Cabinet okays tie-ups with foreign bodies ICOAI, ICSI

The government on Tuesday endorsed the partnerships that professional bodies of cost accountants and company secretaries have signed with similar foreign professional bodies to facilitate mutual recognition of qualifications.

The partnerships were signed by the Institute of Cost Accountants of India (ICOAL) and Institute of Company Secretaries of India (ICSI) with various foreign organisations such as Australia’s Institute of Public Accountants, UK’S Chartered Institute for Securities and Investment, Chartered Institute of Public Finance and Accountancy and Institute of Chartered Secretaries and Administrators (also known as Chartered Governance Institute UK & Ireland) as well as with Sri Lanka’s Institute of Certified Management Accountants, said an official statement after the union cabinet meeting, which approved the collaboration.

These tie ups seek to “facilitate mutual recognition of qualifications and a range of collaborative activities for exchange of knowledge, experience sharing and technical cooperation…,” said the statement.

Mutual recognition of professional education is of interest to India which has a strong service industry.

Earlier this month, India decided to sign a deal with the UK to liberalise visa regime which would facilitate easier movement of people including skilled professionals between the two countries.

On Tuesday, the government also decided to have a new Consulate General of India in Addu City in Maldives. Maldives occupies an important place in India’s ‘neighbourhood first policy’ and the vision of security and growth for all in the region, said another official statement.

India and Maldives share ethnic, linguistic, cultural, religious and commercial links steeped in antiquity.

Maldives occupies an important place in the ‘Neighbourhood First Policy’ and the ‘SAGAR’ (Security and Growth for All in the Region) vision of the Government of India.

“Opening of a Consulate General in Addu City will help augment India’s diplomatic presence in Maldives and make it commensurate with the existing and aspired level of engagement,” said the statement.

Stepping up diplomatic presence will provide market access for Indian companies and bolster Indian exports of goods and services. This would have a direct impact in augmenting domestic production and employment in line with India’s goal of self-reliance, the statement said.

On Tuesday, the cabinet also decided to create a post of Director at the National Disaster Response Force Academy, Nagpur. NEW DELHI THESE SEEK RECOGNITION OF QUALIFICATIONS AND A RANGE OF ACTIVITIES FOR EXCHANGE OF KNOWLEDGE, EXPERIENCE AND COOPERATION