New Delhi: On June 23, 2025, the President of India, Smt. Droupadi Murmu, graced the National Students’ Convocation of the Institute of Cost Accountants of India (ICMAI) in New Delhi. Addressing a hall filled with newly certified Cost and Management Accountants (CMAs), faculty members, and industry dignitaries, the President underscored the evolving and crucial role of cost accountants in India’s economic growth and sustainability mission.
🏛️ Accountability and Esteem: A Timeless Legacy
In her keynote address, the President reminded the audience of the deep-rooted respect accountants have enjoyed throughout Indian history. She emphasized that:
“Accounting and accountability are deeply connected. We value accountability; therefore, we attach special significance to accounting.”
This linkage, she noted, has positioned accountants—especially cost accountants—as trusted professionals who serve as pillars of economic transparency, efficiency, and strategic planning.
📚 ICMAI: A Witness and Contributor to India’s Economic Evolution
Founded in 1944, the Institute of Cost Accountants of India has not only witnessed India’s economic transformation post-Independence but also actively contributed to it. President Murmu acknowledged that the ICMAI, though working largely away from the spotlight, has significantly influenced India’s industrial and economic policy framework.
“It has played its role away from the limelight, but experts in economic and corporate history appreciate the significance of the inputs of cost and management accountants in our industrial growth,” she stated.
She highlighted that the ICMAI’s technical support to both central and state governments, and its guidance in forming cost-effective strategies and systems, make it a true partner in India’s journey toward becoming an economic superpower.
💼 CMAs: From Factory Floors to Boardrooms
President Murmu pointed out the expansion of the CMA profession beyond its traditional role of factory-based cost analysis. Today, CMAs have made their way into strategic boardroom discussions, influencing financial policy, business sustainability, and management decision-making.
The profession has matured from just cost accounting to encompassing risk management, performance optimization, and long-term value creation, marking it as an essential component of corporate governance and policymaking.
🌍 Sustainability: A Moral and Strategic Imperative
Addressing a critical global concern, the President drew attention to the climate crisis and the need for corporations to shift from purely profit-driven models to eco-conscious strategies.
“Sustainability is no longer a slogan; it has become a necessity. That time is over when corporate organisations worked solely with the profit motive.”
She asserted that Cost and Management Accountants are uniquely equipped to quantify environmental costs, assess resource efficiency, and drive green transformations across industries—thus playing a pivotal role in safeguarding the planet while building businesses.
🇮🇳 A Call to Students: Be Professionals, Be Nation Builders
Speaking directly to the young CMA graduates, President Murmu inspired them to rise above narrow financial accounting and embrace their larger responsibility in shaping Viksit Bharat (Developed India) by 2047, India’s centenary year of independence.
“As cost accountants, you are uniquely positioned to contribute to India’s transformation into a Viksit Bharat by 2047.”
She expressed confidence that the education and values imparted by ICMAI would enable its students to become not just competent professionals, but also catalysts of national progress, equipped with both technical skills and ethical responsibility.
✅ Conclusion: Empowering Minds for Economic and Ethical Excellence
The National Students’ Convocation of ICMAI marked more than a celebration of academic achievement — it became a platform of vision, where the President of India herself reaffirmed the indispensable role of cost accountants in the economic, social, and environmental future of the nation.
As India aspires toward a sustainable, inclusive, and innovation-driven future, the insights shared by President Murmu offer both a blueprint and a challenge — to reimagine cost accounting not just as a profession, but as a mission to build a better, more accountable, and resilient India.
For more details, check press release on PIB website.
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