Vice President Naidu asks ICAI to improve financial literacy of masses

Naidu also said the Insolvency and Bankruptcy Code has revolutionised the corporate resolution processes in the country

Vice President M Venkaiah Naidu on Monday stressed the need for improving financial literacy among the masses and urged professionals like Chartered Accountants to work in this direction by explaining financial rules and regulations in simple and easy language for the larger benefit of the public.

Naidu, while laying the foundation stone for the Institute of Chartered Accountants of India (ICAI) here, said the government was trying its best to improve the business environment in the country.

"Accountancy, finance and audit are subjects in which one has to deal a lot with numbers and a maze of rules and regulations. There are many people in our society who find it difficult to understand these areas. Therefore, it's my appeal to all Chartered Accountants that you should try to explain these subjects in simple and easy language for the benefit of the people. ICAI and its members and students should also work for spreading financial literacy among the masses," Naidu said.

Naidu said the Insolvency and Bankruptcy Code has revolutionised the corporate resolution processes in the country, while the Goods and Services Tax (GST) has turned out to be a grand success as evidenced by the increasing Indirect Tax Collections.

Naidu said the post covid scenario looks bright and India could demonstrate a new saga of enterprise attracting the whole world with multiple strengths.

"Our economy today is recovering fast from the unexpected setback caused by COVID-19. FDI inflows are steadily on the increase. Once the fear of the pandemic subsides, it is expected that travel and tourism, a major Foreign Exchange earnings and a source of employment for millions in a State like yours, will also wake up with new vigour," he said.

Earlier in the day, Naidu attended an event organised to mark the 150th death anniversary of Saint Kuriakose Elias Chavara, a spiritual leader and social reformer from the Kerala Catholic community, at Mannanam near Kottayam.

The Vice President also visited the tomb of Saint Chavara at Mannanam.

Naidu returned from Lakshadweep on Sunday morning. He was accompanied by his wife Usha and other family members.

After the ICAI event, the Vice President left for New Delhi from here.

Naidu, who reached Kerala on December 31, flew to Lakshadweep the same day. He attended various programmes in the island for two days, including the inauguration of two Colleges of Arts & Sciences in Kadmat and Androth islands.

He also attended a few events in Kochi and visited the IAC Vikrant.