India merging very fast with global economy: Sen

India, the fourth largest economy in the world, is integrating very fast with the global economy, Indian High Commissioner to the United Kingdom Ronen Sen has said.

"India is literally a country on the move. Amid rapid changes, the country is integrating very fast with the global economy," Sen said while addressing the annual dinner of the Institute of Chartered Accountants of India, UK Chapter, in London on Wednesday night.

After the worst drought over a period of 100 years last year, India was recognised as the largest exporter of food grains.

"A few years back we had problem in keeping international commitment but we have scrupulously honoured every international commitments.

"Now we are already the 4th largest economy in the world in terms of purchasing power parity."

Stating that India has stopped accepting development assistance from most countries, he said, on the other hand the country was emerging as a donor despite large problem of underdevelopment faced by it. The country, he said, has emerged as a creditor to the International Monetary Fund.

Referring to the growing India-UK bilateral trade which has crossed £5 billion pounds this year, Sen said the Indian investment in the UK was roughly equal to or exceed Britain's investment in India.

In these circumstances, "It is important for professional bodies like the Institutes of Chartered Accountants in both countries to establish closer interaction," he said.

Piara Singh Khabra, MP; Lord Ahmed and several other dignitaries attended the dinner.

Speaking on the occasion, David J Illingworth, president of the Institute of Chartered Accountants in England and Wales (ICAEW), referred to his visit to India in September last year for a joint ICAI and ICAEW conference which discussed the promotion of professional and corporate governance best practice in the two countries in order to further enhance the reputation of the chartered accountancy profession worldwide.

"I very much look forward to continuing this dialogue during my forthcoming visit to India in January 2004 and for the remainder of my tenure as ICAEW President," he said.

Surinder Kaul, chairman, ICAI UK Chapter, said the UK Chapter, since its inception two years back, has played an important role in helping cooperation and closeness of two of the largest professional accountancy institutes in the world.

"It is important for building a global image of chartered accountancy profession and profession is held in high esteem across the world," he said.

Kaul said India and the UK have good financial framework, regulatory controls, high auditing and financial standards as well as corporate governance.

"It is, therefore, important that the two institutes build on these common values and must do all we can to preserve high professional standards," he said.