"India to be 3rd largest economy by 2028"
India will follow China and the U.S to become the 3rd largest economy of the world by 2028 and this will see a huge rise in the demand for chartered accountants in the nation as told by Subodh Agarwal, President, Institute of Chartered Accountants of India at the convocation ceremony of the institute at Kalamandir in Kolkata on Monday.
"The country requires more and more CAs but the time being one of an economic slowdown there has been some impact upon the recruitment factor although that is a cyclical phase and hopefully within a period of six months to one year there will be a huge requirement for these professionals" Agarwal said.
The convocation which was the first one in Kolkata this year, witnessed the felicitation of more than 3000 students enrolled for the period of September 2012 to November 2013.
The rank holders of the November 2012 and May 2013 were distributed certificates as well.
Commenting on the scope of the govt. offices for chartered accountants Agarwal added that the govt. has also set up a body called GASAB meant for the standardization of accounting in govt. departments like the Railways etc.
"The urban local bodies like the Kolkata Corporation are also in need of trained professionals for the conversion of their accounting system" said Agarwal.
Agarwal laid emphasis while mentioning the setting up of the CRET (Committe for Regulation of Examination Training) this year within the next two to three days, which will evaluate in consultation with the stakeholders, regulators and other industry members the exact requirement of the industry in the present times and accordingly incorporate changes in the course curriculum if required.
"We try to maintain a methodical education and examination system by changing the syllabus every 5 to 6 years which keeps us fully geared up to address the demand for CAs in the economy from time to time" said the President.
He added saying that the discussions on whether 'Public Finance' should be included within the syllabus are doing the rounds.
Elaborating on the expansion agenda of the institute the authorities said that apart from its Russell street campus ,Kolkata is about to get another one in the Rajarhat area where land has been already acquired to build the 30,000sq.ft campus.
In the North East the ICAI branches are about to come up in Dibrugarh and Tinsukia (apart from the existing one in Guwahati ) where students will be able to pursue the three year course for a Rs.40,000 course fee.
Speaking on the various initiatives undertaken by the institute and its association with different economic activity, Agarwal said, "Recently the GOI wanted us to evaluate the VDS system that was implemented on service taxes on December 31and see if any changes were required following which we have requested the finance minister to address all our stakeholders on the issue and on Dec 16 in the North Block he addressed more than 27000 CAs from across the globe through a Webinar."
"Secondly with the Twelfth Finance Commission mandating all govt. organisations as well as the urban local bodies to convert their single entry system of accounting to double entry one, we are into building the capacity of govt. department officials and regulators so far as government accounting is concerned. Recently we have also imparted training to the Department of Post and Telegraph" he added.
(Posted on 07-01-2014)