Economy

India continues to be one of the world’s fastest growing economies despite challenges, says RBI official

Our Bureau Chennai | Updated on November 25, 2019

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India continues to be one of the fastest growing economies in the world despite a host of challenges including global economic slowdown, a senior official of the Reserve Bank of India said here on Saturday.

“Global growth is weak but India is growing and still continues to be one of the fastest growing economies in the world,” the Central Bank official said adding that despite all the gloom the country’s outlook in the medium term continues to be positive.

The official was delivering an address at the Regional CMA Convention 2019 organised by Southern India Regional Council of The Institute of Cost Accountants of India (ICAI SIRC) between November 23-24.

Despite a series of challenges such as global slowdown, energy security, infrastructure issues, poverty, regional disparity, the country is poised to grow in the medium to long term period, the official added.

“Post global crisis India has made a recovery. India is also making a successful transition from an inward-oriented economy to a more globally outward and integrated economy,” the Central Bank official said and added any structural reforms will take time and policy support is crucial in the short term especially in consumption, public and private investment.

Speaking on the topic titled ‘The Corporate world as microcosm - CMA as a key player’, N Nambi Rajan, Chief Financial Officer, The Hindu Group said that in this era of disruptive innovation, new technology or process are displacing the established ones and the Cost and Management Accountant (CMA) professionals are not far away from the disruptive trend.

Noting CMA as a profession which closely works with business processes, Rajan said, “Whether it is on the technology side or policy making, we continue to see changes happening on a periodic basis. Therefore, the ability of any profession to take on the disruptive changes, requires an attitude change.” Rajan said.

He also listed out some of the qualities to be adopted by the CMA professionals that will help them to reach higher levels in their organisations.

“Taking ownership of the task, ethical approach, accepting objective criticism, knowledge sharing and team building, deep and continuous learning would pave way for performance governance,” Rajan said.

Urging professionals to develop a ‘spiritual quotient’, Rajan said, in companies today expect professionals with spiritual and emotional quotient to be at the helm of affairs to handle any situation in a calm manner.

Published on November 24, 2019

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