Maharashtra Governor Jishnu Dev Varma highlighted the crucial role of Cost Audit in fostering an efficient, transparent, and competitive economy. He emphasized that cost competitiveness is vital for India’s progress towards the vision of Viksit Bharat. Speaking at the National Seminar on ‘Cost Audit for Viksit Bharat’ organized by the Institute of Cost Accountants of India (ICMAI), the Governor expressed that the goal of a developed India extends beyond mere economic growth and industrial expansion. It involves ensuring that every expenditure, resource utilization, and decision-making contributes significantly to national advancement.
Cost Audit was described by the Governor as a strategic tool of economic governance that enhances efficiency, minimizes wastage, and promotes optimal resource utilization across various sectors. In a globally competitive environment, he stressed that innovation and quality must be accompanied by cost efficiency to provide India with a competitive edge. With India engaging in Free Trade Agreements and facing heightened global competition, Cost Audit plays a crucial role as a diagnostic tool for benchmarking, continuous enhancement, and well-informed decision-making.
The Governor also underscored the significance of Cost Audit in fostering transparency and accountability, especially in sectors like infrastructure, energy, healthcare, telecom, education, and emerging fields such as Artificial Intelligence and data infrastructure, where pricing directly impacts citizens. As the Chancellor of 29 universities in Maharashtra with over three million students, he noted a lack of awareness among students regarding the professional opportunities offered by ICMAI. He urged the Institute to engage with universities and colleges, particularly in smaller cities, to raise awareness about its courses and examinations, encouraging more students to pursue this profession.
The ICMAI national seminar concentrates on the strategic importance of cost audit in enhancing transparency, improving efficiency, and building trust among stakeholders, while contributing to value creation and aligning with the broader national vision of “Viksit Bharat.” It serves as a platform for insightful discussions on emerging trends and the future trajectory of the CMA profession in a rapidly evolving economic landscape.
