ICAI public-finance panel for consultancy to state bodies
November, 24th 2008
The Institute of Chartered Accountants of India, India's premier accounting body has set up a public-finance committee for undertaking research and analysis of the public-finances in order to provide free consultancy services to different levels of government like the central government, state government, public-sector undertakings (PSU's) and the local bodies.
The basic objective of the public-finance committee is to provide the technical support to the government in fostering economic reforms for the inclusive growth. Ved Jain, president, ICAI told FE, This is one of the major initiatives taken by the ICAI to promote the inclusive growth in the country which would also play a positive role in strengthening of the Indian economy. With this direction, the public-finance committee has been interacting with various state governments like the Kerala, Meghalaya, Goa, Madhya Pradesh, Chhattisgarh, Assam. He added that the committee is a stepping stone in institute's mission of partnering with the government in nation's building. This is an initiative of ICAI to meet its social obligations by providing professional services of CA's beyond corporate sector and to the public at large.
Subhod K Agarwal, chairman, public-finance committee of ICAI said that the committee analyzes the funds of the government which is available towards planned and non-planned expenditure and the revenue receipts of the government. The committee then analyzes the whole situation and gives a report to the respective government department.
Agarwal further said, In this regard we have already met the chief ministers of different states to offer our free consultancy services. We have already completed one study which we did for the Kerala government and we are presently working on the assignments which we have got from other state governments like the Meghalaya and Gujarat government.
The public-finance committee aims to provide various incentives like preparing reports on tax- collection, analyzing various ways of increasing the ways and means of the government revenues. According to ICAI, the committee has been made with a specific social purpose, to ensure that there is a proper utilization of government resources towards the inclusive growth of the country.