The Western India Regional Council of the Institute of Cost Accountants of India (ICMAI) recently hosted the Regional Cost Convention 2025 in Mumbai. With the theme “CMAs as Transformation Catalysts for Viksit Bharat 2047,” the convention emphasized the pivotal role of Cost and Management Accountants (CMAs) in shaping India’s growth towards becoming a developed nation by 2047.
This two-day event brought together distinguished professionals, policymakers, and industry leaders to discuss how CMAs can enhance operational efficiency, optimize resource utilization, and influence national policies. Sessions delved into critical challenges and emerging opportunities in sectors like agriculture, manufacturing, digital transformation, sustainability, and policy advocacy, showcasing how effective cost management can drive innovation, foster competitiveness, and promote long-term economic growth.
CMA Arindam Goswami, Chairman of ICMAI-WIRC, said, “The vision of Viksit Bharat 2047 encompasses a robust economy, global competitiveness, technological innovation, sustainability and inclusive growth. Realising this vision requires careful planning, strategic cost management and efficient resource utilisation. CMAs are uniquely positioned to bridge the gap between vision and execution, ensuring optimal decision-making in both the public and private sectors. This convention is a crucial platform to drive discussions on how our profession can contribute meaningfully to this mission.”
The convention also emphasised the need for collaboration between industries, policymakers and professional bodies to ensure effective cost control without compromising on quality and growth. Experts deliberated on leveraging cutting-edge technologies such as Artificial Intelligence (AI), the Internet of Things (IoT) and blockchain to enhance cost tracking and improve supply chain transparency. Discussions also covered green technologies and sustainable financial practices.
A key highlight of the convention was the release of a memorandum advocating for the inclusion of “Cost Accountant” in the definition of “Accountant” under Section 515(3)(b) of the Income-Tax Bill, 2025. The Institute welcomed the introduction of the new Income Tax Bill, recognising it as a landmark step in simplifying India’s direct taxation framework.
The memorandum, submitted to the Select Committee of the Lok Sabha, emphasised the specialised skills and expertise of Cost Accountants in taxation, compliance and financial analysis. It argues that CMAs are recognised as Internal Auditors under the Companies Act 2013 and are authorised to conduct statutory financial audits under various state legislations.
CMA Neeraj Joshi – CCM and CMA Mihir Vyas, Vice Chairman of ICMAI-WIRC, said, “CMAs have extensive knowledge of tax laws, GST, banking, finance, cost & management accounting, auditing, corporate laws and strategic risk management, which equips them to contribute effectively to tax-related activities. Their inclusion in the Income Tax Bill would enhance financial assessments, improve tax compliance, and ensure broader representation in business decision-making.”
The memorandum noted that the curriculum of ICMAI aligns with international examination standards and extensively covers all critical areas, making CMAs well-equipped to play a pivotal role in tax administration and financial governance.
As India approaches its centenary milestone, CMAs are poised to play an indispensable role in shaping its comic destiny. Their expertise in cost efficiency, innovation, and sustainability will be instrumental in achieving the vision of Viksit Bharat 2047.
