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| JK fast reaching take-off stage in corporate governance: Sinha | | |
JAMMU, AUGUST 26 – Governor Lt General (Retd) S.K. Sinha today said that with the nations economy booming at a growth rate of eight percent, Jammu and Kashmir too is fast reaching its take-off stage in corporate governance.
Enthused over the country’s remarkable stature in the field of corporate governance, the Governor said that India is emerging as a guiding spirit to the economic powers in the sphere of corporate governance, adding that even history testifies our dominance and pre-eminence in the sector, lest one forgets that we are descendants of one who invented the ‘zero’, while reminding the gathering of the mathematical genius of Aryabhatta.
Acknowledging the eminent role of the auditors and chartered accountants in diverting the intellectual capital in corporate governance, the Governor said that in fast changing world of mergers and de-mergers corporate governance has become a buzzword, as the term now does not remains in the confines of just financial parameters but is interlinked and associated even to the soaring competition, cost-effectiveness and maximization of wealth.
Mr. Sinha said though the prolonged stay of militancy and violence limited the economic surge of Jammu and Kashmir to the desired heights, the state is making new strides in the corporate sphere and fast picking up on this aspect with divergence of intellectual capital in its fold.
On the supremacy and corporate resilience of the citizens, the Governor recalled that at the time of partition when the nation was emerging from a holocaust, there were doubts whether the multi-lingual, multi-ethnic and multi-cultural nation with abysmally low literacy rate will hold together. ‘With a modern corporate sector virtually being non-existent during 1947 and the number of chartered accountants could be counted on fingertips, the country’s climb to being an acknowledged corporate giant has shunned all aspersions and doubts’, he added.
Mr. Sinha said that with the corporate governance being a pre-requisite for good governance the country today is all poised to be a global power in coming times, while forwarding vital statistics on vast human resource material with middle class expansion likely to grow from 300 million to 400 million shortly. He said that green revolution, expanse of middle class and addendum in the number of billionaires in the country testifies to our ascendancy in corporate sector.
Referring to the role of the trained accountants and auditors in booming in corporate competitiveness, the Governor remarked, ‘a good auditor not only kink and picks but also imparts valuable advice on economic maters, in preventing scams and financial crash’. He said that a good corporate governance can immensely contribute to economic growth and narrated the apt handling of Group Insurance Scheme during his tenure as Adjutant-General in late seventies. |
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