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.

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. 

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.

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 cost competitiveness is imperative for India’s sustained growth and global positioning.

The event was graced by 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.

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.

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.

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.

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 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.