The Institute of Company Secretaries of India (ICSI) predicts that due to India’s expanding economy and growing focus on corporate governance, there will be a demand for approximately one lakh company secretaries by 2030.
At present, nearly 73,000 company secretaries boasts in India out of which nearly 12000 are actively practicing. In the corporate governance framework, such professionals are important who play a significant role in ensuring that companies comply with distinct legal obligations.
The President of ICSI, B. Narasimhan stressed the transformative shift in how the economy of India is seen globally. He remarked that the company secretaries would become important in making India one of the most demanded investment destinations across the world.
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Narasimhan cited that “India will need around 1 lakh company secretaries by 2030,” in a recent interaction with the PTI. The same rise in demand shows the importance of the company secretaries in supporting the economic ambitions of India.
ICSI the highest authority controlling the profession has been proactive in answering to the same rising requirement. Averagely the institute grants membership to over 2,500 new professionals each year. The efforts to draw more young talent into the profession have surged to meet the projected demand. ICSIs major initiative is the direct registration of graduates and postgraduates into the company secretary executive program, facilitating the path for aspiring company secretaries.
ICSI to ensure consistency and High standards in corporate governance, has introduced secretarial norms. Such norms have the motive to draw constancy to the secretarial practices followed in the corporate boards, thereafter improving the quality of governance and compliance.
The expected main drivers of India’s economic growth in the forthcoming years are the financial sector and the other structural reforms. Under assumptions regarding inflation and exchange rates, India can grow into a USD 7 trillion economy by 2030, as per the Finance Ministry report in January 2024. Attaining the target prerequisite the sustained growth at a rate above 7% annually, which is discovered as attainable provided the present trajectory of the country.
In this regard the company secretaries will continue to be instrumental in assisting the businesses to meet their regulation and compliance requirements, thereafter contributing to the economic progress of India.
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