New Delhi, June 17 (IANS). Anita Shah Akela, Joint Secretary, Ministry of Corporate Affairs, on Wednesday said India’s journey to ‘Develop India 2047’ should be based not only on economic growth but also on trust and strong financial governance. He said that early warning systems and strong pre-bankruptcy resolution mechanisms are essential to maintain the value of enterprises, investor confidence and the strength of the economy.
Addressing the National Conference on the Future of Financial Administration organized by ASSOCHAM in the national capital, he said technologies like Artificial Intelligence (AI) and Sovereign AI offer opportunities for massive change, but the use of technology should always be accompanied by human judgment, accountability and ethical values.
Anita Shah Akela said, “Ultimately, the institutions that last long are not only the most powerful but also the most trusted.”
The conference specifically discussed the role of trust, transparency, accountability and responsible innovation to achieve the goal of ‘Developed India 2047’. Speakers said that these values have an important role in strengthening the administrative system of India.
National Financial Reporting Authority (NFRA) Chairman Nitin Gupta said high quality financial reporting is the foundation of strong corporate governance and economic growth.
Emphasizing the need to learn lessons from global and domestic governance failures, he said transparency and accountability are not limited to merely following rules, but are a strategic imperative.
“In this era of geopolitical uncertainties, cyber threats and AI-related changes, trust can only be built through accountability, professional courage and a commitment to transparent information sharing,” he said.
Gyaneshwar Kumar Singh, director general and chief executive officer of the Indian Institute of Corporate Affairs (IICA), said India’s regulatory regime is gradually moving from a rule-based model to a trust-based model.
He said that steps like digitalization, relaxation of rules and decriminalization of many crimes are strengthening this change. He appealed to boards and financial sector leaders to fulfill their responsibilities towards all stakeholders and not just focus on the interests of shareholders.
Dnyaneshwar Kumar Singh said, “As the business world is becoming more connected, boards of directors of companies will have to move beyond thinking limited only to the interests of shareholders and accept their responsibilities towards all stakeholders.”
Key representatives from various industry sectors also participated in the conference and shared their views on new challenges and opportunities related to financial administration. At the same time, the speakers stressed the need for a strong administrative structure in the changing business environment.
–IANS
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