ICMAI’s Significant Contribution to India’s Economic Empowerment – Rajneesh Jain
Pune: Until a few years ago, the role of Cost Accountants was largely limited to conducting financial audits and handling financial accounting for companies. As a result, this profession was often viewed as a back-office function. However, with changing times, the scope and importance of this field have expanded significantly due to the efforts of The Institute of Cost Accountants of India (ICMAI). Today, millions of young professionals are gaining employment opportunities, and ICMAI is enabling a contribution of nearly ₹50,000 crore to the nation’s economic turnover. Therefore, ICMAI plays a vital role in strengthening India’s economy and will have a major contribution in building a “Developed India,” stated Rajneesh Jain, Chairman and Chief Financial Officer, Reliance Jio Infocomm Limited.
He was speaking at the inauguration of the “RISE India Leadership Summit,” organized in Pune by The Institute of Cost Accountants of India (ICMAI). On this occasion, CMA Vinay Ranjan (Chairman, Career Counseling and Placement Committee, ICMAI), Neeraj Joshi (Vice President, ICMAI), former President B. B. Nayak, CMA Chaitanya Mohrir (Secretary, ICMAI-WIRC), CMA Shrikant Ippalpalli (Chairman, ICMAI Pune Chapter), and other dignitaries were present.
Rajneesh Jain said that the structure, functions, and responsibilities of ICMAI are continuously evolving. Today, Cost Accountants are increasingly involved in companies’ core decision-making processes, and ICMAI is emerging as an institution that provides positive direction to the country’s economic development. If industry and ICMAI work together in close collaboration, it will accelerate not only corporate growth but also the nation’s overall economic progress.
CMA Shrikant Ippalpalli stated that along with technology, the needs of companies and professionals are changing rapidly. There is currently a shortage of Cost Accountants in the country, and more such conferences are required to meet the growing demands of businesses.
CMA Vinay Ranjan noted that until a few years ago, India was primarily known as a back-office service provider for Western companies. However, this image is changing, and today ICMAI and Cost Accountants contribute nearly two percent to the country’s economic turnover. ICMAI is generating large-scale employment and will play a crucial role in achieving the goal of a developed India by 2047. He further mentioned that India’s economy has the potential to reach USD 30 trillion.
B. B. Nayak said that ICMAI’s main objective is not only business growth but also bringing qualitative transformation among companies and professionals. He urged youth and Cost Accountants to take inspiration from the positive changes implemented by Rajneesh Jain at Reliance Jio.
Neeraj Joshi explained that curricula are being continuously upgraded in line with changing times, and producing high-quality Cost Accountants is the need of the hour. Considering the challenges faced by youth in the era of Artificial Intelligence, ICMAI is designing new and future-ready courses.
The program was anchored by Riya Choudhary. CMA Shrikant Ippalpalli delivered the welcome address, while CMA Chaitanya Mohrir proposed the vote of thanks.
Following the inauguration, a panel discussion on Cost Accounting was held, where Chittaranjan Chattopadhyay, Rajesh Shukla, Raja Mukherjee, Sanjay Bhargave, Himanshu Dave, Arindam Dutta, S. K. Gupta, Pooja Shelke, Rajneesh Pandey, D. V. Joshi, Ajay Mahajan, Dinesh Kumar Verma, Hitesh Maheshwari, Avadhut Upadhye, Milind Jogalekar, and Amit Apte shared their insights on the topic “Strategic Leadership in Global Capability Centers (GCCs): CMAs as Architects of Value Creation.”
Through this summit, the evolving role of GCCs and the growing strategic contribution of Cost and Management Accountants (CMAs) were highlighted. The conference witnessed the presence of representatives from leading GCC companies, CFOs, and HR heads in large numbers.
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