ICMAI taking transformative initiatives for ‘Viksit Bharat’

Hyderabad: The Institute of Cost Accountants of India (ICMAI), Hyderabad chapter president Bibhuti Bhusan Nayak said on Monday that it has taken several transformative initiatives to align with India’s rapidly advancing economy.

Addressing a joint media conference, along with ICMAI Central Council member Dr K Ch A V S Murthy, Hyderabad chapter chairperson Dr Lavanya Kanduri, vice chairman Venkata Rambabu, secretary Khaja Jalaluddin, and treasurer Kirti Gupta, he said many businesses today face significant disruptions and challenges associated with VUCA (volatility, uncertainty, complexity, and ambiguity). "In this disruptive landscape, cost and management accounting has become essential for ensuring survival, continuity, and sustainability."

He said the chartered management accountants of the institute play a key role in the country's goal to become ‘Viksit Bharat’ as India is making remarkable progress in economic development over the years, emerging as one of the fastest-growing major economies in the world. However, to sustain this growth, it is essential to continue focusing on development goals. In this, the cost and management accountants play a multifaceted role in national development by facilitating efficient resource allocation, informed decision-making, improved performance, regulatory compliance, cost control, risk management, and investment appraisal. Their expertise and insights are vital for fostering economic growth, promoting competitiveness, and ensuring financial stability in both the public and private sectors.

Dr Kanduri said ICMAI is the largest body of CMAs in the world, with approximately one lakh qualified CMAs and over six lakh students currently pursuing the CMA course. Over the years, the role of CMAs has transformed significantly. Currently, CMAs support the government, policymakers, industry, and corporate sectors in building a robust and resilient economy. Their role has evolved from being cost accountants in factories to management accountants in boardrooms.