58th National Cost Convention - 2018
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58th National Cost Convention 2018
March 16-17, 2018, Vigyan Bhawan, New Delhi

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About the Convention

NEW INDIA 2022:
ROLE OF CMAs FROM INTENT TO ACTION

India has emerged as the fastest-growing major economy in the world as per the CSO and IMF and it is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India's labour force is expected to touch 160-170 million by 2020, based on the rate of population growth, increased labour force participation, and higher education enrolment, among other factors, according to the study.

India has improved its ranking in the World Bank’s Doing Business Report by 30 spots over its 2017 ranking and is ranked 100 among 190 countries in 2018 edition of the report. India's GDP is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitisation, globalisation, favourable demographics, and reforms. India is expected to be the third largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to shift in consumer behaviour and expenditure pattern, according to a BCG report; and is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040.

The global manufacturer landscape has been evolving at a very fast pace. Existing dynamism and fierce competition in the global market space compel all players to maintain their products and services at a competitive price without compromising on the quality. CMAs with their acumen in managing costs and providing cost-effective business models, can be instrumental in ensuring cost competitiveness in Indian manufacturing companies by reducing wasteful activities & waste production, innovating and improving processes and systems to reduce 'avoidable costs' and attain quality standard of production; finally positioning the country as a low-cost hub of manufacturing quality products. Over the years, the CMA profession has strived relentlessly to promote the socio-economic development of the country. The CMAs are considered to be the powerhouse in the Indian economy as they are trained to be cost competitive, utilize available resources in an efficient and cost-effective manner through cost optimization, efficient deployment of scarce resources leading to cost control, cost reduction and cost consciousness. With our Professional expertise, we are dedicated to professional contribution in nation building, and to realise Vision New India 2022.

Various sessions of NCC-2018 will deliberate discussions on New India 2022: Role of CMAs and the imperative of providing cost competitive environment to encourage global players. This is the key to transform India to achieve the targeted economic growth, and to pull India's poor from poverty.