Piyush Goyal calls upon the CMAs to ensure quality production by industry and help boost exports

Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, has urged Cost and Management Accountants (CMAs) to assure quality manufacturing in the industry and help enhance India’s exports. According to him, Cost Accountants assist the Indian industry in becoming more cost-competitive and cost mindful.

“On the other hand, if we start loading costs to our export products and literally start doing marginal costing, 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,” Shri Goyal said after receiving the ’17th National Awards for Excellence in Cost Management-2019′ and ‘5th CMA awards-2017 & 6th CMA Awards-2019′, both organized by

Exports, according to Shri Goyal, are the “virtuous circle of wealth” on which we must concentrate.

“Anything we do on the export front adds to our economic activity; when we add to our economic activity, look at what we’re doing: (a) we earn valuable foreign exchange, which will help us balance our import and foreign currency requirements, in addition to, of course, investments and large remittances that over 3 crore Indians around the world send to India, but we still have a shortfall,” he said.

Shri Goyal stated that a strong and stable Rupee is for the “greater good” of international trade, and that our bigger Forex reserves protect our currency from depreciation.

“If we can keep our currency from devaluing, we can lower interest rates and decrease the impact of inflation on our community,” he remarked. “After all, we import a lot of items.”

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.

The CMAs, according to Shri Goyal, are the protectors of growth. They assist firms in ensuring that every operation is efficient by keeping costs under control, he said.

“In this voyage, let us all take one step forward. And, as the Prime Minister puts it, when everyone of us takes one step toward prosperity, it’s 135 crore steps toward prosperity.”