Mumbai, April 10 (NationPress) The Governor of Maharashtra, Jishnu Dev Varma, highlighted the essential function of Cost Audit in fostering an effective, transparent, and competitive economy during the inauguration of the National Seminar on 'Cost Audit for Viksit Bharat', hosted by the Institute of Cost Accountants of India (ICMAI). He stated that cost competitiveness is crucial for India as it moves towards the vision of Viksit Bharat.

The Governor articulated that the aspiration for a developed India transcends mere economic growth and industrial expansion. “It is about ensuring that every rupee spent, every resource utilized, and every decision made contributes significantly to national advancement,” he remarked.

Characterizing Cost Audit as a “strategic tool of economic governance,” he emphasized its importance in enhancing efficiency, minimizing waste, and ensuring the optimal use of resources across various sectors. In the context of an increasingly competitive global market, he asserted that innovation and quality should be paired with cost efficiency to provide India with a crucial competitive edge.

As India engages in Free Trade Agreements and confronts heightened global competition, the Governor noted that Cost Audit acts as an essential diagnostic tool for benchmarking, fostering continuous improvement, and facilitating informed decision-making.

He also stressed the significance of Cost Audit in advancing transparency and accountability, particularly in critical sectors like infrastructure, energy, healthcare, telecom, education, and emerging domains like Artificial Intelligence and data infrastructure, where pricing directly affects citizens.

In his capacity as Chancellor of 29 universities in Maharashtra, serving over three million students, the Governor pointed out that many students lack awareness of the professional pathways provided by ICMAI.

He encouraged the institute to engage with universities and colleges, particularly in smaller urban areas, to increase awareness about its courses and examinations, thus motivating more students to enter this profession.

The national seminar hosted by ICMAI focuses on the strategic significance of cost audit in bolstering transparency, enhancing efficiency, and building Vishwas (trust) among stakeholders, while also facilitating value creation and aligning with the greater national vision of Viksit Bharat. It serves as a platform for meaningful discussions concerning emerging trends and the future trajectory of the CMA profession within a swiftly evolving economic landscape.