Shri Piyush Goyal calls CA fraternity to work on Mission Mode for creating standards in transparency

Shri Goyal urges CAs in Dubai to enrich Indo-UAE partnership and bonds

Shri Piyush Goyal says India making Resurgent Stride towards a $5 trillion Economy

“CAs will play a pivotal role in Catalyzing Reform & Creating Value”: Shri Goyal

Commerce Minister addresses ICAI Dubai Chapter

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Shri Piyush Goyal said India is making Resurgent Stride towards a $5 trillion Economy. Addressing the ICAI Dubai Chapter during his visit to the UAE, Shri Goyal said led by Prime Minister Shri Narendra Modi, India today is set on a path to become Aatmanirbhar & is taking bold reforms.

“Under PM Modi, we are seeing rise in Economic indicators despite pandemic. India’s merchandise  exports in the first half of FY2020-21, viz Apr-Sep, 2021, notched up to $197.11 bn, recording 23.8% increase over Apr-Sep’19. Manufacturing PMI avg. improves to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in Sept,” he said.

The Commerce Minister said $5 trillion economy is a bold ambition & every Indian has to contribute in making it possible and make it a mass movement. Startup India, PLI Scheme, Single Window System, Industrial Corridors, National Infrastructure Pipeline, Reduction in Corporate Tax, Removing Retrospective Income Tax, Liberal FDI policy etc. are some of the key reforms and schemes initiated by the Government, said Shri Goyal.

“De-risking economy by ensuring transparency in financial sector, Strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man esp. farmers & MSMEs are steps to boost investor confidence in the Indian economy,” he said.

Shri Goyal said India-UAE partnership will be a driving force in our mutually beneficial ties.

“Indian community of about 3.4 million is the largest ethnic community in UAE constituting roughly 30% of the country’s population and they act as a bridge between the two countries.  Our celebration of ‘Azadi Ka Amrut Mahotsav’ coincides with UAE’s celebration of 'Year of 50' to commemorate declaration of the union in 1971,” he said, adding, “We have taken the next step in our friendship by launching the CEPA negotiations only last week.”

Lauding ICAI Dubai as the largest and most active chapter among 45 Overseas chapters of ICAI, Shri Goyal said, “Dubai is like India’s extended neighbourhood & ICAI Dubai is India’s extended home for CAs.”

He commended ICAI Dubai for playing a pivotal role in successfully rolling out of VAT in the UAE and thanked the Dubai Chapter for their selfless support to India during COVID-19 by supplying Oxygen Concentrators, food & essentials.

Shri Goyal said the CAs will play a pivotal role in ‘Catalyzing Reform & Creating Value’.

“CAs in India need to start looking beyond industry expectations, towards expectations of the nation & society from the profession. CA fraternity to work on Mission Mode to fulfill Prime Minister Modi’s mission for creating global level Indian audit firms. I urge CAs in Dubai to invite your clients (UAE buv:gç tcsiness houses) to invest in India & benefit from our large market,” he said.

It may be noted that  Shri Piyush Goyal, Union Minister for Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution is in Dubai to Inaugurate India Pavilion at Dubai Expo. The official visit is being seen as major step towards boosting Indo - UAE Strategic  partnership and taking trade and investment between to unprecedented levels. During last 2 days the engagements include meetings with H.E Dr. Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, H.E .Ahmed Bin Zayed Al Nahyen, Member Executive Council and Director Abu Dhabi Investment Authority, top business houses in Emirates like H.E. Sultan Ahmed Bin Sulayem - Group Chairman and Chief Executive Officer of DP World and the Chairman of the Ports, Customs & Free Zone Corporation, H.E. Mohamed Ali Rashed Alabbar - Founder & Managing Director of Emaar Properties; Founder & Director of Noon.com; Chairman of Eagle Hills; Chairman of Americana Group, Mr. Yusuffali MA, Chairman & Managing Director, Lulu Group, Mr. Stephen Moss – Regional CEO and Group Board Member, HSBC Bank accompanied by CEO, HSBC India and HSBC UAE, and Maj. Gen. (Retd.) Sharafuddin Sharaf – Vice Chairman, Sharaf Group; Chairman, UIBC. 

Transparency standards: Chartered accountants urged to adopt mission-mode reforms to boost investor confidence and catalyze value. Shri Piyush Goyal called on the chartered accountancy profession to implement standards in transparency on a mission-mode basis to de-risk the financial sector, strengthen investor confidence, catalyze reform and create value, urging CAs to build globally competitive Indian audit firms and to invite UAE business houses to invest in India.