INDIA REIMAGINED NEW WORLD POWER
ReImagine 2024 saw the involvement of over 40 notable Indian and worldwide thought-leaders, as well as eminent Chartered Accountants, who expressed their perspectives on current issues. Padma Bhushan Shri Kumar Mangalam Birla delivered the keynote talk on Reimagining India. Following that, there were panels on various themes of interest, including One-World, One-Tax, Startup Journey, Use of Technology and AI, Future of Audit, Capital Markets, and others.
Reimagine featured community and public activities, as well as moments of contemplation to commemorate BCAS’s 75th year of service. Highlights of this event featured an engaging roster of 15+ enlightening talks, access to 40+ Indian and worldwide thought leaders, the opportunity to network with professionals from 75+ cities, an exclusive CFO roundtable, and an expo pavilion.
Padma Bhushan Kumar Mangalam Birla, Chairman of the Aditya Birla Group, attended ReImagine, as did key industry thought leaders Dilip Asbe, MD & CEO of the National Payments Corporation of India, Ashween Anand, CFO of Tata Starbucks, and CA Ritesh Tiwari, ED & CFO of Hindustan Unilever Limited, among others.
Other distinguished panelists include Indian Chess Grandmaster Vishwanathan Anand, Dilip Asbe, MD & CEO National Payments Corporation of India, and Mr. Ashish Chauhan, MD and CEO of the National Stock Exchange, CA. Nilesh Shah is the Managing Director of Kotak AMC, whereas CA Ramdeo Aggarwal is the Chairman of Motilal Oswal Financial Services Ltd.
Speaking on the 75th Year of BCAS and Reimagine, CA Chirag Doshi, President at BCAS, said, “BCAS has always shown its steadfast commitment in the development of the CA community and industry. The role of CAs is evolving very rapidly and it is going to become even more dynamic in the days to come. Reimagine will set the platform to learn, unlearn and relearn from some of the best minds in the industry on what the future of the profession looks like. The event will serve as a stepping-stone, showcasing the evolving prowess of Chartered Accountants in the dynamic realm of business.”
The Governor of Maharashtra, Ramesh Bais, delivered the 17th ICAI Awards, established by the Institute of Chartered Accountants of India, in Mumbai on January 6, 2024. The Governor presented Kumar Mangalam Birla, Chairman of the Aditya Birla Group, with the CA Hall of Fame award, and the late CA Rakesh Jhunjhunwala with the Inspirational Leadership Tribute CA Hall of Fame (Posthumous).
Kumar Mangalam Birla highlighted, post the covid chaos, we have witnessed a worldwide , war, incredible technological advancement, and a reshuffling of the global economy power order. Technology disruptions are challenging businesses like never before, yet governments, businesses, and individuals have shown amazing resilience. The key to overcoming this upheaval and going forward with purpose may is to embrace concepts and ideals that are timeless and relevant.
India is on the verge of enormous expansion, and now is the country’s moment in history, he added, expressing confidence that the country will become a superpower. According to Birla, India will account for roughly a quarter of the additional contribution to the global workforce during the next decade, and the country will have a billion people working by 2040.
Birla stated that his father pushed him to become a chartered accountant, and that the certification had benefited him in his company.
“I never wanted to become a CA,” recalled the 48-year-old chairman of the Aditya Birla group. “My father was keen that I become one because he thought that was the right thing for me to do. I didn’t have the courage to tell him that I don’t want to do it. But now I can’t thank him more for having put me through it.”
India is destined to be the world’s fastest-growing major economy, with the vibrancy and energy of a youthful country, and an engine of global growth despite global obstacles, according to prominent businessman and Aditya Birla Group Chairman Kumar Mangalam Birla.
According to Kumar Mangalam Birla, Chairman of the Aditya Birla Group, Indian entrepreneurs are now reaping the benefits of economic reforms as substantial as those implemented in 1991, despite the dual balance sheet issues of stressed loans and over-leveraged corporations.
He invented the acronym “SWADES” to represent the future reimagining of India, which stands for Sustainability, Women Empowerment, Artificial Intelligence, Digitalization, Entrepreneurship, and Synergies.
Industrialist Kumar Mangalam Birla advocated for greater female engagement in economic activities, claiming that it has the potential to significantly accelerate growth.
According to official statistics released in October 2023, India’s female labour force participation rate grew to 37% in FY23, yet there are worries that the figure is lower than in other nations. In comments made amid worries over women’s low labor-force participation, the Aditya Birla Group chairman stated that India deserved a “double engine” of prosperity, with women playing a vital role in the economy.
According to official statistics released in October 2023, India’s female labour force participation rate grew to 37% in FY23, yet there are worries that the figure is lower than in other nations.
“I believe that having a development model that embraces women is strategically astute. Such an approach unlocks untapped potential. A sharp increase in the participation of women in the economy will dramatically accelerate our growth trajectory,” Birla said.
“India deserves double engine growth this way, as the country is “actively advancing” on this aspect.
According to official statistics released in October 2023, India’s female labour force participation rate grew to 37% in FY23, yet there are worries that the figure is lower than in other nations. In comments made amid worries over women’s low labor-force participation, the Aditya Birla Group chairman stated that India deserved a “double engine” of prosperity, with women playing a vital role in the economy.
According to official statistics released in October 2023, India’s female labour force participation rate grew to 37% in FY23, yet there are worries that the figure is lower than in other nations.
“I believe that having a development model that embraces women is strategically astute. Such an approach unlocks untapped potential. A sharp increase in the participation of women in the economy will dramatically accelerate our growth trajectory,” Birla said.
“India deserves double engine growth this way, as the country is “actively advancing” on this aspect.
Birla stated that empowering women is an essential lever in his reimagining of India for the future, and that we must break free from conventional preconceptions to make it happen.
Aditya Birla Group Chairman Kumar Mangalam Birla emphasised the need of using Artificial Intelligence (AI) in business and policy creation on Thursday, saying that interconnectivity with AI might serve as a lever in reimagining India. He underlined the need of advancing AI and using its potential to improve healthcare, agriculture, education, and other sectors. ‘AI now seems to be poised to be the next frontier for both corporations and nations. We are still scratching the surface on what it means for business and for the nation. The process of unlocking the full power of AI is probably going to be the most fascinating evolution of the coming decade. AI can fundamentally reshape the socio-economic landscape of nations… the faster we embrace AI, the sooner we open the doors to a re-imagined India.’ said Birla.
‘Imagine AI-powered audits where the biggest challenge for you (CAs) is not balancing the books but convincing the AI that every single coffee purchase was indeed a necessary business expense. Maybe in the future, one of the more important skills for us will be to negotiate tax deductions with an AI.’
He restated India’s development story, citing the country’s growing aspirational middle class. ‘This is India’s moment. This decade, we are poised to grow at 7 per cent annually on average. Even a conservative 6 per cent growth here on will take our GDP to $26 trillion in 25 years, making India the third-largest economy of the world. The run-up from now to then will be transformational—incomes are rising, pulling millions out of poverty into an aspirational middle class that will serve as an engine of household consumption,’ he added.
In terms of wealth generation, Ashish Chauhan, MD & CEO of NSE, stated that India will increase 10X, from USD 10 trillion to USD 100 trillion, during the next 50 years, if not sooner. “If the world is going to create USD 250 trillion of more wealth, and we as almost 18 per cent of the total world population, and 20-22 per cent of the young population, we might create 30 per cent of total wealth,” emphasized NSE MD & CEO Ashishkumar Chauhan.
Speaking on the significance of technology, he stated that countries that are youthful, forward-thinking, and adapt to new technologies quickly will generate prosperity. “New technology revolution will create more wealth in the next 50 years than it was created in the last 10,000 years in the world”.
While expanding on the function of the NSE, Ashish Chauhan stated that currently, one out of every three rupees in India, which we consider wealth, originates from the NSE. He also commented on the technological superiority by saying, “In terms of the technology of transaction processing, there is no similar country in the world. On some days, we do 40-45 per cent of all trades in the world at NSE.”
Speaking about the present investment climate in India, he stated, “Today, there are 8.5 crore investors, out of which more than 2 crore are ladies and more than 5 crore households which invest directly through stock markets account for 17 or 18 per cent of India’s total households. India’s 17 per cent of households are now investing in completely third-party enterprises. It is a great leap of faith.”
Commenting on the significance of developing trust in the ecosystem, Ashish Chauhan stated, He stressed the collaborative responsibility of stock exchanges, regulators, parliament, the courts, chartered accountants, and company secretaries in fostering trust among all investors and the general public. “CAs are the harbingers of trust in the capital markets of the world.” The NSE’s investor base grew from 7 crore to 8 crore in the eight months ending September 2023. It concluded the year with 8.5 crore investors. Investor registrations encompass around 99.8 percent of India’s pin codes. Uttar Pradesh ranked second in terms of total registered investors, with 90 lakh members.
It is an opportune time for all well-managed, large unlisted companies to go public, Motilal Oswal Financial Services Chairman Raamdeo Agrawal said during a panel discussion on ‘Ride the Capital Market- Take the Bull by its Horn’ with the panelists Kotak AMC Managing Director Nilesh Shah and Deven Choksey, Managing Director at DR Choksey FinServ Pvt. Ltd, following the opening of a record 42 lakh demat accounts in December 2023, which he described as India’s largest economic event since 1992. This is the decade of the Indian capital market, he remarked, urging Indians to invest more in shares.
According to Agrawal, well-managed huge unlisted corporations aspire to make their company last beyond themselves, which can only be accomplished by listing the company and separating management from ownership and management.
According to Shah of Kotak AMC, India has a tremendous opportunity of producing something significant in AI because around 30% to 35% of the programming going into artificial intelligence is done by Indians.
CA Anand Bathiya, Vice President at BCAS, said, “Throughout its illustrious journey of 75 years, BCAS has remained relevant and vibrant by constantly adapting and reimagining the dynamic professional development needs of Chartered Accountants. This one-of-its-kind, 3-day event will stimulate blue-sky thinking aided by expert-led sessions on themes aimed to make the delegates future-ready. The Chartered Accountancy profession is preparing and positioning to act as a catalyst towards realizing the national dream of Viksit Bharat@2047 and BCAS will continue its selfless march towards this cause.”
Viswanathan Anand, a chess superstar, led a session titled ‘THE VICTORIOUS – A Model for Leadership,’ which taught participants about endurance, analysing the environment, and anticipating future events.
As a five-time World Champion, he is renowned for retaining a World Championship title three times, demonstrating unmatched devotion, strategic genius, and tenacity. In 2022, he was chosen FIDE Deputy President, demonstrating his continuous dedication to the chess community.
Main two lessons learned: continuous and objective self-critical appraisal. because it is critical to have a clear image of who you are, your skills and shortcomings, and the resources you require to move forward. The second requirement is the capacity to push oneself beyond of your comfort zone on occasion, as well as the willingness to take chances; without both, it is difficult to achieve significant progress.
I feel that studying Spanish and German has allowed me to connect with more people while travelling for sports. There was a moment when I was in a slump, and my German classes made me happy. They were a nice distraction for me.
To attain life’s great ambitions, such as my desire to become a world champion, you need some level of obsession. Not on a daily basis, but over time, you must maintain your sight on the objective since it is easy to take your foot off the pedal. So, in order to be successful, you must get obsessed with something.
Preparation is required for a plan to be effective, but the beauty of preparation is that by rehearsing certain circumstances, you naturally improve in unforeseen ones. So, when I work on a specific type of chess situation, I find that I do better in unrelated circumstances. So the fact that you’re prepared and training helps you react better in unexpected situations.
During a game, if you perceive the possibility of winning, it is critical to suppress those ideas. Anything that leads you to relax, even unknowingly, will inevitably weaken your level of focus, allowing mistakes to seep in. Relaxing in the face of victory is a typical issue in chess. Maintaining discipline in a game is just as crucial as it is in real life. It is critical to imagine what a future goal will look like and the road to accomplishment. You should not dream about getting there. You should focus on how difficult the effort will be rather than the rewards that will come later.
I’m superstitious, yet not superstitious. If I win a game the day before, I will return to breakfast the next morning, attempting to eat it at the same time and following my routine. There is paranoia, but I am not superstitious; I can’t help it. Particularly during competitions. In other locations, I believe I’ve lowered it slightly.
It’s tough to remain unemotional when there’s a lot at risk, and when you’re playing chess in a tournament, doubts rush through your thoughts, you’re anxious about the outcome, and you’re doing your best to predict what your opponent will do, so some tension is normal. Personally, I find it impossible to predict when my level would drop and my judgement will be muddled; you can’t look for signals on the chess board since when things go wrong, you only realise it after the fact. But, after a lifetime of experience, I’ve discovered that you can identify certain patterns when you’re frightened, apprehensive, and how you react to particular situations. These can be seen as indicators or warning signs that something is distorting your normal judgement, and mentally scanning for these cues is beneficial because only you know yourself best. Then it’s necessary to devise a plan to minimise this as much as feasible. It’s simple to say you can control your emotions, but I can’t. However, when I notice I’m feeling uneasy, I frequently take brief breaks and modify my routine throughout a game and in real life.
In chess, one must not only be able to learn from previous movements and games, but also be able to focus on the present in order to make the correct moves in the future. What distinguishes a great chess grandmaster is the ability to move on from previous mistakes or performances.
BCAS is honoured to receive a heartfelt compliment letter from the Hon’ble Prime Minister of India, Shri Narendra Modi, on the occasion of the Bombay Chartered Accountants’ Society celebrating 75 years!
He said “During the last seven-and-half decades of service, BCAS has served the nation with dedication and commitment. The organization’s efforts have helped in further strengthening our economic fabric… Best wishes for making the 75th anniversary of BCAS a success.”
Your letter confirms our commitment to “ReImagine the Profession” as we continue to serve as a thought leader in the objective of making conducting business and living easier.