CA Ramakrishnan H in his exclusive interview to The World Women News answered to the insightful concerns as follows:
Sri.Ramakrishnan is a renowned Chartered Accountant with more than 30 years of experience, adorned with prestigious positions in Professional Bodies and Global Businesses.
Prospects and Challenges in Chartered accountancy
A CA should always be updated about the current scenario, the changes in legislative framework, the way in which business is run and the way in which corporate governance is shaping up etc. Chartered Accountants till the recent past were just back office executives, but have now moved to being the part of the management and even driving different companies. Many CA’s can be seen running companies these days as chairman, managing directors and in various ranks, steering the company to great heights. New Chartered Accountants should be sound in technology as the new business world is highly integrated with technology like data mining, Artificial Intelligence and Big Data Science.
India, with a population of 1.3 billion, and income tax payers of 70 million, has only 135 thousand practising CA’s out of the 1 million student strength. Hence there prevails a big gap between the supply and demand in this field.
What are your inputs on the current economy of the Nation?
“Indian economy has been opened for the last two decades with a commendable growth phase. We have to first look at the world economy and then come to the Indian economy as these two are highly integrated. About the world economy, in the current scenario, it is not doing well. Business has shrunk globally, affecting India also. The recent Moody rating reflects that, downgrading India’s GDP to 5.8 from the past 6.2, and increase of debt from earlier 3.4 to 3.7. Slowdown in different industry shows a clear slackness in demand and has affected Indian economy” said Sri.Ramakrishnan.
Technological disruption initially brings down the economy. For example, the launch of Ola, Uber and others have led to the decline in the manufacturing in automobile industry, and introduction of GST and such have resulted in a decrease in the vehicle-sale movement.
Indian economy, as a part of the World economy, is now facing slow down. But Indian economy still remains the fastest growing economy, as given by IMF. Number of people below the poverty line in India has come down, but the job needs still exceed the job opportunities that are currently available. The set of reforms or changes announced by the Hon. Finance Minister Smt.Nirmala Sitharaman, clearly indicates the awareness of the government on this issue on the slow pace of economy, and that they are on to steering India out of this. Sri.Ramakrishnan also mentions about his belief in the government’s capability in taking up such challenges. He also suggested that the Government should give more importance to the reforms in Agriculture sector, to gear up in increasing GDP and provide jobs to millions, with nation still being a rural oriented country.
He then expressed his clear concern on India following American Business Laws and British Judiciary, and also suggested that the judiciary should be fine-tuned appropriately to keep base with the technological and economic changes for successful national reforms.
Future plans for the growth of India.
Sri.Ramakrishnan expressed his strong belief and confidence in the Modi government in the development of the country. He also quotes the words of Hon.Former Prime Minister Rajiv Gandhi, saying “Out of 1 rupee granted to the welfare of the common man, as part of the induced growth, only 14 paisa ultimately reaches the beneficiary. Modi government has already taken steps for this, bringing in Direct transfer benefits and making the under privileged people a part of the banking system, which has to be continued further. The multi- layered government system plays this vital role in the deepening of poverty in India. Agriculture sector has to be revolutionized, technologies like cold chain storage system, which the government of Former Prime Minister Rajiv Gandhi tried to bring in has to be given more thrust and made successful. Financial services to the farmers, small and medium enterprises have to be strengthened. Skill development programs have to be taken more into rural areas, so that the young, men and women are skilled enough not just to get work, but also to get empowered. Latest technologies have to be brought into the large industries, which will be a solution for one of the main reasons of India’s down-hit GDP,” added Sri.Ramakrishnan.
Why start up India has not come up like expected?
Start-up does a good work in the realization of good ideas through funding. But, providing funds is not the only part in bringing up a start-up. The funds should be monitored judiciously. Funds should be provided in different times, with proper check on the development of the idea/start-up. This main factor lacks in India and is the main reason for the start-up India mission not rising to the expected level.
Best side of Current India.
Ease of doing business in India has improved, as per the World Bank report. It is a very positive statement and puts light on a bright future for India, as business success is an important factor in boosting Indian economy.
What are the successful elements for a successful business venture in your opinion?
“Before the starting of a venture, one should have a proper idea. The idea has to be then converted into a structured plan for an efficient running of business. A person has to study on the topic he/she wishes to begin, design a business with a proper market study followed by analysis of market space and percentage of success in the business. The person should have fire in the belly and a real passion in the field. He should have the capacity to sustain through the initial hard phases. With all these in hand, a person can go for a successful business” advises Sri.Ramakrishnan, from his 3-decades of experience.
What would be your advice for asset and wealth management in India, to the common man, start-up, entrepreneur and enterprises.
Asset and wealth management is a very important area, not only for the government but also for every citizen, with a plan to build asset and manage it profitably. Government should complete the economic policies with promising schemes and patterns. A country is considered economically well-off, only when wealth is created even though government cannot create wealth, but can only formulate policies for citizens to create it. The banking system, real estate, export market etc. all play a determinant role. All citizens should be given equal opportunities in creation of wealth, and the citizen, as a part of their responsibilities should pay the taxes in accordance with the rules.
About gender equality in CA.
According to Sri.Ramakrishnan, professional excellence with success can be practically possible only when women are given due importance and men and women are equal in all aspects. Gender equality is emerging in CA field also. In the current scenario, out of the 300 thousand chartered accountants, the percentage of women is just below 30% and out of the one million CA students, nearly 40% are women. As, the trend shows it, the percentage of women in CA, is increasing, and he believes that in five years’ time, women will occupy equal position as men in the CA profession.
More about CA Ramakrishnan H
Sri.Ramakrishnan was born in Nagercoil, Tamil Nadu, his mother’s native and his father belonged to Karamana, Trivandrum. He had his primary education in Shankar Subbaiyar lower primary school, Karamana and further higher education in Sethulakshmi Bai English Medium School in Nagercoil. He finished his graduation from Scott Chrisitian College, Nagercoil. He had the fortune of doing his articleship in CA with Venkatachalam and company practices under the Principalship of CA R Krishnan.
Titles and Current positions.
H Ramakrishnan is a partner in RD and associates, with branches spread all over India, including Bhuvaneshwar, Kolkata, Mumbai, Thiruvananthapuram etc., He is the Director of SUT Super speciality Hospital, Thiruvananthapuram, Secretary of Indian institute of Chartered Accountants of India, Thiruvananthapuram Chapter and also the Secretary of an NGO called SS Ram Foundation.
Turning point in life
Sri.Ramakrishnan considers the meeting of B.R Shetty to be the turning point and asset of his life. He gives the entire credits of his success to the mentoring and belief that B.R Shetty entrusted on him.
Epitome of inspiration in your life.
He gives a big credit to his mother, who took good care of him and his siblings, supported them even after them losing their father in a very early age. Tears rolled down with trembling voice, with emotions and memories tightening Sri.Ramakrishnan. He also upholds the added source of inspiration to be his wife, who maintains his family, including his two sons, elder one being in prestigious company in Techno park, Trivandrum and the younger one pursuing final CA.
