CA Online

India ’s economic growth will slow down somewhat but remain robust, at close to 7.50% in 2019 and 2020, the Organisation for Economic Cooperation and Development (OECD) has said. India’s gross domestic product (GDP) grew 6.7% in 2017-18. OECD projects GDP at market prices to grow 7.3% in 2019 and 7.4% in 2020 from 7.5% in 2018. “Economic growth will slow somewhat but remain robust, at close to 7.5% in 2019 and 2020,” the Paris-based organisation said for India in its 2018 Economic Outlook. Tighter financial conditions, higher oil prices, adverse terms of trade, lower growth in partner countries, and rising political uncertainties in India and abroad will tend to reduce growth, it said. The Reserve Bank of India expects FY19 growth at 7.4%. Global credit rating agency Moody's Investors Service has projected India’s economic growth to moderate to 7.3% in 2019 and 2020 as higher oil prices combined with rupee depreciation and monetary tightening dampen domestic demand. OECD said t

Bats for development of multi-disciplinary practice firms; law firms oppose proposal An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms.The MCA panel, which was set up to look into the regulation of audit firms and their networks, is of the view that development of multi-disciplinary practice (MDP) firms should be facilitated in the country, and to meet this goal, auditors should be allowed to expand their portfolio of services. “For Indian firms to evolve into global leaders in auditing, legal, consultancy, and ancillary services, it is necessary to rationalise the Advocate Act 1961 to facilitate development of Indian audit firms as well as legal firms,” stated the panel’s report. The report states that in 2015, the Society of Indian Law Firms had complained to the Delhi Bar Council against the ‘Big 4’ — PwC, Deloitte, KPM