10.04.2026- Governor’s speech:- National Seminar on ‘Cost Audit for Viksit Bharat’ organised by the Institute of Cost Accountants of India

Address by Shri Jishnu Dev Varma, Hon’ble Governor of Maharashtra at the National Seminar on ‘Cost Audit for Viksit Bharat’ organised by the Institute of Cost Accountants of India at Yashwantrao Chavan Auditorum, Mumbai on Friday 10th April 2026

Padma Bhushan Dr. Ramakant Panda ji, renowned Cardio Vascular Surgeon and Founder of Asian Heart Institute

CMA T.C.A. Srinivasa Prasad ji, President, Institute of Coast Accountants of India

CMA Neeraj Joshi ji, Vice-President, ICMAI

CMA Manoj Anand ji, Chairman Professional Development Committee, ICMAI

CMA Vikas Deodhar, former President, ICMAI

Other dignitaries on the dais,

Distinguished guests, respected members of the Council, eminent speakers, members & students of the Institute of Cost Accountants of India, distinguished professionals, academicians, industry leaders and my dear friends,

Good Morning and greetings to you !

It is a great honour to be present here today to inaugurate the National Seminar on Cost Audit on the theme, “Cost Audit for Viksit Bharat.”

I congratulate the ICMAI for bringing together such a distinguished gathering committed to strengthening the foundations of our economy.

I also congratulate the Professional Development and CPE Committee of ICMAI for its wonderful groundwork for this Seminar.

The vision of ‘Viksit Bharat’ goes beyond higher economic growth or industrial expansion.

It is about building an economy that is efficient, transparent, competitive, inclusive and sustainable – where every rupee spent, every resource used and every decision taken contributes to national progress.

In this journey, the role of Cost Audit is very important, even though it may not always be visible.

In simple terms, Cost Audit helps us understand how wisely we are using our resources – whether in industry, government or public services. It encourages us to avoid waste, improve efficiency and ensure that money is spent in the best possible way.

Cost Audit, often viewed as a compliance requirement, is in reality a strategic instrument of economic governance.

In today’s competitive world, innovation and quality must go hand in hand with cost efficiency and optimal resource utilization.

Nations and enterprises that deliver high-quality goods and services at optimal costs gain a decisive global advantage.

For India, as it implements flagship initiatives like Make in India and Atmanirbhar Bharat, cost competitiveness is not just important – it is imperative.

Cost Audit plays a key role by identifying inefficiencies, reducing wastage and promoting optimal use of resources.

As India integrates further into the global economy, industries face increasing international competition.

With the Government entering into significant Free Trade Agreements, Cost Audit becomes a critical diagnostic tool – enabling benchmarking, continuous improvement and timely course correction.

It goes beyond traditional financial reporting and supports management accounting and strategic decision-making at the highest levels.

Cost Audit is equally vital in ensuring transparency and accountability.

In sectors such as energy, infrastructure, telecom, healthcare, education, IT services and emerging areas like AI and data infrastructure – where pricing directly impacts citizens – it acts as a safeguard against inefficiencies and unjustified pricing.

It promotes fairness, protects consumer interests and balances returns for producers, thereby serving the larger public good.

For the Government, Cost Audit is an invaluable policy tool.

It provides credible, granular data for price fixation, subsidy rationalization, tariff setting and regulatory oversight.

With substantial public investments in infrastructure, industry and social sectors, Cost Audit can help assess outcomes and ensure optimal utilization of resources.

I do feel that ICMAI can help state and local governments to spend their resources optimally, wisely and judiciously.

Investors and stakeholders also benefit from robust Cost Audit systems. Greater transparency enhances confidence, reduces information asymmetry and assures efficient management and risk oversight – an important factor in today’s complex financial landscape.

At the societal level, efficient cost management translates into fair pricing, better quality and improved availability of goods and services, ultimately enhancing consumer welfare and contributing to economic stability.

The Cost Audit under the Companies Act should be expanded to cover all listed companies, all FMCG companies, all Multinational Companies and also all borrowing companies.

The role of ICMAI in this journey is pivotal. The Institute must continue to strengthen standards, promote best practices and foster continuous learning, while engaging actively with policymakers and industry to keep the Cost Audit framework relevant and forward-looking.

As the Governor of Maharashtra, I happen to be the Chancellor of 29 universities, where more than 3 million students are pursuing higher and professional education.

Many students from our universities are still not fully aware of the professional opportunities offered by the Institute of Cost and management Accountants of India.

The ICMAI programme provides a valuable pathway for building expertise in cost and management accounting – skills that are essential for the modern economy.

I would, therefore, urge ICMAI to actively reach out to universities and colleges especially those away from big cities like Mumbai, Pune and Nashik and create greater awareness among students about its professional courses and examinations.

With better awareness, many more young and bright minds can be encouraged to take up this profession and contribute meaningfully to the nation’s growth.

I am confident that this seminar will provide a vibrant platform for exchanging ideas and exploring innovative approaches.

As we move forward, let us remember that the journey towards Viksit Bharat is a collective endeavour.

In conclusion, the true strength of a nation lies not only in its resources, but in how effectively it utilizes them.

With these words, I once again congratulate the leadership of ICMAI and wish all of you the very best in your discussions and deliberations. I am confident that the deliberations will be insightful and impactful.

Thank you !
Jai Hind ! Jai Maharashtra !!