Accounting and Accountability are Deeply Connected, Says President Murmu at ICMAI Convocation

President Murmu advised students to be aware that their responsibilities extend far beyond financial accounting and expressed confidence that the education imparted by ICMAI will enable them to become nation-builders. 

The Institute of Cost Accountants of India (ICMAI) hosted the National Students’ Convocation with the President of India, Droupadi Murmu, as the chief guest of the event. President Murmu addressed the gathering by highlighting the historical respect given to accountants in society and mentioned the strong link between accounting and accountability. She remarked that society’s emphasis on accountability naturally advances the importance of accounting as a profession.

As per the Government statement, she acknowledged the Institute of Cost Accountants of India as a key association maintaining this inheritance. Established in 1944, ICMAI has not only witnessed India’s post-Independence economic evolution but has also played a key part in it. Cost and management accountants have made vital contributions to building the nation's industrial and economic development. 

The President further stated that ICMAI has consistently sustained India’s development efforts by helping policymakers, government bodies, and various organisations in framing cost-effective frameworks and strategies. Over the period, the role of Cost and Management Accountants (CMAs) has evolved significantly. The role from working within factory systems to providing strategic insights at the management level, the institute has been developed gradually. 

Further, she addressed global environmental concerns, particularly climate change. She stressed that sustainability has become a necessity rather than a choice, and businesses can no longer operate with profit as their sole objective. CMAs, with their expertise, can play an important role in integrating environmental concerns into corporate decision-making to improve sustainable living.

Concluding her speech, the President urged students to remember that their duties go beyond traditional financial positions. As cost accountants, they hold the potential to contribute to India’s vision of becoming a developed nation (Viksit Bharat) by 2047. 

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