Seminar brings together policymakers, industry leaders and over 500 delegates, underscores cost audit as a key driver of governance, transparency and sustainable economic growth
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The Institute of Cost Accountants of India (ICMAI) successfully organised a National Seminar on “Cost Audit for Viksit Bharat: Value, Vishwas and Vision” at the Yashwantrao Chavan Centre, Nariman Point, Mumbai, bringing together eminent policymakers, industry leaders, and professionals to deliberate on the evolving role of cost audit in strengthening India’s economic framework.
Table of contents
- Seminar brings together policymakers, industry leaders and over 500 delegates, underscores cost audit as a key driver of governance, transparency and sustainable economic growth
- Inauguration and Keynote Address
- Cost Audit as Strategic Tool
- Linking Efficiency with Innovation
- Distinguished Guests of Honour
- Eminent Panel of Speakers
- Ensuring Transparency Across Sectors
- Cost Audit as Policy Instrument
- Participation and Key Discussions
- ICMAI’s Commitment and Outreach
Inauguration and Keynote Address
The seminar was inaugurated by Hon’ble Governor of Maharashtra, Jishnu Dev Varma, who attended the event as the Chief Guest. In his keynote address, he emphasised that the vision of “Viksit Bharat” goes beyond economic growth and requires an ecosystem that is efficient, transparent, competitive, inclusive, and sustainable.
Cost Audit as Strategic Tool
Highlighting the importance of cost audit, the Governor stated that it should not be viewed merely as a compliance requirement but as a strategic instrument of economic governance. He noted that cost audit plays a crucial role in identifying inefficiencies, reducing wastage, and ensuring optimal utilisation of resources across sectors.
Linking Efficiency with Innovation
He further underlined that in a globally competitive environment, cost efficiency must go hand in hand with innovation and quality. Referring to national initiatives such as Make in India and Atmanirbhar Bharat, he stated that India must ensure cost competitiveness for sustained growth and strong global positioning.
Distinguished Guests of Honour
The event featured distinguished Guests of Honour, including Dr. Ramakanta Panda, Managing Director, Asian Heart Institute & Research Centre; Dr. Rahul Mirchandani, Chairman & Managing Director, Aries Agro Limited; and Dr. Vijay Satbir Singh, IAS (Retd.), Former Chief Secretary, Government of Maharashtra.
Eminent Panel of Speakers
An eminent panel of speakers comprising CMA Praveen Nigam (Executive Director – Finance & Accounts, SAIL – Bhilai Steel Plant), CMA Ashu Mathur (Former Chief Advisor – Cost, Ministry of Finance, Government of India), Dr. Nitin Kareer, IAS (Retd.), Former Chief Secretary, Government of Maharashtra, Shri Dinesh Kumar Khara, Former Chairman, State Bank of India, CMA Asim Kumar Mukhopadhyay (Managing Director, NAVTOM Consulting Pvt. Ltd.), and CMA Parvathy Venkatesh (Practicing Cost Accountant) shared insights on emerging regulatory frameworks, industry challenges, and best practices in cost audit and cost accounting.
Ensuring Transparency Across Sectors
The Governor also highlighted the importance of cost audit in ensuring transparency and accountability in key sectors such as infrastructure, energy, telecom, healthcare, and education, where pricing directly impacts citizens. He noted that cost audit acts as a safeguard for consumer interests while maintaining a fair balance between stakeholders.
Cost Audit as Policy Instrument
Describing cost audit as an invaluable policy tool, he stated that it provides credible data for price fixation, subsidy rationalisation, tariff setting, and regulatory oversight. He further recommended expanding the scope of cost audit under the Companies Act to include all listed companies, FMCG companies, multinational corporations, and borrowing entities.
Participation and Key Discussions
The seminar witnessed participation from over 500 delegates representing corporates, industry associations, government bodies, regulatory authorities, financial institutions, and practicing professionals. The discussions focused on enhancing “Vishwas” (trust), driving value creation, and aligning cost audit practices with the broader national vision of Viksit Bharat.
ICMAI’s Commitment and Outreach
ICMAI reaffirmed its commitment to strengthening professional standards, promoting best practices, and fostering continuous learning within the profession. The Institute also emphasised the need to expand outreach to academic institutions across the country to create greater awareness about career opportunities in cost and management accounting.
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