At a recent press conference held at CMA Bhavan in Himayatnagar, leading members of the Institute of Cost Accountants of India (ICMAI) emphasized the transformative role that Cost and Management Accountants (CMAs) can play in supporting India’s ambitious VIKSIT BHARAT (Developed India) goals. The event, attended by ICMAI President CMA Bibhuti Bhusan Nayak and other prominent CMA leaders, showcased the institute’s commitment to aligning its efforts with the rapidly evolving economic landscape of the country.
CMA Bibhuti Bhusan Nayak highlighted that India has made impressive strides in economic development, emerging as one of the fastest-growing major economies globally. However, to sustain this growth trajectory, it is crucial to focus on the achievement of development goals, a task that CMAs are well-equipped to facilitate.
The ICMAI, which boasts a membership of about 100,000 qualified CMAs and over 600,000 students, has a long-standing history of contributing to the nation’s economic growth. Founded on June 14, 1944, and established as a statutory body in 1959, the institute has evolved to meet the changing demands of the industry. CMAs have shifted their roles from traditional cost accountants in factories to strategic partners in boardrooms, impacting various sectors, including taxation, corporate law, and risk management.
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“In today’s VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) environment, the expertise of CMAs is crucial for ensuring organizational survival and sustainability,” said Nayak. “By providing accurate costing information, CMAs can enable efficient resource allocation, reduce wastage, and enhance productivity, ultimately contributing to economic growth.”
CMAs are increasingly found in top management roles, serving as Chief Financial Officers, Managing Directors, and other executive positions across public and private sectors. Their ability to offer valuable financial insights aids in strategic decision-making, which is vital for business expansion and resource allocation. The institute has been proactive in developing performance measurement systems to evaluate organizational effectiveness, helping identify areas for improvement.
The leaders also underscored the importance of risk management in safeguarding financial stability. CMAs play a pivotal role in assessing financial risks—be it market, credit, or operational risks—by developing robust risk management strategies and internal controls. This capability is essential for businesses aiming to sustain growth in uncertain environments.
Moreover, CMAs are crucial in evaluating investment opportunities, conducting cost-benefit analyses, and assessing the long-term impacts of investments. Their work helps attract both domestic and foreign investments, particularly important for infrastructure development and broader economic progress.
The CMAs’ contributions align seamlessly with the VIKSIT BHARAT goals, which require collaborative efforts from various sectors, including the government, private sector, and civil society. The ICMAI leaders reiterated that achieving these goals demands the expertise of professionals like CMAs, who ensure effective resource management and promote financial stability within organizations.
As the business landscape continues to evolve, the future for CMAs appears promising. They are expected to adapt to emerging challenges, further solidifying their role as vital contributors to organizational success and national development. The ICMAI remains committed to nurturing competent professionals who can navigate the complexities of modern business and help realize the vision of a developed India.
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