Newdelhi:4/10/17:The Prime Minister, Shri Narendra Modi, today addressed Company Secretaries at the inauguration of the Golden Jubilee Year of ICSI – the Institute of Company Secretaries of India.
On this occasion, the Prime Minister congratulated all those associated with ICSI. He said he is happy to be among those who are responsible for ensuring that companies follow the law, and maintain their accounts properly. He said their work helps establish the country’s corporate culture. Their advice has a bearing on the country’s corporate governance, he added.
The Prime Minister said that there are a few people in our country who attempt to weaken the honesty of our social structures, and lower the nation’s dignity. He said that the Government is working towards cleansing the system of such elements.
The Prime Minister said that as a result of the efforts of the Government, the economy is functioning with less cash. The cash to GDP ratio has come down to 9 per cent, from 12 per cent before demonetization. The Prime Minister cautioned against people who only wish to spread a feeling of pessimism. The Prime Minister recounted instances in the past when the growth rate had fallen below 5.7 per cent, witnessed in the last quarter. He said that low growth rates, on those occasions, had been accompanied by higher Inflation, higher Current Account Deficit and higher Fiscal Deficit.
The Prime Minister said that there was a time when India was considered to be part of the Fragile Five economies, which were dragging back global recovery.