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Maharashtra Governor Stresses Cost Audit Role for Viksit Bharat Vision

Maharashtra Governor Jishnu Dev Varma inaugurated a national seminar, highlighting cost audit as a critical instrument for building a transparent and competitive economy aligned with the Viksit Bharat vision. He stated it improves efficiency, reduces waste, and ensures optimal resource use, which is vital as India engages in global trade and competition. The Governor emphasized its role in promoting accountability in infrastructure, energy, healthcare, and emerging sectors like AI. He also urged the Institute of Cost Accountants of India to increase outreach to universities to attract more students to the profession.

Key Points: Cost Audit Key for Viksit Bharat, Says Maharashtra Governor

  • Cost Audit as economic governance tool
  • Enhances efficiency and reduces waste
  • Vital for global competitiveness & FTAs
  • Promotes transparency in key sectors
  • ICMAI urged to boost student outreach
2 min read

Maharashtra Governor calls for strengthening Cost Audit framework for Viksit Bharat

Governor Jishnu Dev Varma emphasizes cost audit as a strategic tool for efficiency, transparency, and global competitiveness in India's development journey.

"It is about ensuring that every rupee spent, every resource used and every decision taken contributes meaningfully to national progress. - Jishnu Dev Varma"

Mumbai, April 10

Maharashtra Governor Jishnu Dev Varma on Friday emphasised the critical role of Cost Audit in building an efficient, transparent and competitive economy, stating that cost competitiveness is imperative for India as it advances towards the vision of Viksit Bharat.

Inaugurating the National Seminar on 'Cost Audit for Viksit Bharat' organised by the Institute of Cost Accountants of India (ICMAI) here, the Governor said that the vision of a developed India goes 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 utilisation of resources across sectors. He said 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 underlined the role of Cost Audit in promoting transparency and accountability, particularly in sectors such as infrastructure, energy, healthcare, telecom, education and emerging areas, such as 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 Vishwas (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.

- IANS

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Reader Comments

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Priya S
As a CMA student, I'm glad the Governor highlighted the lack of awareness about our profession. Most colleges only push for CA or MBA. ICMAI needs to do more campus drives in tier-2 and tier-3 cities, like he said.
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Rohit P
"Every rupee spent... contributes meaningfully to national progress" – This is the core idea. If implemented properly, cost audit can be a game-changer for 'Viksit Bharat'. We waste so much in government projects due to poor cost control.
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Sarah B
Interesting to see the link made to AI and data infrastructure. As India builds its digital public infrastructure, ensuring cost efficiency from the start is crucial. Otherwise, we build expensive systems that become burdensome to maintain.
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Karthik V
While the intent is good, I have a respectful criticism. We have many frameworks and seminars. The real issue is enforcement and political will. Will companies actually be held accountable for audit findings, especially the big ones?
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Meera T
Absolutely vital for global competitiveness. With FTAs, our manufacturing needs to be cost-competitive with Vietnam, Bangladesh, etc. Cost audit isn't just about saving money, it's about survival and growth in the global market. 🇮🇳

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