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India was the second largest textile exporter after China in the world in the calendar year 2013. Averaging an economic growth rate of 7.5% for several years prior to 2007, India has more than doubled its hourly wage rates during the first decade of the 21st century.

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Indian GAAP, IFRS and Ind AS A Comparison | 3 The Roadmap for Implementation of Ind AS 4 2015 (the ‘Rules’) (pending publication in the Gazette of India). The Rules specify the Indian Accounting Standards (Ind AS) applicable to certain class of companies and set out the dates of applicability. 2013, where considered necessary

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