The Heart Of The Economy

As we celebrate the 78th Independence Day of India, we find ourselves at a pivotal juncture in our nation's economic journey. India’s dream of becoming a $10 trillion economy is not just an ambitious goal but a significant milestone on the global stage. Achieving this vision requires more than just robust policies; it demands stability, discipline and the unwavering commitment of those who safeguard our financial systems – our chartered accountants (CAs), international consultancies, particularly the Big Four firms and local leaders. These economic guardians are essential to  ensuring that India’s growth is sustainable and resilient.

In this special issue, we highlight the critical role of CAs in driving India’s economic progress. Often regarded as the backbone of our financial system, CAs are now taking on expanded roles as strategic advisors, guiding businesses through complex challenges and contributing to public policy that fosters stability and growth. Our interview with industry veteran Mr Sethurathnam Ravi, Founder of Ravirajan & Co. LLP and former BSE Chairman, someone whom I hold in deep respect, delves into how CAs are not just financial custodians but also great leaders at the heart of India’s economy.

Chartered accountants ensure that businesses operate with transparency and adhere to regulatory frameworks, making them indispensable to maintaining the integrity of India’s financial system. However, the rapid evolution of regulations, particularly in the wake of GST implementation, poses significant challenges. Staying abreast of these changes is critical, underscoring the fast-paced environment in which CAs operate.

We also explore the perspectives of CEOs such as KMPG India’s Yezdi Nagporewalla and Deloitte India’s Romal Shetty, who reiterate the strength of the India growth story. These leaders are investing in areas that will propel growth and emphasise the importance of aligning our financial practices with global standards, a crucial step as India integrates more deeply into the global economy.

Moreover, as the government empowers domestic CA firms through initiatives like the LLP Act amendments, there is a concerted effort to elevate these firms to the stature of global audit giants. This move is essential for bolstering India’s economic resilience and ensuring our competitiveness on the world stage.

In addition, this issue features a special report on the booming market for initial public offerings (IPOs). In just the first five months of the current financial year, over 135 IPOs have raised nearly 90 per cent of the Rs 67,995 crore raised through all of FY2024. This surge underscores the growing investor confidence in India's capital markets and the pivotal role CAs and financial advisors play in this ecosystem.

As always, we bring to you our regular columns and features, which I am confident will provide valuable insights.

Happy reading!