“Chartered Accountants like challenges and everyday is a challenge when we give solutions to clients,” said Institute of Chartered Accountants of India (ICA I) (Chennai) Southern India Regional Council Chairman K S Madhav Murthy.
Speaking at the inaugural function of the seminar on Income Tax and Service Tax organised under the aegis of the ICA I’s Southern India Regional Council, Mangalore branch, he said the startling development in the field is that chartered  accountants (CAs) hailing even from remote areas are becoming increasingly techno-savvy. Upgradation of technology becomes important for CAs because there is not just local competition, but tremendous global competition exists, he said while pointing out that there is huge demand for Indian CAs globally.
India produces 10,000 CAs, but there is demand for more professionals in the field. In fact, there is lot of outsourcing work in the country and a qualified CA need not go abroad in search of work, he explained. The profession of a CA is more lucrative than engineering and medical professions with the salary being as high as Rs 38 lakhs per month. It is the cheapest professional course and also a noble profession, he commented adding that now students at the age of 17 enter the arena and CAs must provide them orientation. He called upon young CAs to start partnerships with any well-wisher or juniors and build a firm.
Mangalore University Department of Economics Chairman Dr G V Joshi, speaking on the topic “India, the developing economy-certain issues,” said CAs in India are not just growing, they are also developing. Though India has achieved a growth rate of 9 per cent, it is still in the developing stage. Noting that increasing growth rate is not the only solution for removing poverty, he explained that growth is a statistical phenomenon, while development is a measure of the quality of life. Development involves growth, but it also results in the reduction of poverty. Mere growth for growth’s sake will not bring results, he added. India ranks 126th among 177 countries as per the Human Development Index, because access to education and health facilities are lacking here.
There is a necessity to focus on rural reforms before bringing about urban reforms, which is the reason why China is far ahead of India, he remarked. Many prime ministers of the country have been laying emphasis on the trickle down theory which was already tried and rejected. Since 1991, India has remained a growing economy with great disparities, he added.
SIRC Member K S Vishwanath called upon CAs to work together and also share work. He expressed concern that about 85 per cent of the candidates opt to go to industries while just 15 per cent take up practice. He also lamented internal audit is being neglected.  After the inaugural session, resource person and advocate K K Chytanya spoke on Income Tax while advocate Shivadas spoke on Service Tax. CA rank holders were also felicitated on the occasion.