New Delhi, July 1: Prime Minister Dr. Manmohan Singh today said Indian firms will not be able to compete in the world unless they follow the globally recognised norms for transparency in running of businesses.

Speaking on the Diamond Jubilee Year celebrations of the Institute of Chartered Accountants of India (ICAI) here, Dr. Singh said, "The few bothered about corporate governance and transparency in accounting and management in the era of protectionism, but such laxity is no longer possible."

Dr. Singh said enough attention was not being paid in public discourses to corporate governance, adding that role of the accounting profession is also critical in lending credibility to the financial markets.

"Market participants, investors and shareholders look to you for high quality information, which ensures market discipline and foster confidence of various stakeholders," he said.

Dr Singh said Indian chartered accountants have truly earned a name and fame for themselves like so many of professional workers. Indeed, long before Indian business was ready to face the challenge of globalisation and benchmark, our businesses against global best standards, our professionals were excelling themselves.

The Prime Minister stressed Indian Chartered Accountants firms to expand their operations outside India and seek global opportunities and challenges.

"The dynamism of a globalised capital market and the emergence of a knowledge-based economy and society have posed major challenges to accurate and speedy financial reporting," he added.

Dr. Singh further said that India has made a mark in the services sector and must acquire the very top spot in terms of excellence, professionalism, speed, quality and predictability of service and, above all, reliability and integrity of service providers. (ANI)