Indore : By 2020, India will beat USA in the field of the Information Technology and number of working professionals, said Manipal Global Institutions Chairman Mohandas Pai on Saturday.
“India is just 10 years behind China. The need is to improve the contribution of women and manufacturing production, these will give flllip to the growth of the nation,” Pai said at ICAI’s international conference here that saw around 10 eloquent speakers share their views.
A former Infosys director, Pai, said that India is not fully utilizing the demographic dividend it has over other nations. “Merely 25% women are working in real sense (except agriculture); this figure in China is 50%. Our dependency on agriculture is 18%, which China has just 8%. Since we have more dependency on agriculture, hence on the failure of crop numbers of farmers sue side rises,” he said adding the need of the hour is to increase the manufacturing.
Pai said, “We need International Financial Reporting Standard (IFRS) to improve our competency with the world and also to improve our corporate governance.”
President of Income Tax Appellate Tribunal, Justice (Retd ) DD Sud spoke on tax reforms and said amendments in the law should not be implemented retrospectively.
“In order to reduce the tax disputes, the law should be crystal clear and concise. There should be an option of alternate dispute resolution – arbitration in the tax laws,” he said.
MP and former Deputy Chairman of Rajya Sabha K Rahman Khan said that ICAI is ready to take any emerging world level challenges.
Among those who spoke on the occasion were CA Paul Drakman from England, South Asian Federation of Accountants (SAFA) President Naeem Akhtar Shaikh from Pakistan, CA Brain Porsel from Ireland Prof Govind Rao and CA Suresh Sanagpati.
