The Institute of Chartered Accountants of India (ICAI) and CNBC-TV18 have recently concluded Season 2 of their flagship awards, CA Business Leaders- 40 Under 40 in Mumbai. The event was a grand success with participation from numerous industry leaders, policymakers, dignitaries and key ICAI personnel. The prestigious institute celebrated the exceptional achievements and outstanding contributions of 40 young and dynamic Chartered Accountants (CAs), who have demonstrated excellence and commitment in their respective fields.
CAs are the growth pillars of our economy. They play a crucial role in nation-building. With their financial expertise, they guide the nation toward implementing measures in the realms of finance and economics that enhance the country's Gross Domestic Product (GDP) and industrial growth.
This article highlights key discussions from the virtual townhall where ICAI key representatives and winners of CA Business Leaders Awards 40 Under 40 Season 2 shared their views on India’s current growth trajectory and the contributions of CAs in propelling India towards global leadership through their financial expertise, strategic insights, and ethical governance.
In this context, CA. Aniket Sunil Talati (Honourable President, ICAI) shared his views saying, “India is aiming to become the third largest economy in the world by 2030 and a developed economy by 2047. CAs play a significant role in fuelling these developments and ensuring the compliance and financial well-being of businesses. Their expertise is instrumental in guiding businesses to navigate legal complexities, ensuring adherence to regulations, and preparing financial statements in alignment with global best practices.”
CA. Ranjeet Kumar Agarwal (Honourable Vice President, ICAI) further shed light on the financial trajectory of businesses in the upcoming decade. He added, “With 12.5 lakh members and students, ICAI stands as one of the largest accounting bodies in the world. The CAs are playing a pivotal role in the growth and development of the nation and are directly shaping the trajectory of our progress.”
CA. Durgesh Kumar Kabra (Chairman, CMI&B, ICAI) says, “With the government’s focus on ease of doing business in India, businesses today are capitalizing on favourable policies and regulations introduced by the government concerning tax regime, capital grants, social causes, environmental standards, GST regime, and others.”
While speaking about the expanding role of the CAs and CFOs in India’s growth story, CA. Rohit Ruwatia Agarwal (Vice Chairman, CMI&B, ICAI) says, “CAs and CFOs lead the growth which is evident in the fact that today 5 out of 100 unicorn founders in India are CAs. Besides, CAs are vital in PSUs, banks, and private entities, which symbolises their evolving role in this dynamic era.”
In the next session, the winners of the CA Business Leaders Awards Season 2 expressed their views and shared valuable insights on strategies and ways forward for India to become the land of economic opportunities and gain the trust of the world. Some of the common viewpoints that we gathered from the discussion are highlighted below.
For India to become the next economic powerhouse, we need an increased focus on digital transformation, innovation, and research and development. Furthermore, investment in infrastructure and economic reforms need to be prioritised. In addition, there is a growing need to focus on manufacturing capabilities in India.
FDI investments can help our economy grow faster and therefore, we need to focus on streamlining regulations and simplifying bureaucratic processes and at the same time ensure ease of doing business in India to attract more domestic and foreign investors.
After hearing the views of CA Business Leaders Awardees, CA. Durgesh Kumar Kabra made closing comments saying, “For India to continue the progress at the same pace, ongoing reforms in economic and manufacturing policies are imperative. Furthermore, the young talent of ICAI plays a vital part in fortifying and enhancing the nation's economy."
After the resounding success of Season 2, we eagerly await the CA Business Leaders Awards 40 Under 40 Season 3 with bated breath.
Note:
This is a partnered post.
First Published: Jan 15, 2024 5:23 PM IST
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