AMN
Minister of State for Corporate Affairs, Rao Inderjit Singh today said, the Government is committed to promoting a transparent financial reporting regime that is in line with international standards, fostering capital inflow into the country. He emphasized the pivotal role of the Corporate sector is achieving the goal of Viksit Bharat by 2047. Mr. Singh was addressing the valedictory session of the International Conference on ‘Transparent Financial Reporting and Audit Quality – Pillars of Corporate Governance’ under the National Financial Reporting Authority in New Delhi. Referring to the Interim budget presented last month, he noted that it reflects a resilient, innovative, inclusive, and environmentally conscious approach to development. Mr. Singh further stated that the Government’s commitment to sustainable and equitable development sets the stage for a growth rate exceeding seven to eight percent in the coming times.
The Minister emphasised the Government’s implementation of a series of initiatives, including the enactment of the Companies Act, the adoption of Indian accounting standards, the establishment of NFRA, and alignment with international best practices for ensuring a robust accounting system in the country. He stressed that strengthened enforcement mechanisms coupled with initiatives to improve corporate governance signify the Government’s proactive stance in fortifying the regulatory landscape. The Minister also highlighted the major role of regulators in protecting India’s financial integrity and urged stakeholders to drive change and adopt best practices.