<h1>ICAI Opens Third Centre of Excellence in Kolkata, Aiming for Global Leadership in Accounting Standards by 2047</h1> The Institute of Chartered Accountants of India (ICAI) inaugurated its third Centre of Excellence in Kolkata, aiming to establish India as a global hub for accounting standards. This facility, following those in Jaipur and Hyderabad, spans two acres and cost Rs 50 crore in its first phase. ICAI plans to build eight more centers in three years, with a vision to develop indigenous accounting standards by 2047. The initiative is part of a broader strategy to enhance India's role in the global financial accounting ecosystem and improve the tax-to-GDP ratio, currently hindered by low taxpayer participation.