• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Hyderabad , May 14

THE Institute of Chartered Accountants of India (ICAI) wants a special and differential treatment for developing nations under the World Trade Organisation (WTO) regime, especially in view of the multi-fold problems being faced by the developing nations and agrarian economies such as India.

Addressing the daylong national seminar of ICAI on `Emerging professional opportunities in the WTO regime' here on Saturday, Mr C. Ramachandraiah, Member of Parliament, said India along with other developing countries was also calling for negotiations on non-trade concerns.

According to him, the issues being faced by the developing nations include reducing export subsidies, providing greater access to markets and rationalising domestic support to farmers.

Stating that the country has a huge pool of skilled manpower, especially in the financial, legal, accounting and business services, he said ICAI could play the role of a catalyst here.

While acknowledging the opportunities being thrown open to the accountancy profession in the country, he said there were, however, dangers and threats as well.

"For instance, once the GATS agreement becomes fully operational, large multinational business services firms offering various services such as accounting, auditing, management consultancy and legal would enter India. This, in turn, would come into direct competition with the standalone Indian chartered accountants. There could be a situation where successful standalone practicing Chartered Accountants may have to lose out to these MNCs in a fiercely competitive environment. The role of ICAI in negating and neutralising such an eventuality is of paramount importance," he said.

The Andhra Pradesh Finance Minister, Mr K. Rosaiah, stressed on the need for Governments to achieve greater degree of financial discipline and said the accountancy profession plays a vital role in ensuring this objective.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Chairperson of power Appellate Tribunal sworn in

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line