Slug: Cost Audit Push

Mumbai

Maharashtra Governor Jishnu Dev Varma on Friday highlighted the importance of strengthening the Cost Audit system to support India’s goal of becoming a developed nation under the Viksit Bharat vision.

Speaking at a national seminar on “Cost Audit for Viksit Bharat” organised by the Institute of Cost Accountants of India (ICMAI), the Governor said that economic growth must be supported by efficiency, transparency, and responsible use of resources. He noted that the idea of a developed India is not just about expansion, but about ensuring that every rupee spent contributes to national progress.

Describing Cost Audit as a key tool of economic governance, he said it helps reduce waste, improve efficiency, and ensure better use of resources across sectors. He added that in today’s global market, India must focus not only on innovation and quality but also on cost competitiveness to stay ahead.

The Governor pointed out that as India signs more Free Trade Agreements and faces rising global competition, Cost Audit becomes an important method for performance review, continuous improvement, and better decision-making.

He also stressed its role in maintaining transparency and accountability, especially in sectors like infrastructure, energy, healthcare, telecom, and education. He added that emerging areas such as Artificial Intelligence and data infrastructure also require proper cost monitoring, as pricing directly affects citizens.

Referring to his role as Chancellor of 29 universities in Maharashtra, the Governor said many students are still unaware of career opportunities in cost accounting. He urged ICMAI to increase outreach in colleges, particularly in smaller towns, to attract more students to the profession.

The seminar focused on how Cost Audit can improve efficiency, build trust among stakeholders, and support value creation while aligning with the broader goal of Viksit Bharat.