Sustainability an Important Decision-Making factor in govt, Corporate World: Goyal

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Virtual International Conference 2020

2020 International Virtual Conference, 17 December, New Delhi (PTI) The country’s corporate sector and government both now weigh sustainability while making decisions. Union Minister Piyush Goyal said on Thursday.

According to the commerce and industry minister, sustainable development will accelerate and broaden growth in the next few years. He was speaking at a virtual conference that the Institute of Chartered Accountants of India (ICAI) had put together.

Goyal continued by saying that the current circumstances offer a special chance to innovate, reinvent, and realign different practices and processes. While doing so, sustainability is the principle that must direct our future plans, judgments, and deeds, as Goyal emphasized.

According to him, India is moving quickly towards fulfilling the goals of “Aatmanirbhar Bharat” in order to increase its industrial capacity and place in the world economy. The minister pointed out that doing so would require boosting the MSMEs’ ecosystem. Goyal asserts that “India is undergoing a series of radical reforms that are altering our mindset and reducing our actions, ambitions, and goals.”

Anurag Singh Thakur, a minister of state for finance, echoed the sentiments, saying that Prime Minister Narendra Modi’s economic plan, Aatmanirbhar Bharat, aims to promote sustainability as well as self-reliance across sectors.” In 2014, when the Modi government came to power for the first time, it inherited an economy that was part of the ”Fragile Five” global economies and foreign He claimed that investors were withdrawing money from India. “However, in the last six years, we have consistently introduced reforms that have brought about significant change, and now all indicators, from inflation to fiscal deficits to forex reserves, indicate a relatively steady and sustainable economic situation, from GDP growth to financial inclusion to current account deficit.

He also pointed out that by tackling the task of connecting India’s 6 lakh villages with an optical fiber network, a digital highway has been constructed for the development of the banking and financial industry. India can achieve double-digit growth in the coming years through a well-balanced mix of digital services and manufacturing base expansion, according to Thakur. “In the past three years, 1.5 lakh gram panchayats have already been connected, and the rest of the 1 lakh gram panchayats will be connected within the next 12 months,” Thakur said.

ICAI kicks off Virtual International Conference 2020

The Annual flagship event of the Institute of Chartered Accountants of India (ICAI) i.e.

The Chief Guest Shri (CA.) Piyush Goyal, Hon’ble Minister of Railways, Commerce & Industry, Consumer Affairs, and Food & Public Distribution, launched the International Conference 2020 today via virtual mode in the presence of the Guests of Honour Shri Anurag Singh Thakur,

Hon’ble Minister of State for Finance and Corporate Affairs, and President of the International Federation of Accountants (IFAC), Mr. Alan Johnson.

Also present were CA. Atul Kumar Gupta, President, CA. Nihar N. Jambusaria, Vice-President, ICAI , CA. Prafulla P. Chhajed, the organization’s past president, and ICAI’s central and regional council members.

All of the prominent attendees were warmly welcomed by Shri Rakesh Sehgal, Acting Secretary, ICAI, who remarked, “Virtual International Conference 2020 really reflects the need for out-of-the-box ideas, innovations, & initiatives. With this, the CA profession has aided in the recovery of the economy and opened up more opportunities in the new normal.

ICAI recognizes that the future of the profession lies in the ability to change, evolve & adapt to changing environments and this 3 day Conference is going to be an excellent explanation to help with empathy and learning best practices in line with shifting market realities.

The ICAI organizes the ICAI International Conference every year in recognition of its duty and obligation to the stakeholder community and as a means of advancing the public interest through resilient practices for a thriving economy.

The ICAI is holding its signature event under the theme “Accountancy Profession: Augmenting Economic Sustainability” in virtual form, nonetheless, in light of the current challenges created by the pandemic. Pandemic in place With the pandemic enforcing the new normal, the conference would dwell deeper on various strategies, innovations, and initiatives, through which the profession can support the economy.

Virtual International Conference 2020. At the inauguration ceremony, Shri (CA.) Piyush Goyal, Hon’ble Minister, congratulated the CA Fraternity and remarked, “While serving the nation for over 70 years, the ICAI has done well. through imbibing the qualities of integrity, competence, honesty, and regard for society.

I admire the ICAI’s efforts in gathering all the stakeholders to discuss ideas, innovations, and initiatives that the international accountancy profession may use to ensure its sustained resuscitation.

I am happy to inform you that in India, sustainability has emerged as a critical component of decision-making in both the public and private sectors,” the honorable minister stated.

Growth will be stimulated by sustainable development, which will increase both the rate and the magnitude of growth in the years to come. The CA fraternity, who are frequently referred to as process advisors and gatekeepers, will no doubt lead their organizations through this crisis and help businesses and the economy recover. dilemmas into bigger opportunities.

During the three-day virtual conference, topics including taxation, data analytics, sustainable growth, MSMEs, innovation, and similar ones will be discussed. Delegates will have a good chance at this Conference to understand the difficulties and opportunities that come with dealing with areas of current and rising interest in the global economy.

More than 5,000 people from around the world are attending the three-day conference, which is divided into 13 sessions and features 60 speakers. The Hon. Minister, Shri Anurag Singh Thakur, said, “The theme of the Conference in these times of pandemic is quite fascinating.

The role of the CA fraternity is crucial to the success of Corporate India. In boosting India’s soft power in the accounting industry, ICAI has done an admirable job.

Hon’ble Minister reiterated “ I have addressed the CA fraternity thrice in last 6 months and really appreciate the constructive role being played by ICAI in the overall development of CA profession.

63 cities throughout the world are home to ICAI’s global presence. Acting as India’s unofficial ambassadors, the Institute’s branches and chapters abroad are performing an excellent job.

I ask for the ICAI and the support of the entire accounting community in this conference to connect, work together, and communicate in any way possible in support of India’s Atmanirbhar Bharat Economic Strategy.

The ICAI has played a pivotal role in developing a resilient reporting framework for sustained economic growth of the nation in the last seven decades. The accounting profession has worked to implement the best practices and standards from throughout the world for a strong foundation for financial reporting and assurance, inspiring confidence among the stakeholders.

In terms of the issues brought on by the COVID-19 epidemic, the title of the Virtual International Conference is quite appropriate,” CA. Atul Kumar Gupta, President, of ICAI, said in his opening remarks.

Communication technology and technological advancements in this period are developing at a revolutionary rate and have completely revolutionized the new business and service delivery ecosystem. In order to achieve sustainability in all continuing activities, professional accountants and the Chartered Accountancy profession have a significant role to play.

I firmly believe that the Accountancy Profession has at its disposal, with their skills and experience, a wide range of solutions to meet the challenges of sustainable development,” continued the ICAI President.

Professional Chartered Accountants can serve as value producers, providers of sustainable development values, and keepers and reporters at various levels of organizations.

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