The Institute of Company Secretaries of India (ICSI) has projected that India will need around 1 lakh company secretaries by 2030 to meet the demands of a rapidly growing economy and an increasing emphasis on good governance. Currently, there are more than 73,000 company secretaries in the country, with approximately 12,000 of them actively practicing in various sectors.
Company secretaries play a crucial role in the corporate governance framework by ensuring that companies comply with all statutory requirements. They act as a bridge between the management, board of directors, shareholders, and regulatory authorities, helping to maintain transparency and accountability in corporate operations.
ICSI President B Narasimhan highlighted the significant shift in the perception of India’s economy, emphasizing the vital role that company secretaries play in making the country an attractive investment destination on the global stage. With India poised to become a USD 7 trillion economy by 2030, the demand for skilled professionals in corporate governance and compliance is expected to rise significantly.
To meet this growing demand, ICSI has taken proactive steps to attract more young talent into the profession. The institute now offers direct registration for graduates and postgraduates in the company secretary executive program, making it more accessible for aspiring professionals to pursue a career in this field.
In addition to expanding the pool of qualified company secretaries, ICSI has introduced secretarial standards to ensure consistency in practices followed across corporate boards. These standards aim to enhance the efficiency and effectiveness of corporate governance processes, ultimately contributing to the overall growth and stability of the Indian economy.
As the financial sector undergoes structural reforms and the government continues to focus on improving the business environment, the role of company secretaries will become even more critical in ensuring compliance, risk management, and ethical conduct within organizations. By investing in the development of skilled professionals in this field, India can strengthen its position as a preferred destination for investors and businesses looking for a transparent and well-regulated market.
In conclusion, the projected need for 1 lakh company secretaries by 2030 underscores the growing importance of this profession in shaping the future of India’s economy. With the right skills, training, and regulatory framework in place, company secretaries can drive sustainable growth, foster good governance practices, and contribute to India’s continued success on the global stage.