Accountants

Chris Robinson, Executive Chairman and Founder, QX Global Group, offered an insightful prediction regarding India’s financial landscape, during his keynote address at the BW CFO World Future of Finance Summit and Awards 2023. Speaking at the event, Robinson not only went into his journey in establishing QX in India, but also laid out a compelling case for the nation’s financial prominence. He shared insights into how India is poised to become the global hub for accounting and finance by 2030.

Robinson commenced his keynote by addressing the global concerns surrounding the impact of Artificial Intelligence (AI) and technology on the future of accountancy. He emphasised that “contrary to the belief that AI would replace accountants, it will only augment their capabilities.” Robinson urged financial professionals in India to “embrace technology, harness it as a tool and adapt it into their workflow.”

He also pointed out that the Covid-19 pandemic reshaped the work landscape, making remote work a global norm. The vital lesson learned was that business continuity remained unaffected and people worldwide embraced “working from home.” This shift bodes well for India, which is experiencing a “demographic dividend,” with a surge in its working-age population.

On the other hand, he emphasised that as the “Baby Boomer generation retires,” the West is facing the challenge of an “ageing workforce.” A startling statistic was underlined by Robinson; in the US, “300,000 accountants and auditors retired” in the previous two years, and fewer accountants are obtaining certificates. India, on the other hand, is witnessing a boom in young professionals opting for accounting courses. This surge is transforming India into a talent-rich pool for the global financial industry.

Robinson also alluded to Prime Minister Narendra Modi’s vision for India. In July, the Prime Minister boldly predicted that India would emerge as the “global hub for accounting and finance by 2030.” Robinson’s presentation shed light on how this vision can become a reality. With a thriving young population, a growing pool of financial professionals and a readiness to adapt to the changing dynamics of the industry, India is indeed on the path to becoming the global epicentre for finance and accounting.

Chris Robinson’s insightful presentation reaffirms India’s potential to redefine the global financial landscape. The convergence of a vibrant, young workforce, the acceptance of technology and a renewed global perspective on remote work is setting the stage for India to ascend as a prominent global hub for accounting and finance. The nation’s dynamic and skilled professionals are ready to capitalise on these opportunities and steer India toward a promising future in the financial realm.