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As India steers global growth, urged our CAs to contribute actively in navigating global economic headwinds : Piyush Goyal

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MUMBAI : The 21st World Congress of Accountants unveils in Mumbai More than 9000 Delegates from over 100 countries congregate at the Biggest Accounting Festival in India. The 4-day event was inaugurated by Shri Om Birla, Hon’ble Speaker of Lok Sabha and Smt. Nirmala Sitharaman, Hon’ble Minister of Corporate Affairs & Finance delivered a keynote address.

While welcoming the guests at the event CA. (Dr.) Debashis Mitra, President, ICAI said, “It’s an absolute pleasure and privilege for ICAI to welcome delegates and guests from across the world who have joined us here in Mumbai to inaugurate the 21st World Congress of Accounts. ICAI is one of the premier accountancy body of the world and we are hopeful that the 21st WCOA will be an exemplary event that will generate new ideas, innovations and strategies on the global economic challenges and engender economic growth and development leading to sustainable economy.”

India has earned its name as a trusted partner, particularly during the Covid pandemic, emphasised Union minister of Commerce Shri Piyush Goyal. The minister projected that India will help the world navigate the economic recovery. “India will lead from the front, because nowhere else in the world, my friends, is there a market, which will absorb maybe 200 million dishwashers, or 200 million washing machines or maybe 200 million automobiles. Show me one other part of the world, which has a market of the dimension and size of India,” he emphasised.

Speaking on the topic of ‘Navigating the Global Economic Recovery’ at the World Congress of Accountants (WCOA), Goyal continued, “India did not let down a single customer anywhere in the world for any good or service. Indian business has met every commitment that was made to anybody in the world — for any merchandise, any service, any back office operation or any R&D work. India was at the forefront of the collective fight against Covid, and today more and more countries want to engage with India. They want to have economic partnerships, they want to do free trade agreements, it is a reflection of the times to come.”

On Saturday, at the same event, Industrialist and Chairman of Adani Group Gautam Adani had anticipated that India was on track to be a $30-trillion economy by 2050. To fast-track economic growth in India, all the building blocks are currently being prepared. There is a large focus on infrastructure, on having strong macroeconomic fundamentals, on improving the ease of doing business by reducing compliances and decriminalising various laws. These steps make it more attractive to come and do business in India, he said.

Mr. Alan Johnson, Outgoing President, IFAC, said “It’s my honour and privilege to welcome you all to 21st WCOA. Since 1904; IFAC has been the global voice of chartered accountants in the world. World Congress of Accountants in the next upcoming days, will host panels addressing the following areas in accountancy: Public interest in sustainability, the reliability of stakeholder on accountancy, navigating economic recovery, enhancing trust and confidence in sustainable insurance engagement and championing integrated mindsets. We are proud to collaborate with ICAI and India to bring forth this event here in Mumbai. This Congress in fact the largest gathering in the history of congress.”

Goyal, a rank-holder of the Institute of Chartered Accountants of India (ICAI), was introduced as ‘the poster boy of the CA community in India’. He urged the global accounting community to come together — perhaps form an international body of accountants, which could harmonise the standards of reporting, the regulatory standards, to help business and governments in different parts of the world. Synchronised accounting will help enforce partnerships between like-minded nations, who can work with each other.

Shri Goyal has also tweeted, “As India steers global growth, I urge our CAs to contribute actively in navigating global economic headwinds with their requisite skill-sets and clarity of vision.” He further shared, “The progress of India’s GDP in the last 25-30 years has improved by 11 times, that is, $270 billion to $3 trillion today. We are working towards a vision to make India a ‘Developed Nation’ by 2047. To conclude, economic recovery for India is a world vision. We believe in ‘One earth, one family, one future’, aka ‘Vasudhaiva Kutumbakam’, which is the theme of our G20 presidency starting from December 1, 2022.”

Extending the vote of thanks; CA. Aniket S. Talati, Vice-President, ICAI said, “ICAI welcomes you all at the opening ceremony of the 21st World congress of Accountants. It’s a matter of great pride for us and the entire country to host this prestigious event for the first time. This conference will provide a platform to connect with the best-in-the-world from the accountancy and the finance profession and to deliberate issues of professional importance & economic development.”

Meanwhile, former Union minister Suresh Prabhu said, “Startups are a new catchword, but innovation has been there since the invention of fire. In today’s time, the innovation of technology is one such idea and it drives innovation, backed by funds available giving us successful startups. Today, India’s startup industry ranks 3rd in the world and can grow with a strong startup ecosystem, much like the US’s Silicon Valley. Through this ecosystem we can make any idea into a successful business venture, they can take a business venture into a level wherein those who invest as well those who created the idea all benefit — a win-win formula.”
“Through this congress, let us identify the problems and find out the entrepreneurial solution to those problems. I would urge all the members from the accountancy profession to find out if we can create an ecosystem where we vet an idea and identify solutions reducing the rate of failure and offer it to the entrepreneurial community as a viable business idea in an early stage creating a startup with great potential to become a business venture.”

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