Firms must consider environmental impact alongside profits, says Murmu

President Droupadi Murmu addressed a gathering at the national students’ convocation of the Institute of Cost Accountants of India (ICMAI) in New Delhi on Monday, lauding the institution’s vital role in India’s economic transformation. In her address, the President underlined the historical respect accorded to accountants in Indian society, linking it to the intrinsic connection between accounting and accountability.

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“We value accountability; therefore, we attach special significance to accounting,” she said, adding that cost accountants had quietly but powerfully contributed to India’s growth story, particularly through ICMAI’s long-standing service since its conception in 1944.

She said the institute had been both a witness to and an active contributor in shaping India’s post-Independence economic trajectory.

“The ICMAI has been a partner in the country’s progress, providing valuable support to policymakers, the Centre, state governments, and institutions in developing cost-efficient strategies,” she said.

Murmu highlighted the evolution of the cost and management accountancy profession — from factory-floor cost calculations to strategic roles in corporate boardrooms. She praised cost and management accountants (CMAs) for their expertise in enhancing industrial efficiency and supporting sustainable development practices.

Drawing attention to the global climate crisis, the President stressed the need for corporations to consider environmental impact alongside profits. “Sustainability is no longer a slogan; it has become a necessity,” she said. She said CMAs, with their unique skillsets, could play a transformative role in promoting sustainable practices within the corporate world.

Murmu advised students to look beyond financial accounting and embrace their broader responsibilities.

“As cost accountants, you are uniquely positioned to contribute to India’s transformation to Viksit Bharat by 2047,” she said.

Concluding her address, the President expressed confidence that the education and values imparted by ICMAI would empower students to become not only successful professionals but also dedicated nation-builders.