Today: 2 August 2025
25 September 2023
1 min read

‘AI can replace auditors and accountants’

The finance secretary also said that he can foresee an expansion of credit lending in the Indian economy…reports Asian Lite News

Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.

He was delivering the CA S. Hariharan memorial lecture here.

Somanathan said that AI has specific implication for the economy and added that automation for business process can be much more potent with Artificial intelligence than it was without it.

He said that this can quite a bit replace the work that was being done by auditors and accountants.

The finance secretary also said that he can foresee an expansion of credit lending in the Indian economy.

T.V. Somanathan said, “In India credit to the private sector is approximately 55 per cent of the GDP while in China it is above 180 per cent. I would not say the Chinese level is healthy or desirable .. it is not. This is not a goal we should see, but one can argue that India’s level is too low. It has to rise to 100-120 per cent  of the GDP which will accelerate investment and growth.”

He said, “Projects that would not start will start if they get enough credit. But the challenge is to expand the volume of credit without bad debts which we politely call as NPA’s. This expansion of credit will expand demand for accountants.”

The Union finance secretary also said that in the future to come the number of Income tax payers in India will increase continuously for many years to come. He said that he could see an annual expansion of 6-7 per cent in the number of Income tax payers and this would increase the demand for good accountants.

ALSO READ-EU holds back food aid in Somalia

Previous Story

Canada global hub of 8 Indian crime lords

Next Story

NASA’s OSIRIS-REx mission delivers 1st ever asteroid sample

Latest from India News

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Modi, MBZ talk big ties

The call reaffirmed their keenness to “strengthen relations in line with their shared vision to leverage opportunities and deepen strategic cooperation.”…reports Asian Lite News In a significant diplomatic engagement, Prime Minister Narendra

India, Syria Eye Closer Ties

In addition to the meeting with the Syrian Foreign Minister, the Indian delegation also held discussions with Syrian Health Minister Musab Al-Ali on Monday….reports Asian Lite News An Indian delegation, currently on

Injury Clouds Hopes

With Ravindra Jadeja coming out to bat, the look on Pant’s face suggested that the injury could turn out to be a big issue for India. India have been handed a fresh

India backs ceasefire, Gaza aid push

Reiterating India’s historic support to Palestine, Permanent Representative of India to the United Nations Ambassador Parvathaneni Harish said India shared strong ties with Palestinian brothers and sisters India has called for an
Go toTop

Don't Miss

Musk, others call for pause on all giant AI experiments

The letter said that advanced AI could represent a profound

Microsoft bets big on AI with Copilot-driven Windows 11

The Studio 2 also offers some big new connectivity options: