Mumbai, April 10 – Maharashtra Governor Jishnu Dev Varma emphasized the critical role of Cost Audit in building an efficient, transparent, and competitive economy on Friday, stating that cost competitiveness is essential for India as it moves towards the vision of Viksit Bharat (Developed India).
During the inauguration of the National Seminar on 'Cost Audit for Viksit Bharat,' organized by the Institute of Cost Accountants of India (ICMAI), the Governor said that the vision of a developed India extends beyond economic growth and industrial expansion. "It is about ensuring that every rupee spent, every resource used, and every decision taken contributes meaningfully to national progress," he said.
Describing Cost Audit as a "strategic instrument of economic governance," the Governor noted that it helps improve efficiency, reduce wastage, and ensure optimal utilization of resources across various sectors. He stated that in an increasingly competitive global environment, innovation and quality must be complemented by cost efficiency to give India a decisive advantage.
The Governor said that with India entering into Free Trade Agreements and facing increased global competition, Cost Audit serves as a vital diagnostic tool for benchmarking, continuous improvement, and informed decision-making.
He further highlighted the role of Cost Audit in promoting transparency and accountability, particularly in sectors such as infrastructure, energy, healthcare, telecom, education, and emerging areas like Artificial Intelligence and data infrastructure, where pricing has a direct impact on citizens.
Referring to his role as Chancellor of 29 universities in Maharashtra with over three million students, the Governor observed that many students are not adequately aware of the professional opportunities offered by ICMAI.
He urged the Institute to reach out to universities and colleges, especially in smaller cities, to create awareness about its courses and examinations and encourage more students to join the profession.
The ICMAI national seminar focuses on the strategic importance of cost audit in enhancing transparency, improving efficiency, and fostering trust among stakeholders, while contributing to value creation and aligning with the broader national vision of "Viksit Bharat." It also provides a platform for meaningful discussions on emerging trends and the future direction of the CMA profession in a rapidly evolving economic landscape.