Vice President M. Venkaiah Naidu Friday called for brining in greater transparency, ethical corporate behavior and enhanced accountability into the corporate governance system.

Addressing the inaugural session of the 58th National Cost Convention of Institute of Cost Accountants of India in New Delhi, the Vice President said that no true development can be said to be meaningful unless it incorporates the needs of the farming sector.

He suggested six possible drivers of income for farmers’ growth, stating that sincere implementation of such measures would double farmers’ income by 2022, including diversification of farm activities towards high-value crops and enterprises, improvement of irrigation facilities better price realization for farmers through competitive markets.

Naidu said that government of India is taking measures to double their income by 2022 adding that food security is one of India’s top policy priorities and doubling of farmers’ real income is the need of the hour.

He further said that talking about the role of professional bodies like ICAI must be in the forefront in the fight against fraud and corruption. You can help bring in greater transparency, ethical corporate behavior and enhanced accountability into our corporate governance system, he added.

The Vice President called on CMA professionals can expedite FDI by effective valuation of assets, liabilities, stocks, properties to facilitate investors to make the right financial decisions and fulfill regulatory obligations.

Introduction of GST and the inclusion of anti-profiteering clause in the act, made it mandatory to pass on the benefit of tax reduction or input tax credit to the final customer, he added.

The Vice President said that India is currently reviewing and simplifying laws and procedures and the ease of doing business index has become a popular tool for governments to show that they offer a favorable investment climate for private businessmen.

He further said that goal of the youth should be to achieve excellence in their chosen fields and everyone’s aim and goal over the next five years should be to usher in the positive changes that make India an inspiration for other countries.