Costing plays a critical role in making a successful product: Goyal

Union minister Piyush Goyal Tuesday said cost accountants must work towards ensuring cost competitiveness of products and services so that businesses can thrive in the country.

Goyal, who holds coal and railways portfolios, said accountants can better understand the difference between success and failure and one needs to have an eye on costing to make a successful product.

"In that sense, you (ICAI) have a very important role to play, both as an institute and all your 70,000 members to ensure that we prepare the country to manufacture, to provide services at the right cost for us, which is competitive, which adds value, which encourages more business ..." Goyal said.

The minister was speaking at the presentation ceremony of the '15th National Awards For Excellence in Cost Management - 2017' organised by the Institute of Cost Accountants of India (ICAI).

He further said that "costing has been one of the most important elements of success or failure and I can recall so many instances, when we have been able to make projects successful in the last four-and-a-half years, when we have kept our focus on cost".

Good work when recognised, appreciated, rewarded and awarded can truly empower a person to do better and to continue to do good work, Goyal said.

Those who relentlessly pursue very aspirational goals, big targets and aspire to be the best are always bound to succeed, he added.

Also, Goyal said that one can make a fancy, high quality product with beautiful design but if the pricing is not competitive then it will remain a piped dream.