Union Ministers Bandaru Dattatreya and Y.S. Chowdary highlighted the opportunities that awaited cost and management accountants (CMA) as the country was all set to take the high growth trajectory.
Addressing the 56th National Cost Convention of the Institute of Cost Accountants of India that began here on Saturday, they also underscored the significance of proper costing in projects utilising public funds.
Mr. Dattatreya, Minister of State for Labour and Employment, said apart from ensuring transparency and accountability, the CMAs could help reduce cost and ensure optimum utilisation of resources. Describing Hyderabad Metro Rail (HMR) as his dream project, he said its cost estimate was Rs. 3,000 crore around 15 years ago when he was the Minister for Urban Development.
Due to subsequent changes in alignment, the cost went up to Rs. 7,000 crore and was now estimated at Rs. 15,000 crore. Such manifold increases have become common in public projects, he said, citing Polavaram irrigation project as another example.
His ministry, he added, was focused on skill development and was working on a target of one crore youth to benefit from the ITIs and apprentice training programmes. So far, 2.80 lakh youth were covered.
Minister of State for Science and Technology, Mr. Chowdary, said the ‘Make in India’ campaign and revival of various projects offer opportunities for CMAs. The professionals need to help farmers who were finding it difficult to access bank loans for cars and houses. Lack of documentation and records about their income came in their way, he added. CMAs should also help build risk appetite of the business community. Renowned management consultant M.B. Athreya said CMAs need to build competencies in various economic domains besides understanding the inter-dependence of economics. The Institute president, A.S. Durga Prasad, said the two-day convention will deliberate on a host of topics, including nature, science and welfare economics of food supply chain and infrastructural needs of India.
