Source: Government of India (2)
Very good morning to all of you,
I have a long association with your fraternity, I am one of you.
I am absolutely delighted to be amongst you all. I take it as a great privilege and honour to address such a powerful group that is destined to shape the destiny of this nation.
Respected dignitaries, esteemed members, and everyone present here.
To be at the inaugural session and to connect with you is like generating a connect with the economy of the nation, with the industry of the nation, with trade of the nation, with commerce of the nation, with professionals of the nation, and anyone and everyone who matters. Thank you for this rare opportunity.
Chartered accountants are unsung heroes but now their presence is being felt. The past unsung stories are getting louder and louder in high decibels, resonating in our ears for the larger good of the nation. You make stakeholders in our growth trajectory more relevant and accountable. In an era of rapid globalisation, economic interconnectedness is imperative. By virtue of your training, your intellect, and experience, you are a real bridge, you are watchdogs and guardians of financial integrity.
When that book was given to me, what I wrote?, I will reveal. Be a beacon of transparency and accountability, and you are one. This transparency is not just a statutory requirement, a ritualistic formality. It is the very foundation of trust in our financial systems by providing sound financial advice and strategic insights, and I am aware, you alone are capable of do it by hand-holding young entrepreneurs. You enable businesses to make informed decisions, sometimes innovative decisions. You generate in them a futuristic outlook, and thus you act as catalysts for growth and innovation, both of which are good pillars of governance.
India’s remarkable economic journey has made impact globally. We have exponential economic upsurge, taking the nation to be the fifth-largest global economy, on the way to becoming the third one ahead of Germany and Japan but our target is very different, and the Prime Minister has unfolded his vision. The vision is, we have to be a developed nation, no one knows better than this category of people here what is meant by a developed nation.
The challenge is daunting but achievable, given our expertise in human resources and we will have to undertake a journey by making our per capita income eight-fold. A challenge we will surely meet.
क्योंकि पूरे देश में एक बहुत बड़ा हवन हो रहा है। वह हवन है विकसित भारत के लिए। उसका लक्ष्य है 2047 में भारत का विकसित होना। उस हवन में हर किसी की आहुति की आवश्यकता है, मेरे मन में कोई शंका नहीं है यदि पूर्ण आहुति कोई देगा, तो वह आपकी fraternity देगी।
We have made remarkable progress in the World Bank’s ease of doing business rankings and this is a testament to the collective efforts of various stakeholders, important among them being chartered accountants fraternity.
Dear friends, we are the only country in the world that has a civilisational ethos of 5,000 years. Ethics is in our blood, ethics is our DNA and you know it more than I do that ethics in accounting and auditing are the cornerstone of trust and demand unwavering commitment to ethical practices. There can be no calibration of it, it has to be 100%. It is not optional, it is the only way.
In this digital age, the landscape of accounting and auditing is evolving rapidly as was indicated, artificial intelligence, blockchain, machine learning, data analytics, and the other technologies which we club as disruptive technologies. You will be happy to note that India is amongst the countries in single digits who are bestowing attention on this critical aspect.
Only yesterday, the governor of the Reserve Bank of India cautioned what has been indicated here also. We have to keep artificial intelligence in captivity rather than being its captive. Artificial intelligence and the kind are challenges and opportunities, we have to convert these challenges into opportunities. I have no doubt that the organisation will take all steps in this direction.
The harmonisation of Indian accounting standards with international financial reporting standards is a significant step, for which I congratulate you. Chartered accountants are just not numbers. I remember a situation when I was a lawyer, they used to say, anecdotally, chartered accountancy मे पास होना मुश्किल है और वकालत में फेल होना मुश्किल है, आजकल हालत बहुत बदल गए हैं और लीगल एजुकेशन भी आपकी तरह बहुत प्रोफेशनल हो गया है मैं मेरे जमाने की बात कर रहा हूं। Chartered accountants are not just number crunchers or compliance officers. Your job is not mechanical, I would go to the extent of saying that your job is emotive also because we know sometimes industrial houses, and in our country they are normally partnership-driven or family-driven. Someone labelled to me, when I was a member of the International Court of Arbitration at Paris, It was indicated to me India has unique concept of corporates, and that is family corporates. You have a challenge to keep it in harmony, to see it doesn’t become dysfunctional, it doesn’t get into disruption groove and I am sure you know it more than I do.
More often than not it is behind the scenes. It is crucial in building a strong, transparent, and vibrant economy. Now, for us, challenge is very different because we are on the rise as never before, and our rise is unstoppable. Our rise is on an incremental trajectory and when you are in such a flight for the economy, you have to be extra careful that can be done only by your organisation.
First, and I would urge, a collective, nationalistic outlook is the very basis of economic prosperity. Which I assume all of you are primarily interested in because it doesn’t require much explanation. We cannot be pyramidical, we have to be plateau, that’s our culture. We take everyone along with us. That is why in G20 we gave the word of motto: One world, one family, one future ‘Vasudhaiva Kutumbakam’.
Our national discourse needs more conversation about this nationalistic outlook because today, more than ever, we need our citizens to be nationalistic. How can we, in this country, ever imagine that we will have partisan interest, personal interest, fiduciary interest, self-interest, ahead of national interest? That we see quite often. You can take a great lead very successfully in this direction. After braving many challenges, we have come a long way, from a ship-to-mouth country to the world’s fastest-growing large economy in a few generations’ time. With this rise, internal and external challenges grow.
I was elected to parliament in 1989, and I know the situation then. Our foreign exchange reserve, with which you all are concerned, was around 1 billion US dollars. सोने की चिड़िया कहलाने वाले देश का सोना स्विट्जरलैंड के दो बैंकों में गिरवी रखना पड़ा। It was shipped by air to sustain our credibility and what a proud moment at the moment! Our foreign exchange reserves are more than 700 billion. That’s a great accomplishment.
Therefore, the greatest challenge I must advert to is a challenge that is growing day by day. The challenge has taken menacing proportions, it is alarmingly worrisome, and that is narratives and efforts are afoot to upset our social cohesion. We, therefore, all have to work with passion and in missionary mode to build a cohesive society that thinks in nationalistic terms and is not ridden by factions of caste, creed, colour, culture, conviction, and cuisines.
We are all absorbing, let me describe the scene. We as a majority are all-embracing, we as a majority are tolerant, we as a majority generate a soothing ecosystem and we have a counterpoint writing on the wall the other kind of majority that is brute, ruthless, reckless in its functioning, believes in trampling all values of the other side. The difference has to be noticed.
Friends, when you think as a citizen of this great civilisational state Bharat, home to one-sixth of humanity and a place known in the world for incredible human genius, we will have to leave behind the narrow parochial divisions. A citizen with a nationalistic outlook will have no difficulty in embracing diversity, he or she celebrates this country’s glorious past regardless of his or her faith, because that is our shared cultural heritage. हमारे shared cultural heritage पर कुठाराघात हो रहा है, उसको हमारी कमजोरी बताने का प्रयास हो रहा है उसके तहत देश को ध्वस्त करने की योजना बनी हुई है ऐसी ताकतों पर वैचारिक और मानसिक प्रतिघात होना चाहिए।
The people before me are nerve centres and epicentres of this wholesome narrative. Such unity and cohesion is the very basis of economic prosperity. We are having exponential growth, our developmental journey in infrastructure has the world stunned. Global institutions, the IMF, the World Bank, are accolading India for a variety of reasons, digitisation in particular but this economic rise becomes fragile when social unity is disturbed when the fervour of nationalism dies when anti-national forces within and without generate in this country divisiveness. We have to be mindful of that.
Our society is known through centuries to hand-hold the challenged, the marginalised, the vulnerable, the weaker. It is soothing to note that a number of government schemes have generated an ecosystem where everyone now can exploit his or her potential, realise dreams, and fructify aspirations but your role is also enormous in that, and I am sure, like all you have done so far, this too will be addressed.
No one has the right to take the law into one’s hands. That is universal, there was a time when some people thought they were above the law, they were privileged. कानून उनका कुछ नहीं बिगाड़ सकता, कानून के हाथ उन तक नहीं पहुंच सकते उन हालात में बड़ा बदलाव आ गया है। जब बदलाव आ गया है तो भी आज के दिन हम देख रहे हैं जिम्मेदार लोग संवैधानिक पदों पर बैठे लोग कानून की परवाह नहीं करते, देश की परवाह नहीं करते कुछ भी बोल देते हैं और वह ऐसे ही नहीं बोलते This is emerging as a sinister design, well-structured by forces that are inimical to India.
तो आप जो इतना कर रहे हो और जिसके नतीजे आज के दिन हर भारतीय सुखद तरीके से महसूस कर रहा है उसको चकनाचूर करने की जो योजना कुछ लोग बना रहे हैं हमारी प्रगति उनको पच नहीं रही है। We can’t be crazy for political power, political power has to emanate from the people. It has to emanate from the people through a democratic process that is sanctified.
I will make an appeal to you in particular because that is the brief you alone can handle and that is economic nationalism. Imagine the fate of this country, billions of foreign exchange is being drained out every year by engaging in avoidable imports – shirts, trousers, shoes, carpets, furniture, kites, diya, toys, and what not. We are inflicting three things.
We are depriving our people of work, we are draining our foreign exchange, we are blunting entrepreneurship. Now imports of avoidable items are being done by whom? Those who place their fiscal gain ahead of national interest.
I appeal to you, no fiscal gain, irrespective of quantum, can be justification for avoidable imports. Your fraternity can play a big role, it will be a great service to the nation.
Second, no one knows better than you do when raw material is exported outside the country. Iron ore, for instance, go to Paradip Port. We declare to the world we are not capable of adding value to it. Why should our raw material go beyond the shores of this country without value addition? If we add value, we will certainly be generating employment, entrepreneurship will blossom. You have a great role to play, no one can play that role more than you can because you to hand-hold the entrepreneur that what you are making in your cosy rooms, you will make much more. Get sublime satisfaction, and you will be contributing to national welfare. I am sure this must be handled by you by brainstorming.
Friends, optimum utilisation of natural resources, you know it, you have to curb it. Our economic prowess, our financial strength cannot be a determining factor as to how he or she will utilise natural resources. They are trustees. Let us focus on that.
Friends, I am happy that this outfit is at par with global standards and in some areas, in the lead, speaking of change, we must embrace the growing demand for ESG audits as a significant opportunity for our profession with stakeholders increasingly prioritising environmental sustainability, auditors could access a company’s ESG performance and ensure compliance with regulations.
I have no doubt, and everyone will agree and young girls, short-sighted accountants will agree immediately.अपने पास रहने के लिए धरती के अलावा और कोई प्लेनेट नहीं है। We have to pass it on to future generations, at least in some repairing mode, we have done enough damage to it.
I am before audience that has a huge potential to generate a sustain economy, give it cutting edge through innovation and research. Global economies have prospered because they are engaged in research and development.
CSR has to be in a motivational groove. You have to nurture research that will give the entire nation a greater respect in the world. When in research and innovation we are ahead of others, that gives cutting edge to our soft diplomacy also. I have said all this because the organisers have very wisely, thoughtfully, given a theme for this conference.
‘Synthesizing The Profession’ that is need. We have to be in sync, we have to be in synergy, we have to be in synthesis. We have to work in tandem and togetherness. We all are stakeholders because we swim or sink together that feeling has to come.
Chartered accountants, I have no doubt, are the nerve centre and epicentre of big change. You can bring the change which you believe. I have no doubt, no legal transgressions can take place. There can be no dilution of transparency and accountability unless the chartered accountant looks the other way. You have seen global giants in chartered accountancy collapsing for ingratiating with the client management. Management and stakeholders, shareholders, the difference has to be understood. The trust of the stakeholders, the shareholders, is in your hands. It is your mandate, your ordainment, your obligation to see that the management is kept close to ethics, optimal utilisation, and giving the best to the shareholders.
Your role in combating corruption, uncovering malfunctions, and detecting corporate frauds is much beyond any investigating agency. They have to learn it, you know it so seamlessly that you are like a duck taking to water. Investigating agencies have to learn, they learn through you that is an area we must focus on.
Tax evasion and financial frauds, they may help some, these days they don’t help anyone. The long arm of the law is working in an overzealous manner to serve the country, to see that such kinds of people who seek to monetise fraud, corruption, scams for fiscal gain, are learning their lesson the hard way. You are custodians and watchdogs, and therefore you cannot even for a moment take reprieve from this duty. This is not a duty emanating from your statute, its duty emanating from you being the citizen of this country, and therefore, please engage in this area.
In a country like ours, ethics is non-negotiable. घर के अंदर भी देखिए, बड़े बुजुर्ग पहले कोई गलत काम नहीं होने देते थे, अचानक घर के अंदर ज्यादा संपन्नता आ गई। पूछते थे कैसे आ गई? अब उन बड़े बुजुर्गों का काम तो आप लोग करते हैं I am sure you will do it.
Friends, I will be availing myself of this opportunity because I take you to be beyond chartered accountants. I take you as very responsible citizens of this great nation. India, Bharat, is a stabilising global force. This force has to emerge, this century has to belong to Bharat, and that will be good for humanity, that will contribute to peace and harmony on the planet. Therefore, it will be a national disservice of extremity if we turn Nielsen’s eye to the dangers of demographic upheavals that are taking place in this country. Organic, natural demographic change is never upsetting but a demographic change brought about in a strategic manner to achieve an object offers a scene that is frightening.
Analysing this menacing development over the last few decades will turn out to be an eye-opener. Take any state and you will find demographic change has a pattern. That pattern offers a challenge to our values, to our civilisational ethos, to our democracy. If this challenge, which is alarmingly worrisome, is not addressed in a systemic manner, it will graduate to an existential challenge. It has happened in the world. I need not name countries that have lost their identity 100% because of this demographic disorder, demographic earthquake. Demographic disorder is no less severe in consequences than a nuclear bomb. Mind you, young boys and girls in particular who are chartered accountants, mine is a moderate statement. You look at the global landscape and you will find the devastating consequences in the shape of loss of human rights, human values, democracy being the last option.
In some countries, even the developed world is feeling its heat but in our country, when we seek to address this draconian problem, there are voices that talk on a different level. Every one of us and each one of us has to be alive 24×7 to ensure this does not happen anymore. There is a proverb that says, if you are going in the wrong lane, you are not on the right path. The first thing is you must immediately stop and then contemplate taking a U-turn. The more you delay in taking a U-turn, you are creating your problems, not arithmetically but geometrically.
Look at our culture, our inclusivity and unity in diversity are facets of affirmative, positive social order, very soothing. We are for all with open arms and what is happening? This is being shaken and severely compromised by these demographic dislocations, evil design divisiveness on the plank of caste and the like also.
Let me slightly elaborate, demographic dislocation is turning out to be a fortress of political impregnability in democracy when it comes to elections in some areas. We have seen this change in the country so much is the demographic change that the area becomes a political fortress. Democracy has no meaning, elections have no meaning at all. Who will be elected turns out to be a foregone conclusion and this area in our country, unfortunately friends, is increasing. We must be alive to this danger. We owe it to our future generations that this civilisation that has ethos of 5000 years, its essence, its sublimity, its spirituality, its religiosity cannot be allowed to be destroyed before our eyes. Therefore, please think about it.
I would say this is a monster, this monster is unregulated, this monster is being propagated by people who we take as wise people. Some in politics have no difficulty in sacrificing national interest for next day’s newspaper headline or getting some minor petty partisan interest served.
Friends, I have no doubt that you all will share my sentiment that all these misadventures to change the landscape of this land have to be neutralised by exemplification to preserve our roots and basics. We see all around there are some champions only of grammar of anarchy. They do it as a design, as a strategy. They orchestrate a narrative. Wings are given to the narrative. It is unregulated.
I will appeal to you, time for all of us to be aware of it. India’s 5 trillion economy, we are close to it. There will be more in the line that’s what we are going to do.
I thought, If I don’t share my mind with people who have the capacity to change and the only constant in life is change, we must not be allowed by involuntary change, we must be the architect of change, we must script the change.
Let us have the change which we believe. Let us aspire for a change that fits in our civilisational ethos. I am grateful for your time.
Thank you so much.
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JK/RC/SM
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