10.04.2026: Maharashtra Governor calls for strengthening Cost Audit framework for ‘Viksit Bharat’

Publish Date : April 10, 2026

10.04.2026: The Governor of Maharashtra, Jishnu Dev Varma, inaugurated the National Seminar on “Cost Audit for Viksit Bharat,” organized by the Institute of Cost Accountants of India at Y B Chavan Auditorium in Mumbai. Dr. Ramakant Panda, Founder of the Asian Heart Institute; T.C.A. Srinivasa Prasad, President of ICMAI; Neeraj Joshi, Vice President; Manoj Kumar Anand, Chairman of the Professional Development Committee of ICMAI; Vikas Deodhar, Past President; Dr. Prashant Narnaware, Secretary to the Governor; S. Ramamoorthy, Joint Secretary to the Governor, ICMAI members and professionals were present. The Governor stated that cost audit is not merely a compliance requirement, but a strategic tool for effective economic governance.
He called upon the Institute of Cost Accountants of India to create awareness about its professional programmes among universities and colleges located beyond big cities so that students in other regions will know about the opportunities available in this field. The Governor also recommended making cost audit mandatory for listed companies, manufacturers of FMCG, multinational corporations, and credit institutions.

Maharashtra Governor calls for strengthening Cost Audit framework for ‘Viksit Bharat’

Maharashtra Governor Jishnu Dev Varma today emphasized 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) in Mumbai, 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 utilization 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 like 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 3 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.

Dr. Ramakant Panda, Founder, Asian Heart Institute, President of ICMAI T.C.A. Srinivasa Prasad, Vice-President Neeraj Joshi, Chairman, Professional Development Committee Manoj Anand, former President Vikas Deodhar, industry leaders, professionals, academicians and students were present.