Page 9 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

Edition July 2022
Annual Issue, 10
BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
BFSI Chronicle, 2
th th
nd
nd

Chairman’s Message

To inspire people, don’t show them your Superpower. is projected to expand at 8.2% this year in comparison
Show them theirs to 4.4% pegged for China.
Let me start by greeting all my CMA families across At 48 billion, India accounts for largest number of
the globe. As a country, we have been passing through real-time transactions in the world
challenging times- Covid, Ukraine war, high infl ation Banks slippage ratio likely to hit 15 year low by next
etc. These days, positive anything is better than fi scal
negative nothing. But, when Nothing is Sure, India to be a 5 Trillion economy by FY 27- IMF
Everything is Possible. This belief keeps us going.
India kept extreme poverty below 1% despite pandemic
Let me touch upon the positives in the last three
months. as per IMF paper
The letter M between C and A is Magical. This M
Bank credit goes up to 13.1% , a three year high
adds value to the Profession and also to the job profi le.
At `3.39 trillion, direct tax collection is up by 45%
CMAs are Cost Accountants as well as Management
India May factory activity remained strong despite Professionals. This is a wonderful combination of
high infl ation Audit as well as Managerial skills. Cost Management
India Services growth at 11 year high in May. is the Cutting edge - Strategy for every organisation,
India’s merchandise exports jumped 15% in May to Corporates, Banks to survive in today’s world of
USD 37.3 billion intense competition. Technology, products, services
being the same, Cost Optimization is the only way to

Economic recovery, improving business confidence to
help banks in FY 23 as per Moody’s protect the margins. The world is moving towards this
only panacea, for profit conservation.

Indian Economy at the cusp of an industrial Capex
Cycle journey as per Morgan Stanley report We in BFSIB, have understood this concept and are
clear that the future belongs to CMAs. There is huge
India’s high growth rate positive news for World as demand for Management Professionals in the market
per IMF Managing Director
and CMAs can rise to the occasion. They can manage
India projected to be world’s fastest growing economy and excel as CEOs, CFOs with their Costing and Audit
for the second year according to IMF. India’s economy skills coming to the fore. However, the visibility as

The Institute Of Cost Accountants Of India
The Institute Of Cost Accountants Of India
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