Manipal: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, reaffirmed India’s commitment to international collaboration in addressing business and employment needs. She underscored the importance of Prime Minister Narendra Modi’s visits to various nations, resulting in the establishment of frameworks for mutual recognition of academic qualifications. The primary objective is to ensure the recognition of professional courses, enabling Indian professionals to seamlessly pursue business opportunities and employment abroad.
Speaking at a conference organised by the Udupi district BJP in Manipal, Sitharaman emphasised that the mutual recognition of professional course certificates issued in India is a key focus during the Prime Minister’s foreign visits. These measures facilitate travel, partnership building, business engagements, and employment prospects for individuals.
Moreover, Sitharaman called upon Chartered Accountants in India to actively assist the government in identifying shell companies. She highlighted cases where these fraudulent entities, operating with minimal infrastructure, fraudulently obtained refunds on input tax, resulting in substantial losses. These “ghost companies” manipulated paperwork without any genuine commercial activities. To combat this issue, the government has employed artificial intelligence (AI) to strengthen regulatory measures, she said. Sitharaman urged Chartered Accountants to collaborate with the government in identifying and curtailing such fraudulent practices.
Sitharaman also acknowledged the crucial role played by Micro, Small, and Medium Enterprises (MSMEs) in India’s economy. She emphasised that the Government has significantly increased the budgetary allocation for the MSME sector, recognising it as the backbone of the nation’s growth and development. The allocation has risen from Rs. 3,285 Crore in 2013-14 to Rs. 22,138 Crore in 2023-24, demonstrating the Government’s commitment to supporting and empowering these enterprises.