The Institute of Cost Accountants of India plans to set up help desks across its chapters in Punjab and elsewhere to help small and medium enterprises in matters related to pricing, costing, financing options, educating about schemes for technology up-gradation.
Dr. A. S. Durga Prasad, President, the Institute of Cost Accountants of India said here today that the Institute has been working continuously to strengthen the cost competitiveness of industry by inculcating cost management focus through propagating best practices in cost management.
He replied to various issues concerning the Companies Act, 2013 and Rules framed there under.
Dr. Prasad that Punjab being the hub for many SMEs who successfully managed to be on the industrial map of the country has a major role to play in the economy. The competitiveness of the state comes from both intellectual capital as well as the capacity to absorb new technologies. Its major presence in Textiles, Automotive and Engineering industry is known for most competitive products.
Easy market access, good infrastructure, supportive regulatory system and Government support make a strong case for growth of MSMEs in Punjab. The current need for competitiveness is cost and quality. With the competition from countries like China with low cost products, it is important for SMEs to focus on cost.
The Institute is organizing ?Corporate Cost Management Week? across the country for the benefit of Industry. It has planned to conduct series of industry wise programmes like Internal Audit of Pharmaceutical Industry, Telecom Industry, Mining and Metallurgy Industry, Power Sector, Service Sector, Stock Brokers and Depository Participants, Risk Based Internal Audit, Stock Audit of Commercial Banks.
Vijender Sharma, Chairman Northern India Regional Council. Mukesh Kumar Gupta, Chairman, Chandigarh Chapter and Balwinder Singh, former Central Council Member observed that the Cost accounting profession, came into existence through a special act by the parliament in 1959 and since then, it has managed the transition to a different role after the liberalization of the economy successfully.