Union Minister Piyush Goyal Outlines Economic Road Map at ICAI Conference

Union Minister of Commerce & Industry, Shri Piyush Goyal,  delivered an address on "Viksit Bharat@ 2047 - The Road Map," outlining the future trajectory of India’s economic development, at the 38th Regional Conference of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI), in Mumbai today.

Speaking on the occasion, Shri Goyal, a Chartered Accountant himself, said, "ICAI has prepared us to become good citizens". The rigorous course, having high quality curriculum that the Institute continuously revamps, has made this one profession which evolves with time and helps to see things with a wider world perspective, he added. The courses that a CA and law student undertakes prepares them to serve the nation and to take the Indian economy from 3.5 trillion to 35 trillion dollars when the country will celebrate 100 years of Independence, he further said. He urged all CAs to become ambassadors of Viksit Bharat and said that their hard work will bring about development of the country. In the next 6-8 years, the number of CAs will increase to 10 lakhs, he added. He further  urged them to provide comments and suggestions for simplifying IT Act and other acts and rules for decriminalization of provisions, easing compliances and Ease of Doing Business. He also adviced budding CAs to learn about AI, Deep Tech, Machine Learning and master all new technologies.

Addressing the members of ICAI, he further said, "In the coming years, 4 lakh+ CAs will be at the forefront of crafting the future of India". He added that the country's farmers, factory workers, doctors, engineers and various professionals are working to make India grow.

Shri Goyal said that today India is in a prized position in the world while developed countries are facing recession and high inflation. "India is like an oasis in a desert", he said. He informed that recently IMF has stated India's growth rate to be 7 per cent. "My desire is India should grow in double digits", he added. By combination of monetary and fiscal policies, inflation is kept tamed in India, said the Union Commerce and Industry Minister.

Shri Goyal further stated that despite wars in various places across the globe, India's economy and exports are growing. Imports are also growing which indicate economic prosperity and demand, which will encourage investments and create more jobs in the country. "We have been able to have a strong macro-economic situation. Global institutions have shown trust in the India growth story", added the Union Minister.

Union Minister Shri Piyush Goyal further stated that over the last ten years, a strong foundation has been laid to build a sky scraper of an economy where plethora of basic needs have been met and 1.4 billion Indians are dreaming to achieve a bright future.

He also stated that India is not weak anymore and an Indian passport begets respect all over the world. "No power in the world can stop India because of the strong leadership which instils confidence in countrymen", said the Union Minister. Shri Piyush also said that under the leadership of PM Narendra Modi, India's economy has been uplifted from the fragile five to the top five economies in the world. The foundation for a brilliant and bright future for India has been laid, he added.

The two-day conference is being held under the theme “सशक्त CA – विकसित Bharat”. It was inaugurated today morning in the presence of Shri Ashish Chauhan, MD and CEO of NSE; Shri Ashwani Bhatia, WTM, SEBI; Shri Dinesh Kumar Khara, Chairman, SBI, amongst key dignitaries from industry, government and academia.

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India and currently has more than 9.85 lakh students and over 4 lakh members. ICAI has a wide network of 5 Regional Councils and 176 Branches within India and a global presence with 50 Overseas Chapters and 31 Representative Offices spanning 81 cities across 47 Countries worldwide. WIRC is one of the five regional councils located in Mumbai.