collaboration seeks to provide financial and economic data from listed companies to improve the country's large language models (LLMs). These LLMs, set to be unveiled before the AI Impact Summit next year, are expected to enhance India's AI capabilities in various sectors, including finance and auditing.

The ICAI, known for its pivotal role in taxation and financial matters, is already leveraging AI for continuous auditing and fraud detection. It aims to reduce online financial frauds significantly by incorporating AI into its operations.

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