RailTel gets ICAI award for excellence in financial reporting.

Why in news?

• RailTel has bagged the ICAI award for excellence in financial reporting for the year 2020-21 in Public Sector Entities Category. The company was adjudged as the winner in the category “plaque”.
• Financial Reporting includes the preparation and presentation of financial information. Effective Financial Reporting plays a significant role in accelerating the economic growth of a country as the information provided through annual reports enables the management and other relevant stakeholders in taking various effective business, investment, regulatory decisions.
• The award was given by the Institute of Chartered Accountants of India (ICAI),the premier accounting body which has been holding the annual competition for these awards since 1958.
• This award has been instituted with a view to promote better standards in the preparation and presentation of information in the financial statements.