Minister of State for Finance and Corporate Affairs calls for Efficient Management of Resources; Indian Cost Accounts Service (ICoAS) to play a Proactive Role in assisting the execution of Projects, Schemes and Operations of Government of India and role in GST implementation ; MOS (Finance &Corporate Affairs) inaugurated the Second Indian Cost Accounts Service Day yesterday

The Minister of State for Finance and Corporate Affairs Shri Arjun Ram Meghwal emphasized that Government is committed to pursue the economic reforms by implementing GST and Indian Cost Accounts Service (ICoAS) Officers can also play proactive role in its effective implementation. Shri Meghwal also stated that presence of ICoAS officers is required to be there in all the Departments of the Government of India for cost effective execution of Projects, Schemes and Operations. He also suggested for SWOT analysis to be carried-out by ICoAS Officers for growth of the Service. In this regard, the Officers of this service with their vast experience in the field of costing and finance can play distinguished role in all the Ministries,he added.

The Minister of State for Finance and Corporate Affairs, Shri Meghwal was speaking after inaugurating the 2nd Indian Cost Accounts Service Day held today.

Later, the Minister of State for Finance & Corporate Affairs also released a book on the overview of Indian Cost Accounts Service.

Earlier speaking on the occasion, Shri Ashok Lavasa, Finance Secretary & Secretary (Expenditure), Government of India emphasized the need to achieve fiscal consolidation by progressively reducing expenditure on subsidies through improved targeting of beneficiaries and making available scarce funds for investment in infrastructure and development programmes. He said ‘India has a developing challenges that are so huge and so demanding and of course there are not enough resources to address them immediately, so the optimum resources is the key.’ In this regard ICoAS Officers can play important role.

Earlier in her welcome address, Smt Aruna Sethi, Additional Chief Adviser Cost and Head of Service said that in the ongoing global economic scenario, technological innovation, automation, change in business process and competition has changed the process and procedure adopted by the Governments and professionalism is required for prudent decision making.

Indian Cost Accounts Service is the only professional financial service in the complete set up of Government of India.The office has now emerged as a prime professional agency and deals with matters relating to costing and pricing, studies on cost reduction, cost efficiency, industry level studies for determining fair prices, studies on user charges, Cost Benefit Analysis of Projects, Commercial Financial Management Analysis, appraisal of Capital Intensive Projects, Profitability Analysis and application of Modern Management Tools involving Cost and Financial Accounting etc. for the Government Ministries and Departments in respect of the matters referred to them. She further said that ICoAS Officers are assisting different Central Government Ministries/Departments/Organizations in solving complex Price/Cost related issues, in fixing fair prices for various services/products and rendering advice to various Ministries/Departments in cost and financial matters. She also highlighted the proactive role the ICoAS officers can play in implementation of GST.

Chairman CBEC, Shri Najeeb Shah, Addl Secretary, Department of Revenue Shri B.N. Sharma and other experts from CBEC deliberated the nuances of GST during the panel discussion held at the event. Senior Officers from Ministry of Finance and other Departments were also present on the occasion.

Shri J.K. Puri, former Chief Adviser Cost, Shri P.K. Agarwal, Shri A.K. Gautam, Smt. Rachna Chopra, Principal Advisers (Cost) and other ICoAS Officers, senior officers of the Ministry of Finance and retired Officers of the ICoAS were also present on the occasion.