ICAI to host its Global Summit 2020 in Delhi in January 2020

Hyderabad, December 4, 2019: The Institute of Cost Accountants of India(ICAI), the Statutory body founded under an Act of Parliament to host its Golbal Summit 2020 in New Delhi on January 9th to 11th, 2020. ICAI is the second biggest Cost Accountants body in the world. Prime Minister Narendra Modi is invited to inaugurated the same. More than 2000 delegates(Including 200 foreign delegates) and speakers from over 14 countries are expected to participate in it informed CMA Balwinder Singh, its National President, addressing a press conference here in the city today. Mr. Singh was in the city in connection with the Global Summit Committee meeting interacted with the media along with his colleagues. CMA Biswarup Basu Vice President; CMA K.CH.A.V.S.N. Murthy and Central Council Member CMA Lavanya K.V.N. The theme of the Summit, according to Mr. Balwinder Singh is “Mission 5 Trillion, CMA as a cryogenic force”. The Summit will have 14 technical sessions on the theme which include Mission 5 Trillion –Driving SDG through CMA; Driving Value Creation through Governance; Cost Management Strategies; Global Cost Management Practices etc and others. US D 5 Trillion Goal for 2024 set out by Prime Minister of India requires a huge burst of energy to propel various engines of the economy. The goal of USD 5 Trillion can be achieved through a clear strategic thnking by the Captains in the Government, Business and Management Leadership. ICAI is solidly supporting the Government in achieving it, informed Balwinder Singh. The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was established by a special Act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of cost and management accountancy in India. It is a 75 years old organization. But, unfortunately we are not known as much as CAs and Company Secretaries. We will focus in coming years to enchance our image, he sahred. We have 85000 qualifid members across 101 chapters. We also have 10 chapters outside India. We have five lakh students undergoing various training programs. We have organsied over 1000 Workshops on various subjects in the last one yar across the country including GST, he informed. ICAI is under the administratie control of Ministry of Corporate Affairs, Govt of India, he informed. As a part of our obligation, we also regulate the profession of cost and management accountancy. ICAI pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession, Singh informed. The institute has incorporated a Section 8 Company to function as Insolvency Professional Agency of the Institute of Cost Accountants of India under the provisions of the Insolvency and Bankruptcy Code 2016 and Rules and Regulations framed thereunder, he shared. ICWAI Management Accounting Research Foundation is set up. And it is undertaking a comprehensive study of existing costing system in Indian Railways, proposing a suitable up-gradation of the existing system to ensure managerial analysis of costing data for efficiency improvements in key performance areas, presenting a detailed costing framework in such a manner that could be built as an extension to the existing IT Application, he shared.