The President of India, Smt Droupadi Murmu graced the National Students’ Convocation of the Institute of Cost Accountants of India in New Delhi today (June 23, 2025). Speaking on the occasion, the President said that throughout our history, accountants have enjoyed high esteem in our society.
The reason for that is that accounting and accountability are deeply connected. We value accountability; therefore, we attach special significance to accounting. The President said that in modern times, this rich legacy is carried forward by, among others, the Institute of Cost Accountants of India.
The ICMAI was founded in 1944 for the regulation and development of the profession of cost and management accountants in the country. That makes it a witness to the saga of India’s economic transformation after Independence.
Not only a witness, in fact, it has been a very crucial player in making the Indian economy one of the strongest in the world today. It has played its role away from the limelight, but experts in economic and corporate history appreciate the significance of the inputs of cost and management accountants in our industrial growth.
The President said that the ICMAI has been a partner in the country’s progress as it provides highly valuable support to policymakers, to central and state governments as well as to various organisations in developing cost-efficient strategies, systems and manuals.
CMAs have meanwhile seen their functions growing from cost accounting in factories to management accounting in boardrooms. The President said that the world is facing the crisis of climate change.
Sustainability is no longer a slogan; it has become a necessity. That time is over when corporate organisations worked solely with the profit motive. Now they have to keep the environmental costs in mind.
And this is where CMAs, with their skills, can bring about a great change in the future of the planet. The President advised students to keep in mind that their responsibilities extend far beyond financial accounting.
As cost accountants, they are uniquely positioned to contribute to India's transformation into a Viksit Bharat by 2047. She expressed confidence that the education imparted by ICMAI will enable them to become not only successful professionals, but also nation-builders.