Improve financial literacy in country, says Vice President

New Delhi, Jan 3 (IANS) Vice President M. Venkaiah Naidu on Monday stressed the need to improve financial literacy among the masses and urged professionals like chartered accountants (CAs) to work in this direction by explaining financial rules and regulations to the public in simple and easy language for their larger benefit.

Addressing the gathering at the foundation stone laying ceremony of the ICAI Bhawan, Ernakulam, he observed that one has to deal with many complex rules and regulations while dealing with subjects like accountancy and finance in day to day life.

He also 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 policy making process to its grass root implementation.

The Vice President said that CAs have an onerous responsibility in guiding the business community to follow the rules and regulations. Observing that a few black sheep bring bad names to the whole business community, he advised the students to work hard, be disciplined and follow rules.

Citing the example of nurses from Kerala, who have earned a good name all over the world with their hard work, Naidu said: "If you have calibre and capacity, and add character to it, you can excel in any field."

Calling CAs among the most sought-after professionals in the field of finance, accounting and auditing, Naidu wanted them to remain abreast of the latest developments in their field including new technologies.

"The new generation CA has to be extremely tech- savvy, adaptive and receptive," 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 organisations like ICAI align with that thinking," he said.