President Pranab Mukherjee today said that the need of the day was inclusive governance for an inclusive growth.
"Without inclusive governance, inclusive growth is not possible. The target should be to achieve inclusive governance for an equitable growth," Mukherjee said at the inaugural session of ICAI International Conference here.
Mukherjee said that he was now not in a position for formulating policies as that role was not enshrined in the Constitution.
"But I can certainly share my perception about the present state of situation in the country and what action is needed to be taken by the government," he said.
He said that as India was now linked with the global economy, it ushers in both benefits and challenges.
"The biggest challenge is that of inclusive growth to help those living on the edges to derive the benefits", he said.
Mukherjee said that in the last six decades, India had improved in areas like literacy rates, food production, poverty reduction, and growth.
But in the end of last decade, the World was shaken by the financial scam and the Euro zone crisis which made the emerging economies fragile, and India was no exception.
"But I am optimist that the Indian economy has the resilience to bounce back," he said.
Praising the role of accountants in nation building, he said that these professionals should provide true financial information and advise the managements properly.
"The 2008 crisis, which emanated out of the housing mortgage bubble in the US, could have been avoided had the accounting professionals provided genuine advise to the managements of the concerned companies", he said.
He urged the accounting professionals to provide sound financial information and said that they should imbibe high standards of ethical behaviour.
