The Institute of Chartered Accountants of India (ICAI) has announced its Research Project Scheme 2024, offering substantial funding opportunities for qualified researchers in accounting and finance. With grants up to Rs. 10 Lakhs per study, this initiative aims to foster innovative research that advances the accounting profession and contributes to policy development.
Who Can Apply for ICAI Research Project Scheme?
The scheme welcomes applications from two primary categories of researchers:
- ICAI members with at least 10 years of post-qualification experience, either in professional practice or employed with reputed manufacturing/service organizations
- Experienced research scholars with Ph.D. qualifications or faculty members from recognized universities and institutes of high repute
Notably, candidates with published research papers in referred journals are preferred, though exceptions may be considered based on merit for those with less experience.
Key Research Areas for 2024
The scheme focuses on several crucial areas of contemporary relevance:
- Banking sector analysis, particularly regarding NPA impact on non-audited branches
- GST rate rationalization studies
- TDS provisions simplification research
- Analysis of obsolete laws and their implications
- Economic research on Tax-GDP ratio
- Development studies focusing on North-Eastern States
- Start-up ecosystem analysis (both Indian and global perspectives)
- Liquidation accounting methodologies
- Digital transaction accounting frameworks
Researchers can also propose innovative topics relevant to the profession, subject to approval from the Shortlisting Committee.
Application Process and Project Timeline
The application process is straightforward but comprehensive:
- Submit a detailed research proposal
- Include time and financial budgets
- Provide work experience documentation
- Submit at least one published paper from a referred journal
- Email all materials to [email protected]
Projects should typically conclude within 6 months of approval, though extensions may be granted with proper justification.
Expected Deliverables
Successful applicants must produce:
- A comprehensive research report or paper
- Conduct policy-oriented seminars and workshops
- Contribute to capacity building within the profession
- Implement practical solutions based on research findings
Intellectual Property Rights
All intellectual property rights, including copyrights and patents arising from the research, will vest with ICAI. However, researchers will receive due acknowledgment for their contributions.
Selection Process
The selection procedure follows a structured approach:
- Initial screening by the Research Committee secretariat
- Shortlisting of meritorious proposals
- Potential presentation before the Shortlisting Committee
- Final approval by the Research Committee
Why This Matters
The ICAI Research Project Scheme 2024 represents a significant opportunity for qualified professionals to contribute to the accounting profession’s development while receiving substantial financial support. The scheme’s focus on contemporary issues ensures that research outcomes will have practical applications in addressing current challenges in the field.
For more information about the scheme, interested candidates can visit the ICAI website
Final Thoughts: Whether you’re an experienced chartered accountant or a seasoned academic researcher, the ICAI Research Project Scheme 2024 offers an excellent platform to pursue meaningful research while contributing to the advancement of the accounting profession in India.
