Union Minister for Corporate Affairs M. Veerappa Moily on Tuesday called for a balanced approach to fiscal reforms, process reforms, human resource reforms and government reforms to make the India (economic) growth story a success.
Addressing the Ninth National Award for Excellence in Cost Management function here, Moily said that for a country to advance forward, it was imperative to remain steadfast to these four cornerstones of economic growth and national well being.
Accepting that the Indian economy is passing through a temporary low phase or pause, Moily said he was confident that under the leadership of Prime Minister Manmohan Singh, the UPA-II regime would overcome this "hiccup".
"It will take no time for the Indian economy to bounce back. India has the willpower to do it. Our leadership has to be praised for the way it has taken up the challenges that are before it. Had it not been for the economic crisis in the U.S. and the global crisis in 2008 and 2010 respectively, India could have been enjoying a GDP growth of 10 to 11 per cent," Moily said, adding that over the previous decade, the country has experienced a better than average growth rate of between five to nearly nine percent.
He said that he was particularly proud of the achievements of the public and private sectors, and appealed to make a "habit of achieving and also a habit of achieving excellently."
Reiterating that in the Indian scheme of things, there was no place for "rhetoric", but a demand for applying economic parameters holistically, Moily said inclusive growth was the paradigm need of the hour, and emphasized that cost accountants across the country have a significant role and responsibility to play in promoting effective and efficient corporate governance, and essential management regulatory systems.
Naved Masood, Secretary, Ministry of Corporate Affairs, described cost accountants as the "most creative" of the three business accounting professions, the other two being chartered accountants and company secretaries.
He re-emphasized that all three professions had a social responsibility to contribute in key fields like health, child education and other social service sectors, as did corporates.
CMA M. Gopalakrishnan, President of the Institute of Cost Accountants of India (ICAI) said in his opening statement that the institute has set itself a benchmark for pursuing the best practices in cost management, as also taking forward Mr. Moily's mantra of "creative destruction" forward to emerge from its cocooned existence, and reach out its facilities and expertise to India's rural areas.
This, he said, could help in generating more jobs, provide and promote employable skills among the vast number of uninitiated.
During the function held at Vigyan Bhavan, Moily presented national awards for excellence in cost management to 23 Indian companies in 11 different categories, which included manufacturing (private and public) and further divided into small and medium organizations.
Videocon Industries was announced as the winner in the private manufacturing (large organization) category, while L G Electronics and Amara Raja Batteries won the second and third prizes respectively.
Rashtriya Chemicals and Fertilisers was the winner in the public manufacturing (large organization) category along with the Oil and Natural Gas Corporation Limited (ONGC).
The other winners included the Gas Authority of India Limited (GAIL), Bharat Heavy Electricals Limited, Everest Industries, ICICI Prudential Life Insurance and RITES.
The winners were selected by a jury and a special screening committee that included luminaries like former Supreme Court Chief Justice V.N.Khare, the Deputy Comptroller and Auditor General of India Arvind Awasthi and senior officials of the Ministry of Finance and the Ministry of Health and Family Welfare.
Resource management, efficient utilization of capacity and working capital, quality augmentation, expenditure on CSR and precise information on performance were some of the criteria used for finalizing the winners of the award. (ANI)