Cost Management by Cost and Management Accountant - <i>A Building Block of Vision New India 2022</i>!

Abstract

"India is at the cusp of cardinal transformation. India will celebrate 75th anniversary of its independence in 2022. Our country targets to be a $4.0 trillion economy in the year 2022. DIPP states that India will be USD 5 trillion economies by the year 2025 and the annual GDP growth rate will be 11.7 percent. This target recalls for cost competitiveness and operational excellence at global platform. Cost competitiveness will make our country a dream destination for foreign players and it will enable to achieve the target of double digit growth in manufacturing sector. Cost and Management Accountant is playing a prominent role in achieving cost competitiveness with the plethora of tools like Least Cost Combination, Activity Based Management, Balanced Score Card, lean management and others. Cost and management accountant can act as an accelerator in the nation building with the implementation of cost controlling techniques and effective strategic management."