The Institute of Cost Accountants of India (ICMAI) is making significant efforts to align with India’s fast-growing economy. The Hyderabad chapter president, Bibhuti Bhusan Nayak, shared this during a media conference on Monday.
Speaking alongside other key members, including ICMAI Central Council member Dr. K Ch A V S Murthy, chapter chairperson Dr. Lavanya Kanduri, vice chairman Venkata Rambabu, secretary Khaja Jalaluddin, and treasurer Kirti Gupta, Nayak highlighted the challenges businesses face today. He explained that businesses are dealing with VUCA, which stands for volatility, uncertainty, complexity, and ambiguity. In such a situation, cost and management accounting has become crucial to help businesses survive, continue, and remain sustainable.
Nayak also emphasized the important role that chartered management accountants play in India’s goal to become ‘Viksit Bharat’ (Developed India). As India continues to grow as one of the world’s fastest-growing economies, cost and management accountants are essential in helping the country achieve its development goals. They assist with resource allocation, decision-making, performance improvement, regulatory compliance, cost control, risk management, and investment evaluation. Their insights help both public and private sectors achieve financial stability and promote economic growth.
Dr. Lavanya Kanduri, the Hyderabad chapter chairperson, noted that ICMAI is the world’s largest body of CMAs (Cost and Management Accountants). It has around one lakh qualified CMAs and over six lakh students currently pursuing the course. Over time, the role of CMAs has changed significantly. Today, they support the government, policymakers, and industries in building a strong and resilient economy. Their role has expanded from working as cost accountants in factories to serving as management accountants in boardrooms.
