Western India Regional Council of
The Institute of Chartered Accountants Of India


BFSICM Communique- Mentoring Initiatives and Beyond

We have seen a significant transformation recently in economic and corporate landscape in India and its economic relations with major global economies and companies in UK, Japan, China and US and major announcements on FDI.

To give impetus to manufacturing and revive industrial growth, the Prime Minister, Mr Narendra Modi launched a major campaign "Make In India" with participation of many business leaders and corporate CEO's.

Mangalyaan or the Mars Orbiter Mission is the latest example of India's technological supremacy and being globally competetive. Considering that Mars is about 670 million kilometers from the Earth, the cost of the ride works out to about Rs.6.7 per kilometre,cheaper than what even autorickshaws charge anywhere in India.

While Alibaba, a Chinese E-Commerce company raised over USD 21 billion through an IPO in US and got a market cap. of over USD 220 billion on listing, India saw Microsoft launch its latest OS from India and Amazon commit investment in India of over USD 2 billion.

Sebi announced regulations for Crowdfunding and Real Estate Investment Trusts (REITs) which are expected to be a game changer for small Entrepreneurs and Real Estate sector. REITs provide opportunities to Real Estate Companies as well as Investors for diversification in their Asset Allocation plans.

S & P upgraded the credit outlook of India after two years to BBB - /Stable from BBB -/Negative indicating confidence in the economic recovery.

RBI in its bi-monthly policy indicated its latest estimates of 5.5% for India's GDP growth in FY 2014-15 and 6.3% for FY 2015-16 .It suggested speedy implementation of stalled projects as a key to sustaining recovery and pickup in export growth as world trade gathers momentum.Retail inflation targets are at 8% by January 2015 and 6% for January 2016.Status quo on policy rates maintained in view of challenges on inflation and impact of deficient monsoon.

Corporate Sector is going through major changes as a way in which Board meetings ,Audit committee meetings and Shareholder meetings etc are conducted and Key Resolutions are passed by e-voting in view of major changes in Companies Act.

The BFSICM Study Group has successfully enabled a transformation to achieve the objectives of development of Core Competencies of members and Research, Represent, Resources development and Reaching out to benefit all stakeholders.

Pioneering initiatives include studies by members on various important and current topics and innovations by giving every member to get an opportunity to participate actively, to be a contributing Team member of a Group study or Group Discussion on a relevant subject or for Sharing Ideas, Insights,Case Studies , Resource materials, provide inputs as Team members or as Group leaders to Roundtable Discussions being conducted regularly.

Members have also started studying relevant books and studies by various organisations for Industry professionals and sharing Insights on Leadership, Finance,Investments and Strategies, Regulations or on Corporate Sector. 'Social Media' is considered as an important enabler in Sharing ideas and inputs and beyond in this period of transformation and change.

BFSICM STUDY GROUP completed 17 meetings till September 2014. Looking forward to constructive inputs and Sharing Ideas and Insights on useful topics in the months ahead.

CA. Manoj Alimchandani

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