Kolkata: Amid apprehensions over the country's sluggish growth rate, President Pranab Mukherjee Thursday hoped that the measures announced by the government and their effective implementation will help it "bounce back".
He said the biggest challenge for the country as part of the globalised economy is inclusive growth so that those in the margins of socio-economic ladder are able to benefit from newer economic opportunities.
Stating that the decline in the GDP was due to a combination of factors, Mukherjee said, "The resilient character of the Indian economy, along with the measures announced by the government and their effective implementation, will help it bounce back."
Terming the recent slowdown as as a "matter of concern", Mukherjee said he has faith and confidence in the resilience of the Indian economy to overcome the challenge.
The President was here to inaugurate an international conference of the Institute of Charted Accountants of India.
He said as the current economic environment poses many issues before the financial and accounting world, charted accountants today have a greater role to play in advising the management and users of the financial statements.
Referring to the 2008 financial crisis, he said it was a "bubble" waiting to burst as it could not have sustained for long. He said had the problem been detected at an early stage, things would not have gone so far.
Muhkerjee also quoted data to prove that the Indian economy has been on a sound track.
"A hallmark of the accountancy profession is its obligation to act in the public interest. The current spate of financial crises have only reinforced the role that the profession has to play in providing high quality financial information, facilitating market discipline and fostering confidence amongst various stakeholders in the financial markets," Mukherjee, a former Finance Minister, said.
He said as part of an established profession, accounting professionals must apply high standards of ethical behaviour and professional judgement. As India is once again on the verge of change, every institution must remodel itself for the "momentous changes" and must be ready to contribute, he said.
Speaking on the occasion, Union Minorities Affairs Minister K Rahman Khan, himself a CA, said accountancy professionals have their role cut out in the present economic scenario. They will have to keep abreast with the changing scenario where borders are fast diminishing, he said.