CMA Ashwin G. Dalwadi, the president of ICMAI, opened in a statement to the media that the regional councils and various chapters are joining together to organize the Viksit Bharat 2047 program. The program happens from the 27th to the 29th of June 2024. The meeting of expert minds facilitates the exchange of innovative and constructive ideas. The ideas contribute to the alignment of the cost and management accountancy profession with the vision of Indian development. The venue of the program is the Statue of Unity in Gujarat. The blog intrigues the readers with information on meetings, MOUs and plans of ICMAI.
Meeting with professionals:
CMA Ashwin G. Dalwadi, president of ICMAI, along with CMA Manoj Kumar and CMA Amal Kumar Das, met the CMD and finance director of Coal India Limited. Shri P M Prasad and CMA Mukesh Agrawal from Coal India met the ICMAI management team on the 25th of April 2024. CMA Anand met the NTPC finance director on the 23rd of April. The meeting between CMA Manoj Kumar and CMA Jaikumar Srinivasan of NTPC shows the plans of the ICMAI institute.
On the 22nd of April, the ICMAI Bengaluru Chapter organized an interaction programme with Union Minister Smt. Nirmala Sitharaman. CS. B. Narasimhan, president of ICSI, attended the program. Honorable finance minister appreciated the role of cost accountants and company secretaries. She said that management accountants play a crucial role in utilizing scarce resources by using techniques like cost-benefit analysis and management strategies.
On the 26th of April 2024, the ICMAI introduced the CMA Faculty Lounge. The Lounge gather the professionals to discuss the best practices and resources in the field of cost and management accounting. The objectives of the CMA faculty Lounge are as follows: professional development, knowledge sharing, network building, creating opportunities, resource repository, pedagogical support, information and experience sharing, and uniformity in lecture sessions. The CMA ecosystem helps to advance the learning community and working professional community.
MOU:
ICMAI signed an MOU with NCCT and IIMA, Ahmedabad. NCCT is the national council for cooperative training. The objective of NCCT is to organize and make arrangements for the training in the cooperative sector. The council also supports research in critical working subjects related to the cooperative movement. The council has five regional institutes at Bangalore, Chandigarh, Patna, Kalyani and Gandhinagar. The council has branches in fourteen institutes. The council improve the job opportunities for cost and management accountants. On 12, June 2024, ICMAI signed a MOU with IIT Madras. The association is a landmark association that makes cost and management accounting education global with specialized skills. NPTEL offer specialized courses for skill enhancement.
On 1, May 2024, ICMAI entered an MOU with the Indian Institute of Management, Ahmedabad. The objective of the MOU is as follows:
- Research on the Indian and global trends in cost and management accounting. The trends in the field impact the future of ICMAI.
- Facilitate unified vision 2047 by ICMAI.
- Implement structural changes in the ICMAI. The structural changes are for adaptability and strategic initiatives.
- Focus on activities to support the long-term vision of ICMAI.
- Enhance the capabilities of ICMAI on the global stage.
NCCT:
CBD ICMAI and PHD house prepared a knowledge pack on cooperatives and released the models for public reference. Dr Ashish Kumar Bhutani, IAS is the secretary of the Ministry of Cooperation. On 29, May 2024 he released the details of 54 initiatives of the Ministry of Cooperation for the 21st century. Additional secretary Sh Pankaj Bansal is the present IAS from the Ministry of Cooperation, GOI. NCCT is an autonomous society under the Ministry of Cooperation. NCCT formulate the plans and policies related to training and manage training. NCCT conduct a collaborative awareness program in association with the National Bank for Agriculture and Rural Development, the Securities and Exchange Board of India, the Warehousing Development and Regulatory Authority, and the Directorate General Resettlement in the cooperative sector. NCCT has trained around 14.9 lakh professionals. NCCLT completed around 52,423 training from 1974 to 2021.
IIMA:
The following is the list of IIMs providing PhD admission to the CMA qualified professionals: Jammu, Ranchi, Lucknow, Ahmedabad, Bangalore, Amritsar, Calcutta, Bodhgaya, Kashipur, Indore, Raipur, Kozhikode, Rohtak, Shillong, Sambalpur, Tiruchirappalli, Sirmaur, Vishakhapatnam, and Udaipur.
Value of a cost and management accountant:
The India CMA is accepted in many foreign countries. The skills of a cost accountant help professionals stay updated in the current era of technological advancement. Cost accountants engage in financial analysis, forecasting, budgeting, risk management, investment analysis, and treasury activities. The knowledge and skills related to predictive analysis are the need of the hour. In a fast-changing world, financial experts help businesses to manage the competition and challenges. Cost and management accountants handle the dynamic corporate world challenges efficiently. Technical knowledge and global awareness are essential for a cost and management accountant to manage the challenges in the profession. The MOU with IIM and IIT help the professionals advance the role of cost and management accountants to the next level.
Final Words:
The skills of cost and management accountants improve the domestic, national and international companies. The co-operatives the domestic players require expert knowledge. The participation of cost and management accountants in agriculture and cooperative societies improves supply chain management and per capita income. The participation of cost and management accountants in global companies increases the foreign direct investment, stock market and investment options. The role of ICMAI is to place the professionals in different positions. The placement of professionals with expert knowledge in different fields improves inclusive growth.
