ICAI welcomes the Economic Survey 2011-12

Economic Survey 2011-12

The ICAI welcomes the Economic Survey 2011-12 highlighting the thrust and focus areas of the requiring policy level impetus. The Service Sector like past few years has emerged as the largest contributor to share in the GDP going upto 59% and the Sector itself is growing by 9.4%. The accountancy sector has played the role of fulcrum in the story of Economic Momentum by providing a creditable system of Financial Reporting and Assurance Services

The Economic Survey makes a special reference to the weakness related to availability and quality of service data and this is an area which requires a Special Focus due to the generalized nature of the Services and its classification issues.

The Economic Survey recognizes that India's chartered accountancy profession is highly developed with the potential to become internationally more competitive. Accounting firms are integrated entities providing related services such as management consultancy, corporate finance, and advisory, in addition to their core business of Accounting, Auditing and Tax services. The Indian Regulations in force require only firms registered with the ICAI to practice the profession of chartered accountancy. All the firms are required to register with the ICAI by following the regulatory mechanism as applicable.

The ICAI is fully conscious of the fact that the comparative advantages for the Indian professional lies in provision of services through cross border trade, consumption abroad and movement of natural persons mode. In order to explore professional opportunities for the Indian accountants abroad, the ICAI is pursuing hard for the mutual recognition agreement with the accounting bodies abroad to address the issues of equivalence of qualification.

ICAI is building sustainable capacity of its Members by providing internationally benchmarked education, training and continuous professional education and is of conviction that its members have the capability to render professional service in any part of globe provided level playing field exists and free and fair market opportunities are available. The capacity building of the members and firms constituents continue to be a high priority area on the ICAI’s Agenda.