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BFSI Chronicle, 11 Edition September 2022
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 Moody’s do not expect global challenges , people with Love, Enthusiasm And Dedication. Yes,
inflation to derail India’s growth recovery before one is a leader, success is all about growing
himself. When one becomes a leader, success is all
 As per S&P , India Inc can withstand high about growing others. No matter how smart one
inflation and high interest rates is, if he doesn’t know how to work with people, his
dreams will be just dreams. Here, our Institute plays
 Net Exports ratio is 5.3% of GDP in this first a stellar role in preparing Cost Accountants to take
quarter. It was 1.5% of GDP in March quarter Leadership roles. Cost accountants are not mere
Accountants they are Management Accountants.
 India’s direct tax collections have been The letter M between C and A adds lot of value.
displaying unusual buoyancy lately. In FY 22, Management skills provide the necessary foundation
gross direct tax collections soared 49% to `14.1 for an Executive to develop his leadership qualities.
trillion, exceeding not just Budget estimates but We strive hard to produce Leaders rather than a
also the revised estimates. mere Cost Accountants. Knowledge is power and
we provide the necessary inputs vide our Certificate
 Credit growth touched 15.3% YoY for the programs to enhance their knowledge and sharpen
fortnight ended 12 Aug 22 up from 5.5% in their skills, namely Concurrent Audit of Banks, Credit
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the year ago period. Management of Banks and Treasury and International
Banking.
 Credit card spends touch all time high of `1.16
trillion in July We, from BFSI Board had have ardent effort to
connect with the various stakeholders. It has been a
 Unemployment rate declines to 7.6% in Q1 this rather difficult proposition to connect the dots after
fiscal from 12.6% in last year Post Covid 19. We had to travel across the country to
connect with all the verticals of the Board and with
 GST collection rises 28% in August to `1.43 pride of honour we like to put it on record that we
trillion have just scratched the surface. The larger good for the
profession has to be done and for that as an Institute
 In a landmark event worth celebrating, for we have to attend in person to represent our issues
the first time, the number of demat accounts on more visibility in BFSI sector. We have to accept
in India hit 10.5 crore in August. This clearly that the country has a National capital, Business
denotes the risk appetite of the retail investors capital and Cultural capital and all dispersed across
and the resulting confidence in Indian economy. the country. It is our duty to dissolve the barrier and
reach to the unreached. We feel that digitalization has
 India’s Services Purchasing Manager’s Index eased it but physical connect is vital for conviction. I
(PMI) jumped from 55.5 percent in July to 57.2 am thankful for reposing faith and entrusting me by
percent in August, propelled by new businesses the BFSI Board of the Institute of Cost Accountants
of India for the continuous endeavour.
 Growth in non-food bank credit outstanding
this fiscal year is not only higher than in pre-
pandemic times, but the highest in at least the
last ten years
CMA Chittaranjan Chattopadhyay
Presently, in our Corporate world, there are plenty of Chairman,
Managers in all cadres - Vice President to CEOs, but Banking, Financial Services and Insurance Board,
there is a dearth of Leaders. Who can LEAD, its only The Institute of Cost Accountants of India.

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The Innstitute Of Cost Accountants Of India
Th h e e In st it ut e e Of
The Institute Of Cost Accountants Of India
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