February 2, 2001

‘7’

    The Union Minister of Law, Justice and Company Affairs, Shri Arun Jaitley has called upon the accountancy professionals of Chartered Accountants to meet the challenges before the nation in three areas of cost cutting of oversized establishments by trimming manpower, labour law reforms, power reforms and dealing with terrorism in order to make Indian trade, commerce and industry competitive and productive in the emerging globalization of our economy. Speaking at the 52^nd Annual Day function of the Institute of Chartered Accountants of India, here this evening, Shri Jaitley said that chartered accountants could play a major role in these areas of economic reforms.

    Talking of the challenges before the nation during the last one year, Shri Jaitley said the biggest challenge has been to fight terrorism. He was happy to note the overwhelming positive resolve of the nation to fight the menace of terrorism so that the resources that could be saved, thus would be spent on development and growth of the nation. He said that the country has so far spent more than Rs. 45,000 crores in fighting insurgency and terrorism in the country, which otherwise would have been spent on developmental projects and improved the life styled of our people. He called upon the accountancy profession to work for cost cutting measures in reducing the oversize establishments by making them more and more competitive. He also suggested that people should be prepared to pay for development of infrastructures like highways so that the efforts of the Government were supplemented by the users in the area of development of the nation.

    The Law Minister gave away prizes to 72 students for the excellent performance in final, intermediate and foundation course examinations of chartered accountants. Besides, the Minister gave away silver shields for best presented accounts to companies in public and private sector and to the regional and branch offices of the Institute.

    Earlier in the day, Shri Jaitley inaugurated a third multi storied building of the Institute in Viswash Nagar, Shahdra, Delhi to accommodate the ever-expanding work requirement of the Institute of Chartered Accountants of India.

    The President of the Institute, Shri N.D. Gupta gave an outline of the performance of the Institute and promised that in the days to come, the Institute would be able to meet the challenges of globalization in accounting standards and harmonization of Indian Accounting Standards with that of the Global Standards under the WTO regime.