CMAs can aid in better policy making: Naidu

Union Minister Venkaiah Naidu has said that the Cost and Management Accounting professionals (CMAs) can suggest suitable strategies by resource mapping to increase efficiency and productivity towards sustainable economic growth of the nation.

"CMAs can help the government for better policy making to ensure good governance. CMAs must develop and adopt a principle-based system to regulate ethical behavior", he said while addressing the 56th National Cost Convention organized by The Institute of Cost Accountants of India (ICAI) in Hyderabad.

The union minister also said that CMAs can frame cost-effective strategies to reduce waste management by identifying areas of waste reduction, where immediate and substantial savings can be achieved by implementing no cost and low-cost measures. The members must not be mere regulators but act as a catalyst for growth.

"The dynamics of modern business calls for role-shaping and strategizing rather than simply ensuring compliance," Naidu said.

The 56th National Cost Convention organized by The Institute of Cost Accountants of India (ICAI) was held in Hyderabad from January 31 to February 1.

The theme 'Powering Economic Growth through Cost and Management Accounting' revolved around the current economic growth of the country which has started looking up in the recent times. The convention sought to address the challenges of powering economic growth and exploring the contribution that the CMA profession can make to revamp the economy.

Union Minister for Labour and Employment Bandaru Dattareya and Union Science and Technology Minister Y.S. Chowdary inaugurated the two-day meet.

Bandaru Dattatreya said that the Union Government has given top priority for skill development programmes and has taken up several initiatives in this regard. Stating that efficient management practices would help in bringing transparency and accountability in various sectors, the Union Minister said cost and management accounting (CMA) professionals could play a vital role in this initiative.