President Ram Nath Kovind on Saturday said he expects the demand for Cost Accountants to “rise very sharply” in the country on the back of a growing economy. “It will do so not only in the corporate sector, but also in Government organisations,” Kovind said in his address at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) here.

Kovind highlighted that state governments as well as ministries and departments of the Central Government are now striving to rationalise expenses and costs.

As global manufacturing evolves and as manufacturing in India gets a boost over the coming decade — with the maturing of the Make in India programme, Cost Accountants will have a bigger role, he said.

“It will be their mandate, as it always has been, to ensure that products and services are delivered at a competitive price but without compromising on quality,” Kovind said.

Speaking on the occasion, P.P.Chaudhary, Minister of State for Law & Justice and Company Affairs, said to remain a vibrant economy, it is important that costs in the Indian economy remain competitive.

"Cost and management accountants can play a pivotal role in this. They can guide businesses to adopt practices that are optimal and cost efficient. They can also advise the Government," he said.

Chaudhary pointed out that the Railways Ministry has already asked the Institute of Cost Accountants of India (ICAI) to study the existing costing system in the Railways and suggest ways and means to ensure efficiency in key performance areas.

Earlier, Kovind suggested that ICAI should look ahead and extend the learnings from the Railways project to other fields, including defence acquisitions and infrastructure building.

 

 

Srivats.kr@thehindu.co.in

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