ICAI Current Affairs

Government appoints IIFT, ICAI, NICMAR to improve World Bank’s ‘Doing Business’ ranking

The Union Commerce and Industry ministry has appointed four institutes to interact with stakeholders and suggest measures to push India’s ranking in World Bank’s Ease of Doing Business Index. They are National Institute of Construction Management and Research (NICMAR), Indian Institute of Foreign Trade (IIFT), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI).

Key Facts

These four institutes will take views of respondents on parameters which are taken into in ranking process. They will then share feedback with concerned ministries. The parameters include – starting business, dealing with construction permits, registering property, getting electricity, protecting minority investors, getting credit, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

ICAI will look into paying taxes parameter while ICSI and IIFT will work on starting a business and trading across borders respectively. NICMAR will collate feedback on dealing with construction permits. The move will help further push India’s ranking. Improvement in ease of doing business will help attract more investments by ensuring a better business climate for investors.

Background

As per the latest World Bank’s Doing Business ranking 2017, India’s position had improved by 30 places to 100th. The government wants India to figure within top 50 in the coming years. In the 2018-19 Budget speech, Finance Minister Arun Jaitley had mentioned that to further improve ease of doing business, the government has identified 372 action points for states which they will carry out in a mission mode.

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M Devaraja Reddy elected as ICAI President

Devaraja Reddy has been elected as President of The Institute of Chartered Accountants of India (ICAI).

He will have tenure of one year of ICAI which is an apex body of Indian Chartered Accountant. Prior to this appointment, he was Vice President of ICAI for the Council Year 2015-16. He is chartered accountant from past 28 years.

About Institute of Chartered Accountants of India (ICAI)

  • ICAI is a statutory body for the regulation of the profession of Chartered Accountants in India. It has been established under the Chartered Accountants Act, 1949.
  • The Council of ICAI manages its affairs in accordance with the provisions of the Chartered Accountants Regulations, 1988 and Chartered Accountants Act, 1949.
  • The Council is composed of total 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Union Government.
  • Generally, Union Government members are representing the Comptroller and Auditor General of India (CAGI), Ministry of Finance, Ministry of Corporate Affairs and other stakeholders.

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