The Indian economy has successfully migrated to a higher position in the global competitive index. This upward transition requires resource efficient solutions, proper cost management and governance of the companies based on the principles of transparency, accountability and ethics & values keeping in view the interests of all stakeholders. The industry needs to develop Cost Competitiveness and follow responsible governance practices for ensuring sustained growth of Indian economy. I am proud to state that Cost and Management Accountants have played a significant role in this transition.
Cost and Management Accounting creates value and ensures sustainability by contributing to sound decision making through the comprehensive analysis and provision of information that enables and supports organizations to plan, implement and control the execution of their strategy. Cost information plays a critical role in every sector and all aspects of business. It is a tool to protect the interest of investors and public with timely information on wastages and optimum utilization of scarce resources. It helps the regulatory authorities and the tax authorities in augmenting revenue. Proper credit appraisal by the banks based on costing information can also help in reducing NPAs.
The Institute and its members are committed to serve the country by extending the expertise and support to the Government, industry and all sectors of the economy to achieve the desired economic and social objectives. The Institute has been actively collaborating with Government, Industry, and Academic institutions to undertake studies, research and to issue industry specific technical papers.
Friends, I am sure that with proven track record of success, CMAs are ready to play a significant role in shaping the future of the Indian Economy. The emerging areas like Industrial Revolution 4.0, Artificial Intelligence, Data Analytics, emerging regulatory environment and expanding service sector serve as opportunities for the CMA professionals, who can rely upon the power of their domain expertise and build their capacity to be the Force of the Future.
The 59th National Cost Convention of the Institute being organized on the theme Cost and Management Accountants: Power of the Past – Force of the Future at Pune, Maharashtra on 20th and 21st January, 2019. NCC-2019 will provide a forum for thoughtful discussions on the topics of relevance in today’s business and economic context. The two days long national event of the Institute will have eminent speakers from Government, Industry, academics and Practice etc.
On behalf of the Institute, its Council and NCC Convention Committee, I urge upon all the Regional Councils, Chapters and members of the Institute to come forward and showcase the strength of CMA profession to all stakeholders by mobilising resources and delegates in large numbers.
I am confident that with the participation and support of a large number of distinguished guests and delegates from profession, industry, regulators and government, we would be able to make NCC-2019 a grand success.