"Few bothered about corporate governance and transparency in accounting and management in the era of protectionism, but such laxity is no longer possible," Prime Minister said addressing members of the Institute of Chartered Accountants of India, which is celebrating its Diamond Jubilee.
Singh said enough attention was not being paid in public discourses to corporate governance.
"Unless Indian firms come to be recognised worldwide for good corporate governance they will not be able to compete globally in an increasingly integrated world," he said.
Singh said CAs are the watchdogs of the shareholders' democracy. He said role of the accounting profession is also critical in lending credibility to the financial markets.
"Market participants, investors and shareholders look to you for high quality information, which ensures market discipline and foster confidence of various stakeholders," he added.
