Addressing the Federation of Indian Chambers of Commerce and Industry conference, on 'Agile Governance: Fostering Transparency & Building Trust', Nitin Gupta, Chairperson of the National Financial Reporting Authority (NFRA), highlighted India’s remarkable journey of reforms, capital market expansion, and financial resilience, while stressing the critical importance of sound corporate governance and a globally comparable, high-quality financial reporting framework. He noted that India’s transformation over the past decade has been powered by the digital revolution, tax reforms, a more competitive investment climate, and new laws aimed at simplification and efficiency. Emphasizing that India’s ambition to become a USD 30 trillion economy within the next two decades rests on trust, transparency, and governance, he outlined five key pillars of high-quality financial reporting: robust accounting and auditing standards, independent standard-setting institutions, strong quality controls within audit firms, professional accountancy bodies, and independent regulatory oversight. Reflecting on past challenges such as the Twin Balance Sheet problem and major corporate failures, he underlined the urgency of building resilience through stronger financial oversight and governance.
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