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April 20, 2022

India's Minister of Commerce & Industry, Piyush Goyal, calls upon the Cost & Management Accountants to ensure quality production by industry and help boost India's exports.

Cost Accountants, India

Photo: The Minister for Commerce & Industry, Piyush Goyal, with the winners after the Presentation Ceremony of the 17th National Awards for Excellence in Cost Management 2019, in New Delhi on April 20, 2022.

New Delhi, April 20, 2022 — India’s Minister of Commerce & Industry, Mr. Piyush Goyal, has called upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports. Cost Accountants help make the Indian Industry cost-competitive and cost-conscious, he said.

“If we start loading costs to our export products and doing marginal costing, it can make a difference to our cost competitiveness. It would enhance our ability to increase our exports, recover its cost, and start reporting profits,” said Mr. Goyal. He was giving away the ‘17th National Awards for Excellence in Cost Management-2019’ and ‘5th CMA awards-2017 & 6th CMA Awards-2019’, organized by the Institute of Cost Accountants of India (ICAI).

Mr. Goyal said ‘Exports’ are the “virtuous circle of prosperity” we must focus upon.

“Anything we add on the exports front adds to our economic activity. When we add to our economic activity, look at what we are doing. We earn precious foreign exchange, which will help us balance our import requirements, our foreign currency requirements, and, of course, investments and large remittances that over three crores of Indians worldwide send to India. However, we still have a shortfall,” he said.

Mr. Goyal said our higher Forex reserves help our currency from depreciation.

“If we can save our currency from depreciating, we can reduce interest rates and reduce inflation’s impact on our society,” he said.

Mr. Goyal said ICAI had nurtured the Cost & Management Accountant (CMA) professionals for 78 years. Today, it is the 2nd most significant Cost & Management Accounting body in the world & largest in Asia.

Mr. Goyal said the CMAs are the guardians of growth. Keeping a check on costs, they help organizations in ensuring that every activity is efficient, he said.

Source: Ministry of Commerce & Industry


— The editor is an alumnus of the Institute of Cost Accountants of India. He was a delegate to the 18th All India Cost Conference, New Delhi, organized by the Institute and inaugurated by the President of India. StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 1:42 PM | Link to this Post

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