Friday, January 15, 2010

INDIA TOWARDS GROWTH – CA PROFESSION TO LEAD

After the world economic slowdown, the Indian economy and various stakeholders including
industries, service sector as well as capital markets has witnessed a long spell of pessimism and
negative sentiments, which impacted the growth rate severely. After the knee jerk reaction to the
world economic slowdown, the Indian economy has consolidated and is now poised towards a smart recovery.

The Industrial growth rate, growth rate in service sector, import as well as export have indicated signals of strong recovery, the upsurge in demand especially in steel, cement, power sector and infrastructure is strongly supported by a fifteen month high level of Sen sex - Nifty. The Indian businesses are not only gaining strength but also are spreading their wings internationally and the growth rate of International businesses lead by Indian entrepreneurs has crossed more than 20% compound growth in last three years. The growth of Indian Businesses internationally will gain further momentum in the current scenario of solid economic growth at the domestic front. The inorganic growth through international mergers and acquisitions as well as organic growth through setting up new businesses internationally by Indian entrepreneurs can pave the way to strengthen
Indian power in the international economic frontiers.

In the aforesaid backdrop, the Indian Chartered Accountant's role in strategizing and implementing
growth at domestic front as well as internationally is crucial. The entrepreneurial outlook among the Chartered Accountants community including those who are in employment as well as those who are in practice needs special attention. The conservatism as an accountant or as an auditor is to
be super imposed by risk taking entrepreneurial attitude to not only guide Indian businesses towards the right direction of growth but also to ensure that the growth is sustainable in the long run. The profession needs to gear up necessary capacity to deliver services, ideas and strategies to meet larger
challenges of being among st the ten largest economies in the world. We need to professionalize the entire delivery mechanism to set international benchmarks of excellence, which can be followed by the world. The castles of cards like Lehman Brothers need not be built up and let the growth be
more solid and transparent coupled with innovation and new techniques of financial engineering.
The Indian Chartered Accountant firms need to gear up for not only national presence but have to immediately plan international setups toward truly Indian multinational accounting firms. On domestic front, we are already gearing up to give tough competition to multinational foreign accounting firms, which need to be strategized, capitalized and implemented with a difference. What is needed is confidence, entrepreneurship, excellence in professionalism with typical Indian touch.

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