The Institute of Company Secretaries of India (ICSI) has highlighted a significant upcoming shortage of company secretaries in India.
ICSI President B Narasimhan has highlighted the critical need for more company secretaries in India. He stated that the country will require staggering 1 lakh (100,000) company secretaries by 2030, while currently; there are only around 12,000 practicing professionals. This indicates a massive shortfall of 88,000 company secretaries in the coming years.
This anticipated shortage underscores the growing demand for company secretaries in India’s evolving corporate landscape. Company secretaries play a crucial role in ensuring compliance with legal and regulatory requirements, corporate governance, and ethical business practices. As India’s economy continues to expand and businesses become increasingly complex, the need for qualified company secretaries is expected to surge.
ICSI’s projection serves as a wake-up call for aspiring professionals and educational institutions alike.
It highlights the vast opportunities available in the field of company secretaryship and the urgent need to bridge the skills gap. Educational institutions must focus on providing quality education and training to equip students with the necessary knowledge and skills to meet the industry’s demands.
Furthermore, the government and regulatory bodies should consider initiatives to promote the profession and attract more talent to the field. This could include scholarships, awareness campaigns, and streamlined processes for obtaining professional qualifications.
The projected shortfall of company secretaries also presents a challenge for businesses in India. They may face difficulties in finding and retaining qualified professionals, which could impact their compliance and governance practices. Companies should proactively invest in training and development programs for their existing staff and explore innovative ways to attract and retain company secretaries.
Overall, the ICSI’s projection highlights a critical need for increased focus on developing and nurturing talent in the field of company secretaryship in India. By addressing the skills gap and promoting the profession, India can ensure that it has a sufficient pool of qualified professionals to support its growing economy and corporate sector in the years to come.