India’s burgeoning economic growth and an increased emphasis on corporate governance are driving the demand for company secretaries, with an estimated requirement of around one lakh by 2030, according to the Institute of Company Secretaries of India ( ICSI ).
Currently, India boasts over 73,000 company secretaries, of which approximately 12,000 are actively practising. These professionals are essential in the corporate governance framework, playing a crucial role in ensuring that companies adhere to various statutory obligations.
B. Narasimhan, the President of ICSI, emphasised the transformative shift in how India’s economy is viewed globally. He noted that company secretaries have become pivotal in making India one of the most sought-after investment destinations worldwide.
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“India will need around 1 lakh company secretaries by 2030,” Narasimhan remarked during a recent interaction with the PTI. This surge in demand underscores the importance of company secretaries in supporting India’s economic ambitions.
ICSI, the apex body governing the profession, has been proactive in responding to this growing need. On average, the institute grants membership to over 2,500 new professionals each year. However, to meet the projected demand, efforts to attract more young talent into the profession have been intensified. One of the key initiatives taken by ICSI is the direct registration of graduates and postgraduates into the company secretary executive programme, streamlining the path for aspiring company secretaries.
Further, to ensure consistency and high standards in corporate governance, ICSI has introduced secretarial standards. These standards aim to bring uniformity to the secretarial practices followed across corporate boards, thereby enhancing the quality of governance and compliance.
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The financial sector and other structural reforms are expected to be the primary drivers of India’s economic growth in the coming years. A report by the Finance Ministry in January 2024 projected that, under a reasonable set of assumptions regarding inflation and exchange rates, India could grow into a USD 7 trillion economy by 2030. Achieving this ambitious target would require sustained growth at a rate above 7% annually, which is seen as attainable given the country’s current trajectory.
In this context, company secretaries will continue to be instrumental in supporting businesses to meet their governance and compliance needs, thereby contributing to India’s economic progress.
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