The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal of the Department of Commerce to give focused attention to 12 identified Champion Services Sectors for promoting their development, and realizing their potential.
Accounting and Finance services has been identified as one of the 12 Champion Sectors for harnessing expert potential through appropriate skilling and related capacity building. Since India’s services sector has immense potential for employment, such an initiative will enhance competitiveness in the sector through the implementation of focused and monitored Action Plans. This will in turn boost the GDP too, creating jobs and promoting exports.
A dedicated fund of Rs. 5000 crores has been proposed to be established to support initiatives for sectoral Action Plans of the Champion Sectors.
In this regard, MCA had called upon the ICAI to make a presentation on the reforms relating to accounting and finance for achieving the targets as per the Action Plan.