India Needs More Company Secretaries for USD 10 Trillion Economy

Singapore, Apr 5 (PTI) As the Indian economy progresses towards the USD 5 trillion target over the next two years and the USD 10 trillion target by 2030, the demand for company secretaries will be tremendous to manage the inflow of capital both from the Indian and international investors, a top domain expert said on Friday.

"We have to increase the pool of Company Secretaries (CS) to 95,000 by 2030 and to 1.4 lakh by 2047, the year of Viksit Bharat economy driven by capital flow and the government-initiated infrastructure development,” B Narasimhan, President of the Institute of Company Secretaries of India (ICSI), said here.

Currently, ICSI has around 70,000 CS members and over 2 lakh students, he told PTI.

Narasimhan gave an insight into the aspects resonating with the Indian economy.

“We, as CS, are the most recognised profession in the capital market, handling compliances across the board of listed and unlisted companies. SEBI has appointed us as the compliance offices and it is mandatory,” he said.

Called the Governance professionals, Company Secretaries are at the forefront of managing capital flow from the market, he elaborated.

The company secretaries ensure that the governance is properly done by all corporations across India.

Narasimhan is confident of the Indian economic progress, which though was slowed down by the COVID-19 pandemic over the past two years. But he was quick to add that the economic growth pace was being accelerated.

Further, India is the only fast-paced growing economy which is giving investors the best rate of return on investments, he pointed out, adding that funds will come as investors are looking at ways of ploughing their monies and India, for that matter, has become the best destination for Foreign Direct Investments (FDI).

To sustain 8 per cent GDP growth, the huge infrastructure development will continue, the manufacturing sector will be boosted and exports will be increased through the global supply chain, he said.

Narasimhan also explained that ICSI holds international conferences to gain insight into the global markets and take on rich pickings for members.

"We are building synergies and raising the capabilities of the CS profession through global interactions," he said.

Officiating at the two-day conference, the Indian High Commissioner to Singapore, Dr Shilpak Ambule, highlighted India's role on the global platform.

He said: "The theme of the conference is particularly apt, as fostering resilient and sustainable economies is crucial for both India and Singapore. ICSI plays a pivotal role in ensuring good corporate governance".

"By equipping Company Secretaries with the necessary knowledge and skills, ICSI fosters ethical conduct and compliance within companies, which in turn contributes to a more robust and sustainable financial ecosystem," he said.

The envoy further added that Company Secretaries act as guardians of transparency, facilitating effective boardroom practices and ensuring accurate disclosures to stakeholders.

ICSI's Immediate Past President Manish Gupta informed more than 100 delegates at the conference and over 3,000 logged into the event through live streaming on ICSI's initiatives for equipping professionals beyond boundaries for strengthening the basic structure of Corporate Governance.