India finance minister seeks relief for rupee

The members of this organization are the elite of their profession and certainly do some excellent work reviewing and advising on various impending regulation and the like. But after 20 years of hearing that the role of finance is shifting towards helping develop strategy and increasing partnering with the business, one would have thought that the qualifications, career paths, and origins of these finance leaders would have begun to show some signs of change. Specifically I for one would have anticipated an increase in the proportion of them holding a qualification of the Chartered Institute of Management Accountants and a decrease in the proportion holding a qualification awarded by the Institute of Chartered Accountants of England and Wales. However, the available evidence suggests that if anything the reverse has happened, (see table). While 80% of FTSE Financial Directors continue to hold one or more accounting qualifications (and many of those that dont have an MBA or some other higher qualification typically relevant to their industry), it is evident that most still hold a qualification from one of the two bodies that are more orientated towards financial accounting rather than those that are more focused on management accounting.

Chidambaram said the currency panic was unwarranted and the rupee had overshot its appropriate level. He added there was no plan to impose more capital controls on top of ones announced this month, and that reviving growth, which hit a decade low of five percent last year, would be the governments focus. The central bank governor Duvvuri Subbarao, meanwhile, dismissed investor fears India is hurtling towards a balance of payments crisis similar to one in 1991. Ten-year government bonds also posted their biggest weekly gain in four-and-a-half-years, of 62 paise ($0.01) to 8.26 percent, while shares rebounded by 1.13 percent to 18,519.44 points. But analysts said the relief might be only temporary and the rupee could soften further, with Deutsche Bank suggesting it could fall to 70 to the dollar.

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