Vice President Naidu calls for improved financial literacy in India

Vice President Mr. Venkaiah Naidu on Monday stressed the need to improve financial literacy among the masses and urged professionals like chartered accounts to work in this direction by explaining financial rules and regulations in plain language easy to understand. greater public benefit.

Addressing the assembly at the cornerstone laying ceremony of the Institute of Chartered Accountants of India (ICAI) Bhawan, Ernakulam in Kerala, the vice chairman said that one had to deal with many complex rules and regulations while dealing with topics such as accounting and finance in everyday life.

“There is a need to improve financial literacy among the masses and I urge professionals like Chartered Accounts (CAs) to work in this direction by explaining financial rules and regulations in plain and easy language for the benefit of the public. public.

In this regard, he appreciated the government’s efforts to facilitate the business environment through reforms such as the GST and urged CA professionals to play a proactive role in this regulatory transformation, since the process of policy development through to grassroots implementation.

The Vice President said, “Chartered accounts have a heavy responsibility in guiding the business community to follow rules and regulations. Noting that a few black sheep bring a bad name to the entire business community, he advised students to work hard, be disciplined, and follow the rules. “If you have caliber and ability, and add character to it, you can excel in any field,” said Vice President Naidu, citing the example of nurses in Kerala who have acquired good skills. reputation around the world for their hard work.

Welcoming the role of chartered accountants in the economic advancement of the nation, Vice President Naidu called them “proud partners in nation building”. Noting that with the changing times, new dilemmas face their profession, he urged them to exercise ethical choices, values ​​and practices in decision-making.

He said, “Through the hard work and dedication of its staff and members, ICAI has grown into one of the most respected institutions in the field of education and professional excellence. Congratulating ICAI on becoming the second largest accounting body in the world, Naidu praised the fact that around 27.85% of its members are women and 42.30% of students are girls. “This is a healthy trend and must be supported,” he added.

Praising the Ernakulam branch of ICAI for its professional service over the past 54 years, the vice president hoped that the proposed building would meet the academic and professional needs of students in the region.

Calling chartered accountants among the most sought-after professionals in finance, accounting and auditing, VP Naidu wanted them to stay abreast of the latest developments in their field, including new technologies. “The next generation chartered accountant needs to be extremely tech-savvy, adaptive and responsive,” he said.

Reiterating that the ultimate goal of all technology and all professions is to make people’s lives happier and more comfortable, the Vice President mentioned the example of how JAM trinity and DBT have transformed the lives of millions. of the poor in our country. “It fixed the leaks in various government programs and made service delivery efficient and hassle free for the people,” he said.

Reaffirming that the Indian economy is rapidly recovering from the unexpected setback caused by COVID-19, Naidu believed that in the post COVID scenario, the country can demonstrate a new corporate saga attracting the whole world with multiple strengths. “As the government works with a long-term vision and absolute commitment, it is essential that organizations like ICAI align themselves with this thinking,” he said.

Referring to the ongoing ‘Azadi Ka Amrit Mahotsav’ commemorating the 75th anniversary of India’s independence, the Vice President called on everyone to join this national campaign and turn it into a grassroots movement. by the spirit of Aatma Nirbhar Bharat.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

Louis R. Hancock