As we all get into new Financial Year 2011-2012, I wish you all an incredible year ahead. Indian economy is expected to grow at 8.7% in the fiscal year ending March, 2011. Furthermore, economists have forecasted an 8.5% growth for the fiscal year 2011-12. This will usher in lot of opportunities for the industry and corporate. However, inflation and decline in FDI flows are cause of concern.
The World Bank's latest global ranking of ‘Ease of Doing Business’, 2011, lists India at a lowly 134th in a list of 183 as against 135th rank in 2010. The government should set up a task force to improve the ranking which would boost investment and enterprise while augmenting the quality of economic growth. Clearly, we need proactive reforms to systematically improve the regulatory and operational environment for business and industry. We need hassle-free procedures to boost business activity. For instance, consider the paperwork and formalities involved in starting a business, India is ranked at a poor 165. Ministry of Corporate Affairs (MCA) has brought in few amendments in the last couple of months aimed at simplification of approvals and procedures, which are in the right direction and will hopefully have a positive impact on the ranking of India in the years to come. Lot more needs to be done by MCA and other government functionaries to improve the ease of doing business in India.
There has been an active engagement by the corporates, industry associations etc with regard to the proposal in the Companies Bill that the companies should earmark 2% of the average profit of the preceding three years for Corporate Social Responsibility (CSR) activities, and make a disclosure to shareholders about the policy adopted in the process. Captains of the Indian industry and industry associations are unanimous that the contribution for CSR shall not be mandatory and it should be left to the corporates to decide. This view has been reiterated by none other than Warren Buffett - Oracle of Omaha during his maiden visit to India. In light of the unanimity against this proposal, the Government should rethink and remove this proposal.
R & A has opened its first branch in Delhi & Gurgaon to cater to the existing clients in that region as well as to explore the opportunities present in National Capital Region which is one of the fastest growing and a home for a lot of Multinational Companies. The branch is headed by Ms. Vaishali Vohra (firstname.lastname@example.org) who had 4 years stint earlier with R & A and it is a home coming for her.
The mission of R & A is to
“deliver outstanding client service; to provide fulfilling careers and professional satisfaction for our people; and to achieve financial success so that we can reward ourselves and grow.”
R & A constantly reflects on its mission and makes untiring effort to notch up regularly.
I would like to quote from Arthasastra of Chanakya which is relevant in every context – “Before you start some work, always ask yourself three questions –Why am I doing it, what the results might be, and will I be successful. Only when you think deeply and find satisfactory answers to those questions, go ahead.”