If ICAI has been vested with powers under the Act to "restrict" the results or otherwise manipulate it, then it should also be made liable to come out with explanation of factors that affected or modified the results. Also, ICAI shall also disclose the basis that it used to restrict the results or otherwise modify them.
If demand-supply theory is the reason ICAI restricts or modifies the results, then I guess the ICAI also presumes that CAs will be working in industry only. And if that is the case, then I believe ICAI shall be scrapped. Let the FICCI and CII set the evaluation criteria and evaluate the students. Atleast in that case, the qualifying people will be acceptable across industry. And if the previous higher pass percentages were reflection of higher demand for CAs, then I still wonder why many of them are still unemployed or underemployed.
I do not mean any personal offence to anyone, but the fact today is that a number of students have qualified as Chartered Accountants only because that they have got 400 marks out of 800, though they may not possess any other trait of being a CA. On the contrary, there are a number of people who are as brilliant as Chartered Accountants or perhaps even better than them, they aren't CAs only because that they have not managed to get 400 marks out of 800. Many such examples are available in Industry today. (I repeat that I do not mean any personal offence to anyone, neither I am writing this because of frustration of failing nor I mean to say that I am otherwise brilliant. Please do not get me wrong)
Also Sir, I request your opinion on inclusion or non inclusion of Economics at various stages in CA curriculum. And sincere thanks for providing the links to the articles, they surely are of great help and guide.