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Fitting into newer moulds

Amit Kumar Garg |

In today’s scenario, the roles of chartered accountants are increasing in India and other nations. Their job is no more limited to offering monetary advice, audit accounts and provide trustworthy information about financial records.

There are many other areas where they play a versatile role. They are planners, thinkers and innovators at both macro and the micro level. Their presence in an economy is an additional booster for the growth in GDP, employments generations, infrastructure development and many other areas. Recently Prime Minister Narender Modi rightly said that the Indian chartered accountants are known across the world for their IQ and quality deliverance.

Their roles are immense and they are the rishi-munis of Arthsastra. Often we see that CAs are only meant for audit of financial statements and application of tedious taxation but they also play the roles of entrepreneurs, ministers, investors, lawmakers, CEOs, CFOs, bankers, and so on. They constitute the first layer of vigil mechanism who has capability and skills.

They are also the key man for all spectators, stakeholders like shareholders, creditors, financiers, public, etc. Some of the famous chartered accountants who are playing vital role in the Indian economy are Kumar Manglam Birla, Suresh Prabhu, commerce and industry minister, Piyush Goyal, railway minister and many others.

CAs had proved their skills in every trade and industry as no economy can run without consultation and suggestions of these professionals. Even in every enactment of any bill, the suggestions and advice of a CA becomes necessary as they understand the new laws and its application. Recently Indian government changed the entire indirect tax regime wherein CAs had played an imperative role. Despite being low in numbers across India, CAs have handled GST pretty well and explained each and every provision to all trade and industry.

Today the small and medium-sized enterprises sectors are in panic for implementation of GST in their trade. This complex law is not easy to understand and this is where a CAs’ role becomes significant as they can explain it well to all such sectors across the country. However, I have noticed that in Indian bureaucracy the CA’s recruitments are really low.

They should have some recruitment cell wherein special categories of professionals should have direct entry at various level of bureaucracy as the course content is vast and dynamic. A professional in this field is the back bone of our nation.

Since they are playing their roles at every level, the Government should open a new window in its bureaucracy for them.

(The writer is managing partner, AKGVG & Associates New Delhi)