Dear Members,
Kudos, to our young TEAM INDIA for lifting the ICC Under 19 Cricket World Cup. As of date, India holds both the Senior and Junior O.D.I. World Cup titles. A proud moment for every Indian.
The months of August and September are festival months. Last month, we saw different festivals being celebrated all across the country. Rakshabandhan, Janmashtami, Nowruz, Ramzan Id, and Paryushan were celebrated with the same zest. This diversity of culture is one thing of which we are proud of. These festivals were celebrated by distinct religious groups, while Independence day was celebrated by one and all.
With Ganesh Chaturthi less than a fortnight away, millions of devotees of the elephant god are eager to celebrate the 11 day long festival, which is observed with great fervour. I pray to Lord Ganesha to shower his blessings on all, to overcome the hectic Audit season without any stress.
On the Society front, I am happy to share with you that the Indirect Tax and Allied Laws Committee of BCAS had made a timely representation to the Government of Maharashtra, on the most debated and controversial issue of VAT Liability on builders and developers, on the sale of Flats in construction buildings. This tax affects a large number of flat purchasers across the state. In response to the said representation, the office of the Commissioner of Sales Tax, has released FAQ which would be of great help.
Last month, we had various programmes like seminars and lecture meetings on varied topics of current interest, and the ITF Conference at Goa. I, on behalf of the Society, am grateful to all those who contributed to the success of these events. The enthusiastic participation of members motivates us to plan more programmes. I would request you all to give your suggestions and feedback, which will help us to serve you better and give what you desire.
In this communiqué, I would like to express my thoughts on issues related to our youth, in general and to those in our CA fraternity in particular. The idea arose when I read an article last month about United Nations’ International Youth Day (IYD) which is celebrated worldwide on 12th August.
Just as other awareness days, it is an awareness day meant as an opportunity for the Government and others to draw attention to youth issues worldwide, and to develop and engage in partnership with and for the youth. Many activities and events take place around the world on IYD to promote the benefits that young people bring to the world.
Talking about our Youth, we have pretty amazing statistics. 51% of Indians are less than 25 years of age. Recently, the Indian Government drafted a proposal to cap the age of ‘youth’ at 30 – scaling it down from previous limit of 35.
Young people represent a growing class, that is yearning to have its voices heard and make its presence felt. Today, the feeling is that we have failed to provide young people our constant support, and the opportunity to realise their basic aspirations. Their growth is hampered by the problems we all face, from security issues and the economy to changes in governments and society.
We have all witnessed, over the last few years, that the youth are shaping the political landscape in other countries. It has been seen that young people are driving innovations, and economic and social entrepreneurship in every region of the world. I believe that the best solutions to our problems will come from supporting and harnessing the energy and creativity of our youth.
Today, everyone sees in the youth a lot of talent and innovative minds. At the same time we do feel that the attitude of the Youth constantly harp on the line – if it directly doesn’t affect our life, it’s not our problem.
So the challenge before us is to find out : What does the young Indian care about the most ??
Coming to the Youth in our Profession, as per the latest statistics, as of April 2012, ICAI has more than 192,000 registered members, out of which around 53% are below the age of 35, and around 12% in the age group of 35-40. Further, the number of youths wanting to take up CA is increasing as never before and we have about 10 lakh CA students.
Hon’ble Prime Minister Mr Manmohan Singh recently said, “An Indian CA is recognised worldwide as being among the best and the brightest in the profession, and I sincerely hope the best is yet to come.”
The young CAs have a distinct advantage today. Almost all the major laws where CAs work (in Industry or practice) are changing substantially , viz Ind AS( IFRS), Service Tax, Companies Bill, Direct Tax Code , Goods and Service Tax. The older CAs have issues of time, as also unlearning what they have learnt and practised for number of years. New CAs will not be carrying the same burden viz., they will have time to learn the new changes and will also have an open mind to accept the same. So, together we need to work towards developing the necessary knowledge, insights, network & commitment to take advantage of these opportunities. Thus, the world of young CA is expanding its horizon.
At the same time, we see that young Chartered Accountants today face pressing challenges such as high level of competition, placements, etc on account of recession in industry, and to some extent because of Government policy paralysis. The only soothing factor is that we CAs are better off than others.
The other issue is that a majority of our young CAs prefer to work in the industry rather than to be in practice. They also shy away from taking up responsibilities and involve themselves in giving their much needed services to voluntary bodies.
It is incumbent on the seniors in profession – to mentor and to cultivate the next generation. It is only through the guidance and support that we can equip young people with the skills, resources, and networks they need, while also empowering them to be agents of change in our profession, and in turn building our nation.
We should thus stand with young CAs everywhere, so as to work to build a brighter future together. For that, a majority of us have to come on board and contribute in developing these young creative minds.
I firmly believe that the full potential of these young CAs has to be tapped and constantly be supported by the experienced ones.
Let us attempt to discover ways to make them more actively involved in making a positive contribution to our noble profession.
I would end by an Inspirational Quote by Swami Vivekanand, that our youth should remember :
“Struggle hard to get money, but don’t get attached to it”.
With warm regards
Deepak R. Shah
