Bullish about the GDP growth factor in coming days, President Ram Nath Kovind said on Sunday that India’s economy will surge and double up in its GDP size to reach a total of $5 trillion in next decade, or possibly even by 2025.
Addressing the mass of some of the best chartered accountants in India during the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) on Sunday, President Ram Nath Kovind said that the Indian economy is set for a mega surge and will double up in GDP size to touch $5 trillion within a decade. Furthermore, Kovind emphasised on the importance of sticking to a clear and fair taxation system consistently to see the growth in GDP as per Indian economy’s potential – which is tough to maintain.
President Kovind added that the growth might not be possible without the contribution of the chartered accountants as they are the “watchdogs of public trust” and they play a major role as facilitators of the entire taxation system in India. Referring to PM Modi’s speech from last year’s ICAI foundation day ceremony, Kovind reiterated how the chartered accountants are doctors who are responsible for the economic health and well-being of the country. Urging the entire CA community to “introspect and weed out corrupt practices from their fraternity”, the President also asked the accountants to guide their clients towards following the path of honesty for growth of entire nation.
The “guidelines” from the President of India are important, especially after frauds like the infamous Nirav Modi – Punjab National Bank (PNB) case where the notorious jeweller defrauded PNB with reported amount of over Rs 12,000 crore. It is believed that the PNB fraud was aided by regulators and auditors who might have helped Nirav Modi in sneaking out from the taxations system. Such cases can be avoided in India, even of just the chartered accountants of India start adhering to the ethics of taxation and honesty while helping to avoid white collar crimes; and reach the $5 trillion benchmark.