CMAs celebrate 59th National Cost Convention 2019

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Pune, 20th January, 2019: The Institute of Cost Accountants of India (ICAI), the 2nd largest Cost & Management Accounting body in the world, and the largest in Asia, hosted the 59th edition of its National Cost Convention at Pune, on Cost and Management Accountants: Power of the Past – Force of the Future, on 20th and 21st January, 2019 at JW Marriot . The  2019 convention was inaugurated by Dr. Abhay Kumar Firodia, CMD, Force Motors. The summit was also graced by the presence of Dr. Deepak Tilak,Vice-Chancellor, Tilak Maharastra Vidyapeeth. 

Anil Shirole, the Hon’ble Member of Parliament from Pune will be present on 21st January- the second day of the summit.

Eminent resource persons from various sectors discussed the challenges, opportunities, imperatives and role of Cost and Management Accountants (CMAs) in the emerging regulatory and economic environment, exploring ways to look at changing business scenarios in an atmosphere of global competitiveness.

The national convention stands ICAI’s testimony to educate and train a steady class of professionals for the last 75 years, who have played a major role in wealth creation for some of India’s topmost corporations. A growing demand for skill sets like resource-mapping, resource mobilisation and cost optimization in medium and large companies has raised the demand for CMAs from ICAI, both within and outside the country.

With demand for such skill sets more and more in demand, top tier PSUs like ONGC, GAIL, Coal India, Indian Oil Corporation (IOC), and HAL, are finding their way to ICAI campus placements, along with leading MNCs like Vedanta, Accenture, PWC, Reliance Industries, Wipro and ITC.

“ICAI and its members are treading the path of becoming the Force of the Future wherein the emerging avenues like AI, IBC, Valuation, Banking & Insurance etc. are posing opportunities and threats as well for them. We hope that NCC-2019 provided a platform to members to update themselves with the latest developments and enrich their knowledge,” NCC-2019 Chairman and ICAI Vice-President, CMA Balwinder Singh.

Delegates to NCC-2019 agreed that in the present global economic scenario, most industries are looking at CMAs as change agents, going beyond the scope of their conventional role. Speakers and thoughts leaders pointed out that all industries will growingly turn to CMAs with the faith that they can lead industries by acting as business analysts, strategy formulators, information providers, leaders of and/or participators in cross functional teams, designers and managers of information systems, designers and controllers of performance measurement systems, internal consultants, or even as business partners, teachers and guides, interpreters and managers of complexity.

“Indian business has to adopt best cost and management accounting practices and embed the same in business processes for extra ordinary results. We hope our National Convention helped in gaining fresher perspectives to achieve extra ordinary results in the focused sectors wherein the country has a competitive advantage, completely enhanced business practices driven by the leadership of the Indian Industry,” said ICAI President, CMA Amit A. Apte.

ICAI believes that the thoughts being taken away from the 59th National Cost Convention will play its role in helping Indian companies achieve extraordinary results in focused sectors, where the country has a competitive advantage by completely enhancing business practices driven by the leadership of the Indian Industry, which is the need of the hour. The institute also lauded the efforts of the current Union Government for taking the country on a determined path of growth, by stressing on infrastructure, engineering and productivity, which is leading to optimum utilization of resources, both natural and otherwise.

NCC-2019 held a number of Technical Sessions as part of the two-day event, with focussed discussions on the role of CMAs in the prevailing and emerging economic and regulatory environment of the Country, to enrich the knowledge of the participants and enhance the skill set of the professionals. “ICAI and its members are committed to serve the country by extending the expertise and support to the Government, industry and all sectors of the economy to achieve the desired economic and social objectives. The Institute has been actively collaborating with Government, Industry, and Academic institutions to undertake studies, research and to issue industry specific technical papers. I am sure that with proven track record of success, CMAs are ready to play a significant role in shaping the future of the Indian Economy,” CMA Apte said.


About ICAI

The Institute of Cost Accountants of India (statutory Body under an Act of Parliament), set up by an Act of Parliament in the year 1959, is the 2ndlargest Cost & Management Accounting body in the world and the largest in Asia, having approximately 5,00,000 students and 78,000 members all over the globe. It is under the administrative control of the Ministry of Corporate Affairs, Government of India. The Institute of Cost Accountants of India is headquartered at Kolkata, and operates through 4 regional councils at Kolkata, Delhi, Mumbai and Chennai; and 98 Chapters situated at important cities in the country, as well as 9 overseas centres.