Shri Piyush Goyal calls upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports

Exports is the virtuous circle of prosperity that we have to focus upon, says Shri Goyal

A strong and stable Rupee will be for the “wider good” of foreign trade; Shri Goyal

“As the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity”: Shri Goyal

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal has called upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports. Cost Accountants help make the Indian Industry cost competitive and cost conscious, he said.

“If we start loading costs to our export products and if we literally start doing marginal costing on the other hand, it can make a world of difference to our cost competitiveness, our ability to increase our exports and, frankly, our ability to (a) recover its cost and (b) start reporting profits,” said Shri Goyal, after giving away the ‘17th National Awards for Excellence in Cost Management-2019’ and ‘5th CMA awards-2017 & 6th CMA Awards-2019’, organised by the Institute of Cost Accountants of India (ICAI).

Shri Goyal said ‘Exports’ is the “virtuous circle of prosperity” that we have to focus upon.

“Anything we add on the exports front is adding to our economic activity; when we add to our economic activity, look at what all we are doing, - (a) we earn precious foreign exchange, which will help us balance our import requirements, our foreign currency requirements, in addition to, of course, investments and large remittances that over 3 crore Indians all over the world send to India, but we still have a shortfall,” he said.

Underlining a strong and stable Rupee will be for the “wider good” of foreign trade, Shri Goyal said our higher Forex reserves help our currency from depreciation.

“If we can save our currency from depreciating, we can reduce interest rates, we can reduce the impact of inflation on our society, after all we have a large number of products that we are importing,” he said.

Shri Goyal said ICAI has been nurturing the Cost & Management Accountant (CMA) professionals for 78 years. Today, it is the 2nd largest Cost & Management Accounting body in the world & largest in Asia, with more than 85,000 professionals, and about 5 lakh students pursuing CMA.

Shri Goyal said the CMAs are the guardians of growth. Keeping a check on costs, they help organizations in ensuring that there’s efficiency in every activity, he said.

“Let’s all take one step ahead in this journey. And as the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity,” he said.

Cost management urged: CMAs should reduce costs and ensure quality to boost export competitiveness and trade resilience. Cost & Management Accountants are urged to prioritise cost control and quality production to boost export competitiveness by employing cost-accounting techniques such as marginal costing to improve cost recovery and profitability; enhanced exports are linked to greater foreign exchange reserves, reduced currency depreciation risk, lower interest rates, and moderated inflationary pressures, while CMAs are characterised as guardians of growth promoting industrial efficiency and cost consciousness.