Make in India is an initiative launched by Prime Minister Narendra Modi in September 2014 in an attempt to boost the competitiveness of the country’s manufacturing sector. It was launched with the aim to increase the contribution of the manufacturing sector to the country’s GDP to 25% by 2021.
It also aimed to create 100 million jobs, and increase skill sets among the rural population. It has, in the process, created quite a few opportunities for practicing CAs. Let’s take a look at some of them:
While educating oneself about the various aspects of GST is one aspect, to provide better services to clients, CAs need to implement GST-compliant software into practice. A Loan for Chartered Accountants helps you to not only expand your services to offer GST consultancy but helps you to meet day to day business expenses, open a new branch office, maintain a healthy cash flow and more. These loans are disbursed within 24 hours and with pre-approved offers, the process of taking loans is much simpler. All CAs have to do is to enter a few basic details to check out their pre-approved offer.
2. Providing a level playing field with MAFs
Make in India provides Indian CAs a level playing field with multinational auditing firms (MAFs). Currently, this space is dominated by the latter. However, research has shown that there is no difference in quality of the work done by MAFs and by Indian auditing firms (IAF).
With the Make in India campaign stressing on using everything ‘Indian’- be it goods or services – the same allows Indian CAs to compete with MAFs.
3. Helping Indian companies with business expansion
As Make in India aims to transform India in to a manufacturing hub, to cater to the demand for Indian products, businesses need to augment their existing facilities and expand. This is where CAs can help businesses understand the various regulatory requirements related to expansion and also help them with the required paperwork.
Thus, Make in India give CAs the opportunity to build on their indirect tax services, compete with MAFs, and help businesses with their expansion plans.