Vice President Naidu calls for improving financial literacy in India

Vice President M Venkaiah Naidu on Monday stressed the need to improve financial literacy among the masses and urged the professionals like Chartered Accounts to work in this direction by explaining financial rules and regulations in simple and easy language for the larger benefit of the public.

Addressing the gathering at the foundation stone laying ceremony of the Institute of Chartered Accountants of India (ICAI) Bhawan, Ernakulam in Kerala, the Vice President said that one has to deal with many complex rules and regulations while dealing with subjects like accountancy and finance in day to day life.

"There is a need to improve financial literacy among the masses and I urge the professionals like Chartered Accounts (CA) to work in this direction by explaining financial rules and regulations in simple and easy language for the larger benefit of the public.

In this regard, he appreciated the government's efforts for easing the business environment through reforms such as GST and urged the CA professionals to play a proactive role in this regulatory transformation, right from the policymaking process to its grass root implementation.

The Vice President said, "Chartered Accounts have an onerous responsibility in guiding the business community to follow the rules and regulations." Observing that a few black sheep bring bad name to whole business community, he advised the students to work hard, be disciplined and follow rules. "If you have caliber and capacity, and add character to it, you can excel in any field," VP Naidu said citing the example of nurses from Kerala who have earned a good name all over the world with their hard work.

Lauding the role of Chartered Accountants in the economic advancement of the nation, Vice-President Naidu called them 'proud partners in nation building'. Noting that with the changing times, come newer dilemmas for their profession, he exhorted them to demonstrate ethical choices, values, and practices in decision-making.

He said, "With hard work and dedication of its staff and members, ICAI has emerged as one of the most respected institutions in the field of education and professional excellence." Praising ICAI for becoming the second largest Accounting Body in the world, Naidu expressed happiness over the fact that approximately, 27.85 per cent of its members are ladies and 42.30 per cent of students are girls. "It is a healthy trend and must be sustained," he added.

Praising the Ernakulam branch of ICAI for its yeoman service over the last 54 years, the Vice President hoped that the proposed building would cater to the academic and professional needs of the students in the region.

Calling Chartered Accountants among the most sought-after professionals in the field of finance, accounting and auditing, VP Naidu wanted them to remain abreast of the latest developments in their field including new technologies. "The New Generation Chartered Accountant has to be extremely tech- savvy, adaptive and receptive," he said.

Reiterating that the ultimate aim of all technologies and all professions is to make people's lives happier and more comfortable, the Vice President mentioned the example of how JAM trinity and DBT have transformed the lives of the millions of poor in our country. "It has plugged leakages in various government schemes and has made service delivery efficient and hassle-free for the people," he said.

Reaffirming that the Indian economy is recovering fast from the unexpected setback caused by COVID-19, Naidu opined that in the post COVID scenario, the country can demonstrate a new saga of enterprise attracting the whole world with multiple strengths. "While the Government works with long term vision and absolute commitment, it is essential that organizations like ICAI align with that thinking," he said.

Referring to the ongoing 'Azadi Ka Amrit Mahotsav' commemorating the 75th year of India's independence, the Vice President called upon everyone to join this national campaign and make this a people's movement fuelled by the spirit of Aatma Nirbhar Bharat.