Indian economy is seeing rapid recovery and with collective effort of 130 crore Indians will soon bounce back to normalcy, Piyush Goyal, Union Minister for Commerce and Industry, Railways, Food and Consumer Affairs and Public Distribution, has said.
Addressing a virtual international conference organised by CA Institute on the theme “Accountancy Profession—Augmenting Economic Sustainability”, Goyal said that India has converted the Covid-19 crisis into an opportunity and that he sees a bright future for the economy.
Urges CA fraternity
Stating that chartered accountants are in an unique position to guide corporates efficiently and effectively in post covid-19 world, Goyal urged the CA fraternity to move beyond their confines of financial advisory role to manage the triple bottomline of profit, people and planet for businesses to stay in business and succeed.
“India is progressing rapidly into a hub of manufacturing and expanding our growth in global economy. CAs have to guide the MSMEs and bring practical issues affecting them to the attention of government and augment efforts for building self reliant,” Goyal said.
He highlighted that sustainability has become an important element of all decision making.
“Sustainable development does not mean we give up on pursuing economic growth. Sustainable development will spur growth and further enhance the scale and speed of growth in the years to come”, he said.
International Federation of Accountants (IFAC) President Alan Johnson said that creation of new Sustainability Standards Board to sit along with the International Accounting Standards Board (IASB) would meet the need for better information on sustainability.