Friday, May 16, 2014

Indian Economy towards Growth Momentum: Strategic Moves Needed

In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years. A large cross section of Indian Industry and Services Sector, including Public Sector has not undertaken any major expansion or diversification plans during last 2 years due to adverse economic outlook, uncertainty and major policy issues in the area of coal, power, ports, highways and banking sector. Even the agricultural sector has not received any major technical, financial or institutional support. The Litigative and aggressive approach of taxation wing, retrospective amendments, GAAR, proposal to disregard Double Taxation Treaties etc. had resulted in loss of Government credibility. The corruption related prosecutions and harassment of even genuine businesses, political leaders, bankers and Government officials had further spoiled the working atmosphere.

India has taken a new initiative in last few months, as an active democracy and has decided to bring in the forefront, a new visionary leadership to support every Indian to grow and prosper in an atmosphere of trust, honesty and transparency. The message of Indian democracy is clear, to jolt and push the economy into a creative growth momentum. The new Government need to support public initiative with transparent, visionary, development and growth oriented positive policies. The businessmen, professionals, agriculturist, bureaucrats, mind workers, hand workers, educationists, media, bankers, regulators and of course the common man need to be respected by the society for
their contribution and working atmosphere for each one has to improve. The Chartered Accountancy profession need to play a centre stage role to strategic and plan growth, contribute
in organizing and channelizing resources, putting necessary internal control and MIS to monitor growth direction, in an effective and efficient manner and support entrepreneurship initiative and provide them right direction. Our role is crucial to achieve the target of highest growing economy.The country, society and Government also need to ensure that education; medical facilities, justice, housing and all basic amenities are within easy reach of all Indians with good employment opportunities. It is important to eradicate corruption, bring transparency, fair and compassionate approach in the Government and Private Sector. India is committed to work as an integrated committed society without caste, creed or religion differentiation and will not tolerate any compromise on cultural and ethical values inherited from our ancestors.

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