Challenges to overcome to sustain present economic growth
Hyderabad, January 18, 2007Speaking at the 48th National Cost Convention-2007 organized on Thursday by the Institute of Cost and Works Accountants of India (ICWAI), Dr. C Rangarajan, chairman of the Economic Advisory Council to the Prime Minister said that there were six main challenges to overcome to sustain the present economic growth. He said that the six challenges are agricultural growth, infrastructure development, fiscal consolidation, building social infrastructure in hospitals and schools and good governance.
He said that the present economic growth in the country was 8.1 percent since last three years and it was likely to touch 9 percent during the current year. The country’s external payment situation was comfortable, foreign exchange reserves were sufficient and investor climate was also promising. He urged the cost accountants to analyze the costs of various products and see that consumer get products at fair price.
Institute of Management Accounts (IMA) of USA president and CEO Paul A. Sharman opined that accountants should be educated about the options of the cost accountancy. For this, the curriculum should be redesigned. Satyam Computer Services Chairman B. Ramalinga Raju urged the cost accountants not to depend merely on profit and loss accounts but touch upon the intangibles that would affect the firms.
Join Discussions on AndhraNews.com
