Indian CAs likely to get recognition in Singapore, UK
New Delhi: Indian Chartered Accountants may soon be allowed to practice in Singapore and the UK as the Institute of Chartered Accountant of India (ICAI) is in the process of signing a mutual recognition of professional agreement with the two countries.

Officials said that as part of the Comprehensive Economic Cooperation Agreement (CECA) with Singapore ICAI, the apex body for CAs in India is in advanced stage of discussion with its counterpart in Singapore for signing the agreement.

ICAI has also initiated talks with its counterpart in the UK.

Officials said an Indo-UK study group has been formed at the instance of the Commerce Ministry and the agreement with the UK would be through by the end of this year.

Apart from the two countries, SAARC nations like Nepal and Sri Lanka had also envinced interest in having similar kind of agreeement with ICAI.
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Indian economy likely to grow at 5.9 p.c rate till 2020
New Delhi: According to survey by Economist Intelligence Unit the Indian economy is likely to grow at the rate of 5.9 per cent every year between 2006 and 2020 and would contribute 12.2 per cent of the global economic growth in the next 15 years.

The survey sponsored by Cisco Systems, in which EIU interviewed more than 1,600 executives from 100 countries revealed that India's IT sector accounted for too small a share of GDP to be a long-term driver of growth. Much more would depend on the modernisation of the country's agriculture and manufacturing.

According to the survey, "the next 15 years will see significant outpacing by Asia and particularly the powerhouses of India and China of the rest of the world in gross domestic product (GDP), wages and consuming power."

The study projects the continued rapid growth of India as one of the fastest growing economies. "By 2020, India as a trading nation will record the biggest jump in world ranking-from 24th to 10th. Propelled by fast growth in India and China, Asia will increase its slice of the world's GDP from 35 per cent in 2005 to 43 per cent by 2020 and India's share in the global GDP will rise from 6.2 per cent in 2005 to 8.8 per cent in 2020," it said.
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