President's Message - CS (Dr.) Shyam Agrawal

President ICSI

March, 2017

यत्र नार्यस्तु पूज्यन्ते रमन्ते तत्र देवताः ।
यत्रैतास्तु न पूज्यन्ते सर्वास्तत्राफलाः क्रियाः ॥

(जहां स्त्रीजाति का आदर-सम्मान होता है, उनकी आवश्यकताओं-अपेक्षाओं की पूर्ति होती है, उस स्थान, समाज, तथा परिवार पर देवतागण प्रसन्न रहते हैं । जहां ऐसा नहीं होता और उनके प्रति तिरस्कारमय व्यवहार किया जाता है, वहां देवकृपा नहीं रहती है और वहां संपन्न किये गये कार्य सफल नहीं होते हैं।)

(Where women are honored , divinity blossoms there; and where they are dishonored , all actions remain unfruitful.)

Penning this communication down in the month of March when whole world would be celebrating International Women’s Day on March 8, it makes my heart feel proud of rich heritage and culture of Ancient India, where women have been placed on such a high pedestal. Above shaloka makes me to relate this context to our virtuous Indian women in contemporary context. If women in Ancient India were placed on such a lofty pedestal, they should get the same platform they deserve in modern India too, after all, they are exclusively blessed with the power to create, nurture and transform this Universe. Let us make pledge to make them to utilize this special power gifted to them to the maximum. Let us play our part as a family and a colleague to assist them to strike a ‘Work-Family’ balance in their lives so that most of them can be best version of themselves and spread their wings to contribute towards growth and development of their families, Society and Nation and open avenues of economic, occupational and political freedom to them. Let them spread their wings and sing “Mein Choo Sakti Hu Aakaash, Mujhe Muake Ki Hai Talaash”.

And, to all my fellow women colleagues, pick pearls of wisdom from endowment of marvellous ladies of our ancient India such as Gargi, Ghosha, Lopamudra, Sulabha, Maitreyi, Pandya women who were best of the scholars of their time and also those who were active in politics and administration to become excellent Governance professionals in your Boardrooms and ensuring your contribution to the National Governance. Let us keep this verse in our mind:

परस्परविरोधिन्योरेकसंश्रयदुर्लभं । संगमं श्रीसरस्वत्योर्भूयादुद्भूतये सताम् ॥

(The conflicting attributes of wealth and learning rarely co-exist in one person. Let there be such a rare union of Goddess Lakshmi and Goddess Saraswati for the benefit of the good people.) I wish for you all be such a rare combination and celebrate the spirit of womanhood.

I feel honoured to share that the number of our Associate Members has touched the magical figure of 50,000 and along with this glory; there comes a responsibility to continuously promote Good Governance practices; Compliance Management and Board Processes. We are trying to facilitate high quality professionals to the Boardrooms and society in the area of Corporate Governance by imparting high quality knowledge and training and preparing them for the role of ‘Conscious Keepers’. We are pleased to share that Corporate sector has realized the potential of our students and have started offering a stipend as high as Rs. 30,000.

We are making our best efforts in this direction and capitalize opportunities existing in various new and unexplored areas such as SME sector, Governance of Unlisted Companies, Social Audit, GST, Panchayat Governance, development of Industry wise standards and to carve expertise of our professionals. The Institute has made representations to Ministry of Finance concerning GST issues this month and it will be our best effort to create opportunities for CS professionals in GST arena. In this direction, the Institute has joined hands as an Associate Partner with PHD Chamber of Commerce and Industry in organizing National GST Conclave One Nation, One Tax – Pivotal Tax Reform at New Delhi on February 9, 2017.

ICSI IPA has recently launched its website for effective interface with our stakeholders. ICSI IPA had an interactive meeting with Mr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India, jointly with Assocham on draft regulations relating to information utilities and voluntary liquidation of companies. Also, ICSI IPA has initiated circulating a weekly update for professional enrichment of members. I appeal to all my eligible colleagues to register as Insolvency Professionals with ICSI IPA to expand their professional horizon. The present issue of the journal, I am pleased to inform, is a focused issue dedicated to the topic Insolvency Professionals.

In order to facilitate our professionals, we have launched ‘Quest-Assist’, an initiative to address the professional queries over the phone on issues faced by the members of the Institute. The help line remains open for two hours, twice a week and such queries are addressed by subject experts.

Sharing a good news for our CSBF members, I wish to share that financial assistance of CSBF to the dependents of the life members has been enhanced to the tune of Rs. 7.5 lakh subject to eligibility, which has resulted in an enhanced corpus of CSBF for a noble cause.

For facilitating our students to take steady steps on the corporate ladder by updating their knowledge persistently and instilling skills such as self-motivation, team building, leadership, management and administration so that they turn out to be successful Corporate Governance Professionals, the Institute has launched a new journal “Students Professionals Today”. I advice my dear students to digest all knowledge bites given in it and enrich themselves.

In order to provide you a detailed information on initiatives taken by us every month, we would be publishing ‘Monthly Communication to the Members’ column in Chartered Secretary this issue onwards. Hope this column will make you well versed with the steps Institute is taking to further the cause of our profession.

We are pleased to share that we have received an immense response for the ideas and suggestions invited from our learned members for taking the Institute on the path of excellence and we urge you to keep sharing your ideas/suggestions/feedback in future too, we all are like five fingers on our hand, if these all get together, these all make a fist and everyone knows power of a fist than individual fingers. Let us all march together throughout.

On a concluding note, I would share a prominent economic phenomenon of this week. India has retained marvellously its title of the fastest growing economy defying grim forecasts inspired by the impact of demonetization, and maintained its growth rate of 7 per cent in the fiscal third quarter of Oct-Dec 2016, where both agriculture and manufacturing sector have shown an upward trend. The so called ‘Shock Therapy’ of demonetization given by Hon’ble Prime Minister Sh. Narendra Modi sucked 86 per cent currency out of circulation virtually in India. This growth rate casted off claims of many renowned economists globally who opined that cash crunch will break the bone of Indian economy. My culmination from this development is that if we are determined in our aims that are in the interest of all stakeholders, then, all powers of Universe start conspiring to make our decisions right. Therefore, let us have full faith in our capabilities and make our decisions right with an unyielding spirit rather than doubting our abilities and hoping for making right decisions.

Happy reading.

Yours sincerely
CS (Dr.) Shyam Agrawal