The Management Accountant - September 2024
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A Corridor to Evolution
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
Journal of
www.icmai.in
September 2024 Vol. 59 No. 09 Pages - 124 100
Accelerating
INDIA'S
TRANSPORT
& LOGISTICS SECTOR
A Corridor to Evolution
2 The Management Accountant - September 2024
www.icmai.in
Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Dist:
Kolkata, West Bengal - 700 016 and printed at – Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,
Morivali, MIDC, Ambernath (West), Dist: Thane – 421505 and published at – The Institute of Cost Accountants of
India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.
Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.
New Market, Dist: Kolkata, West Bengal - 700 016.
Statutory Body under an Act of Parliament
THE INSTITUTE OF
COST ACCOUNTANTS OF INDIA
www.icmai.in
studies@icmai.in
Since 1944
CMA
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Å
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JUNE
www.icmai.in
September 2024 - The Management Accountant
3
ICMAI
The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
www.icmai.in
The Management Accountant, official organ of
The Institute of Cost Accountants of India, established in
1944 (founder member of IFAC, SAFA and CAPA)
Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost
Accountants of India, 12, Sudder Street, P. S. New Market,
Dist: Kolkata, West Bengal - 700 016 and printed at – Spenta
Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,
Morivali, MIDC, Ambernath (West), Dist: Thane – 421505 and
published at – The Institute of Cost Accountants of India, 12,
Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal
- 700 016.
Editor – CMA Sucharita Chakraborty on behalf of The
Institute of Cost Accountants of India, 12, Sudder Street,
P. S. New Market, Dist: Kolkata, West Bengal - 700 016.
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~
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(erstwhile The Institute of Cost and Works Accountants of
India) was established in 1944 as a registered company
under the Companies Act with the objects of promoting,
regulating and developing the profession of Cost
Accountancy.
~
On 28 May 1959, the Institute was established by a
special Act of Parliament, namely, the Cost and Works
Accountants Act 1959 as a statutory professional body for
the regulation of the profession of Cost & Management
Accountancy.
~
It has since been continously contributing to the growth
of the industrial and economic climate of the country.
~
The Institute of Cost Accountants of India is the only
recognized statutory professional organisation and
licensing body in India specialising exclusively in Cost &
Management Accountancy.
VISION STATEMENT
“The Institute of Cost Accountants of India would be the
preferred source of resources and professionals for the
financial leadership of enterprises globally.”
MISSION STATEMENT
“The CMA Professionals would ethically drive enterprises
globally by creating value to stakeholders in the socio-
economic context through competencies drawn
from the integration of strategy, management and
accounting.”
IDEALS THE INSTITUTE STANDS FOR
~
to develop the Cost and Management Accountancy
Profession
~
to develop the body of members and properly equip
them for functions
~
to ensure sound professional ethics
~
to keep abreast of new developments
Headquarters:
CMA Bhawan, 12 Sudder Street, Kolkata - 700016
Delhi Office:
CMA Bhawan, 3, Institutional Area, Lodhi Road
New Delhi - 110003
Behind every successful business decision,
there is always a CMA
4 The Management Accountant - September 2024
www.icmai.in
Contents
Inside
September 2024
SEPTEMBER VOL 59 NO.09 `100
Cover Story
ACCELERATING INDIA’S TRANSPORT AND
LOGISTICS SECTOR –
A CORRIDOR TO EVOLUTION ....... 24
LOGISTICS LEVERAGE AND EVOLUTION IN TRANSPORTATION
INFRASTRUCTURE- PERPETUAL AUGMENTATION OF THE EXPANSION OF
INDIAN ECONOMY ....... 27
ADVANCING SUSTAINABILITY:
THE IMPACT OF GREEN LOGISTICS TECHNOLOGY AND SMART LOGISTICS
PARKS ON FUTURE CITIES DEVELOPMENT ....... 31
FLAGSHIP HIGHWAY PROJECT “BHARATMALA”
THE JOURNEY SO FAR ....... 37
FROM SMART CITIES TO GREEN SUPPLY CHAINS:
A NEW ERA OF LOGISTICS ....... 41
COST MANAGEMENT AND INNOVATION:
THE DUAL PILLARS OF INDIA'S NATIONAL LOGISTICS POLICY, 2022 ....... 46
ACCELERATING INDIA'S TRANSPORT:
GREEN LOGISTICS, SMART CITIES AND INNOVATION ....... 50
EXPLORING THE DEVELOPMENT OPPORTUNITIES OF VIZHINJAM MOTHER
PORT: A STRATEGIC GATEWAY FOR MARITIME GROWTH ....... 55
ENVIRONMENTAL COST-BENEFIT ANALYSIS OF SATELLITE TOLL COLLECTION
SYSTEM IN INDIA ....... 59
Interview
CMA Hira Nand
Director (Finance)
National Fertilizers Limited
Noida
....... 64
Sustainability Leaf
The New Era of Bullion Trading: Market Reforms through India International Bullion
Exchange (IIBX) and Navigating Customs Duty Changes ....... 68
PRINTED AT -
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Plot No. 15,16 & 21/1, Morivali MIDC,
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421505, India on behalf of
The Institute of Cost Accountants of India, 12, Sudder Street,
Kolkata - 700 016, P. S. New Market, West Bengal
www.icmai.in
September 2024 - The Management Accountant
5
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All images in this issue are sourced from google.
PRESIDENT
CMA Bibhuti Bhushan Nayak
president@icmai.in
VICE PRESIDENT
CMA T C A Srinivasa Prasad
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, CMA Ashwin G. Dalwadi, CMA Avijit Goswami,
CMA Chittaranjan Chattopadhyay, CMA Harshad Shamkant Deshpande,
CMA (Dr.) K Ch A V S N Murthy, CMA Manoj Kumar Anand, CMA Navneet Kumar Jain,
CMA Neeraj Dhananjay Joshi, CMA Rajendra Singh Bhati, CMA Suresh Rachappa Gunjalli,
CMA (Dr.) V. Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia,
Shri Inder Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)
Secretary
CMA Kaushik Banerjee
secy@icmai.in
Additional Secretary (Delhi Office) & Head Studies
CMA (Dr.) Debaprosanna Nandy
addlsecy.delhi@icmai.in, studies.director@icmai.in
Additional Secretary (Headquarters, Kolkata)
CMA Arup Sankar Bagchi
addlsecy.kolkata@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Director (Infrastructure)
CMA Rajat Kumar Basu
Infrastructure.director@icmai.in
Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Director (Technical)
CMA Tarun Kumar
technical.director@icmai.in
Director (Tax Research)
CMA Kushal Sengupta
trd.director@icmai.in
Director (Membership)
CMA Arunava Ganguly
membership.director@icmai.in
Director (Admin-Delhi)
CMA Simarjeet Chadha
admin.director@icmai.in
Additional Director (Journal & Publications)
CMA Sucharita Chakraborty
journal.hod@icmai.in
Additional Director (BFSI)
CMA Dibbendu Roy
bfsi.hod@icmai.in
Additional Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Additional Director (Career Counselling and Placement)
Dr. Pradipta Ganguly
Additional Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Additional Director (Finance)
CMA Soma Banerjee
finance.hod@icmai.in
Additional Director (Public Relations)
CMA T R Abrol
pr.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Director (Discipline)
CMA R. K. Jain
discipline.director@icmai.in
Joint Director (CAT)
CMA Pardeep Kumar Khaneja
cat.hod@icmai.in
Joint Director (International Affairs)
Dr. Kimi Thareja
intlaffairs.hod@icmai.in
Joint Director (Board of Advanced Studies & Research)
CMA Tinku Ghosh Das
DISCLAIMER -
The Institute of Cost Accountants of India does not take responsibility for returning
unsolicited publication material. Unsolicited articles and transparencies are sent
in at the owner’s risk and the publisher accepts no liability for loss or damage.
The views expressed by the authors are personal and do not necessarily represent
the views of the Institute and therefore should not be attributed to it.
The Institute of Cost Accountants of India is not in any way responsible for the
result of any action taken on the basis of the articles and/or advertisements
published in the Journal. The material in this publication may not be reproduced,
whether in part or in whole, without the consent of Editor, The Institute of Cost
Accountants of India. All disputes are subject to the exclusive jurisdiction of
competent courts and forums in Kolkata only.
From the Editor’s Desk
President’s Communiqué
Chairman’s Communiqué
Council Committees: 2024-2025
ICMAI CMA Snapshots
Down the Memory Lane
News from the Institute
Statutory Updates
06
07
13
14
22
102
106
120
Digital Transformation
Fusionistic Convergence of AI to Blockchain
TechStack - Turning Opportunities into
Realities ....... 72
Viksit Bharat
Towards Viksit Bharat@2047 with Strong
Footing and Long-Term Planning ....... 78
Artificial Intelligence
Automation and AI adoption:
Catalysts to enhance Management
Accounting ....... 83
Virtual Management Accounting
Virtual Management Accounting Services:
A Growth Catalyst for SMEs ....... 90
Cost Optimization Technique
Unlocking the Potential of Industrial
Engineering in Cost Optimization ....... 93
Corporate Rebuilding through Demerger:
A Case Study Based on Strides Pharma
Science Ltd. ....... 97
Case Study
6 The Management Accountant - September 2024
www.icmai.in
EDITOR’S DESK
From the
Accelerating India's Transport & Logistics Sector - A Corridor to Evolution
ccelerating India’s
transport and
logistics sector
is crucial for its
economic development and
global competitiveness. By
infrastructure development
through expansion and
upgradation of highways
and roads, railways, airports,
ports and shipping, India can
transform its transport and
logistics sector into a more
efficient, sustainable and
globally competitive industry.
Technological integration,
regulatory reforms, sustainability
initiatives, regional connectivity
will not only boost economic
growth but also enhance the
country’s status in the global
supply chain.
India’s logistics and
industrial sector has seen
impressive growth during the
first half of 2024.This issue of
Management Accountant carries
several articles on the theme-
Accelerating India’s Transport
& Logistics Sector - A corridor
to evolution.
Accelerating India’s Transport
and Logistics Sector – A
Corridor To Evolution focuses
on the adoption of green
logistics technology, smart
cities and logistics parks and
reflects India’s commitment to
sustainability and modernization.
These innovations are reducing
the carbon footprint of logistics
operations, optimizing urban
freight movement and enhancing
the overall efficiency of the
sector. India’s transport and
logistics sector has experienced
a significant transformation
over the past decade, becoming
a critical driver of the nation’s
economic progress.
Logistics Leverage and
Evolution in Transportation
Infrastructure perpetual
Augmentation of the Expansion
of Indian Economy performs
a representative sectoral time-
series analysis, establishing the
sustainable expansion trajectory
of the logistics infrastructure in
India.
Advancing Sustainability:
The Impact of Green Logistics
Technology and Smart
Logistics Parks on Future
Cities Development states that
logistics operations contribute
to economic growth and urban
effectiveness and therefore,
eco-friendly approaches reduce
environmental consequences and
improve efÏciency and service.
This article delves into the
impact of logistics technology
and smart logistics parks on
sustainable urban development.
Flagship Highway Project
“Bharatmala” The Journey
So Far explores the journey
of the Bharatmala project. It
also discusses the challenges
encountered during its execution,
including land acquisition,
environmental clearances and
financial constraints. The
article also assesses the socio-
economic impacts of the project,
particularly in terms of regional
development, job creation and
the overall modernization of
India’s transportation network.
The article titled From Smart
Cities to Green Supply Chains: A
New Era of Logistics explores the
convergence of green logistics,
smart city infrastructure and
advanced logistics parks as a
cornerstone of sustainable urban
development. It concludes by highlighting
the synergistic relationship between these
components and their contribution to creating
resilient, eco-friendly, and future-oriented
cities.
Cost Management and Innovation: The
Dual Pillars of India’s National Logistics
Policy, 2022 examines the policy’s two pillars,
innovation and cost management. The article
also emphasizes how CMA support financial
planning, performance evaluation, risk
management, cost optimization, regulatory
compliance, technology integration, and skill
development.
Accelerating India’s Transport: Green
Logistics, Smart Cities, and Innovation
unravels the usage of green logistics
technologies in connection with smart city
ecosystem endorsed by Kolkata City showing
environmental, economic and social-centric
dimensions.
The article Exploring the Development
Opportunities of Vizhinjam Mother Port:
A Strategic Gateway for Maritime Growth
concludes Vizhinjam Port will greatly boost
India’s marine trade and establish it as a key
centre for international shipping. India’s trade
capacity and efÏciency will rise significantly
due to this port’s strategic location and modern
amenities.
Environmental Cost-Benefit Analysis of
Satellite Toll Collection System in India-
assesses the ecological expenses and
advantages of using satellite toll collection
systems in India. It offers suggestions for
policy and practical application, as well as
guidance for future research.
Apart from these thematic articles, this
issue contains articles on various other
contemporary matters.
We look forward to constructive feedback
from our readers. Please send your comments
and suggestions to editor@icmai.in.
A big thanks to our authors who have
enriched the contents of this Issue.
Happy Reading!!!
www.icmai.in
September 2024 - The Management Accountant
7
“If you light a lamp for someone else, it will also
brighten your path.”
-- Gautama Buddha
My Dear Professional Colleague,
t the outset, I, on behalf of the Institute and
all its stakeholders extend our heartiest
congratulations and best wishes to Ms.
Deepti Gaur Mukerjee, IAS on assuming
charge as the Secretary to the Government of India,
Ministry of Corporate Affairs. I am pleased to inform
that I along with CMA Ashwin G. Dalwadi, Immediate
Past President, ICMAI and CMA Manoj Kumar Anand,
Council Member, ICMAI, called on Ms. Deepti Gaur
Mukerjee on 3rd September, 2024 in New Delhi and
discussed the matters related to the Institute and CMA
profession.
Independence Day Celebration
I am delighted to inform that the Institute celebrated
the 78th Independence Day with great enthusiasm and
patriotism across its headquarters in Kolkata, Delhi
OfÏce, Regional Councils and Chapters nationwide. The
celebration marked the Institute’s ongoing commitment to
contributing to India’s economic growth by empowering
cost and management accounting professionals.
I had the privilege of unfurling the National Flag
during the Independence Day Celebrations organized
at Headquarters, Kolkata, in the presence of Council
members, Former Presidents, Regional Council Members
of EIRC and employees of the Institute. The Campaign
“Har Ghar Tiranga” was celebrated by the Headquarters,
Regional Councils, Chapters and employees of the
CMA Bibhuti Bhusan Nayak
President
The Institute of Cost Accountants of India
Institute during 9th August to 15th August, 2024, by
hoisting the national flags in their respective premises.
Meeting with Dignitaries
CMA Ashwin G. Dalwadi, Immediate Past President,
ICMAI along with CMA Manoj Kumar Anand,
Chairman, PD & CPE Committee, ICMAI and CMA
Nishant Kumar Singh, Former Chairman, EIRC
of ICMAI met Shri Chirag Paswan, Hon’ble Union
Minister of Food Processing Industries on 22.08.2024
at his ofÏce to request implementation of cost audit in
food processing and milk food industry.
CMA Rajendra Singh Bhati, Chairman, Public
Relations Committee, CAT and Direct Taxation
Committee, ICMAI along with CMA Santosh Pant,
Chairman, NIRC of ICMAI, CMA Sunil Singh, Former
Chairman, NIRC of ICMAI and CMA Amit Yadav,
Chairman, Lucknow Chapter of ICMAI had a meeting
with Dr. Dinesh Sharma, Hon’ble MP Rajya Sabha at
Lucknow.
Highest-ever Student Admissions for the CMA
Course
I am proud to announce a significant milestone in the
history of the Institute, having achieved the highest-ever
student admissions for the CMA Course for December
2024 term. With more than 41,000 new admissions, this
record-breaking achievement underscores the growing
recognition of the CMA profession as a vital contributor
to the economic and financial management landscape
of the nation. It also reflects the increasing awareness
of the value and scope of the CMA qualification, which
offers vast career opportunities in both the public and
private sectors.
President’s
Communiqué
8 The Management Accountant - September 2024
www.icmai.in
presence of Brig Bikram Heeru, ADG, DRZ (Central),
DGR, as the Chief Guest. In his address, Brig Heeru
briefed the participants on the importance of acquiring
new skills to enhance their employability in the civilian
sector. He encouraged them to take full advantage of
the course, highlighting how the CAT certificate will
open up new career opportunities for them. Brig Heeru
also expressed his gratitude to the Institute of Cost
Accountants of India for their continued support and
commitment to the welfare of ex-servicemen.
My Council colleague CMA Rajendra Singh Bhati,
Council Member & Chairman (CAT), ICMAI, who was
also present in the inaugural, thanked DGR, Ministry
of Defence for showing confidence in the Institute and
entrusting 12 batches of CAT Course for its calendar
year 2024-25. He assured the Institute’s commitment
to impart quality training to the Defence personnel.
He added that the Institute has already endeavoured
to provide placement opportunities to the defence
personnel undergoing the CAT Course. CMA Santosh
Pant, Chairman, NIRC; CMA Amit Yadav, Chairman
(Lucknow Chapter); Managing Committee Members
of Lucknow Chapter and faculty members were also
present during the inaugural programme.
CMA National Youth Commerce Olympiad
(NYCO) 2024
I am happy to inform that the Directorate of Studies
in association with Career Counselling & Placement
Committee and CAT Directorate of ICMAI is organizing
CMA National Youth Commerce Olympiad (NYCO)
2024). The online registrations have already started w.e.f.
16th August, 2024. This event represents a remarkable
opportunity for young minds to showcase their talent,
knowledge, and passion for commerce on a national
stage. The CMA NYCO is not just a competition; it is
a celebration of the intellectual prowess and academic
excellence that our community holds dear. It aims
to foster a spirit of learning, innovation, and healthy
competition among students from across the country.
I request all members and students to actively
participate in the event and make the CMA National
Youth Commerce Olympiad 2024 a grand success. For
more details and registration, please visit the NYCO
portal: https://eicmai.in/nyco/Home.aspx
Peer Review Board
I am pleased to inform you that the Peer Review Board
has started assigning the Reviews to the empanelled
reviewers. I take this opportunity to congratulate the
Peer Review Board of the Institute for this initiative
and hope that the peer review process will be smooth
and seamless. I urge the eligible PCMAs to apply
to the Board in the prescribed format to empanel as
Reviewer. I also urge the PCMAs to apply for the Peer
Review of their respective firms by writing an email
to the peerreviewboard@icmai.in at the earliest. For
further assistance, you are advised to refer to the PRB
webpage on the Institute’s website at https://icmai.
in/icmai/PeerReviewSystem/index.php and write to
the PRB Secretariat at peerreviewboard@icmai.in for
seeking any clarification / information.
CAT Course for retiring/retired Defence Personnel
I am glad to share with you that the new batches
of CAT course for retiring/retired JCOs/OR & their
equivalent in association with Directorate General of
Resettlement (DGR), Ministry of Defence, Government
of India as per the approved calendar of the DGR for the
training year 2024-25 have commenced on 12th August,
2024 at our Lucknow and Ranchi Chapters, details of
which are given in following paragraphs.
The inauguration ceremony in Ranchi took place
on 24th August 2024, where I addressed the esteemed
gathering in the presence of my council colleague,
CMA Rajendra Singh Bhati, Chairman, Committee
for Accounting Technicians. I am elated to share that
Shri Sanjay Seth, Hon’ble Minister of State for Defence,
Government of India, graced the event as the Chief
Guest. He congratulated the Institute for providing a
platform to defence personnel, which will assist them
in resettlement after their retirement. Brig. Rajeev
Kapur, SM, ADG, DRZ East, delivered the welcome
address to the course students as the Guest of Honour.
CMA Subhasish Chakraborty, Chairman of EIRC;
CMA Bidyadhar Prasad, RCM-EIRC, CMA Prabhash
Mishra, Chairman of the Ranchi Chapter; & Other
Regional Council Members of EIRC and members of
the Managing Committee of the Ranchi Chapter were
also present at the inauguration.
The inauguration ceremony in Lucknow took place
on 12th August, 2024 and was graced by the esteemed
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
September 2024 - The Management Accountant
9
Vice President, ICMAI, CMA Neeraj D. Joshi, Council
Member, ICMAI, CMA Damodara Mishra, Secretary,
EIRC-ICMAI, CMA Uttam Kumar Nayak, Regional
Council Member & Immediate Past Chairman, EIRC-
ICMAI. The Seminar witnessed an active participation
from more than 150 members. I congratulate CMA
Ramesh Chandra Patra, Chairman and other members
of the Managing Committee of Bhubaneswar Chapter-
ICMAI on the successful conduct of the Seminar.
I wish prosperity and happiness to our esteemed
members, students and their families on the occasion
of Ganesh Chaturthi, Onam & Milad-un-Nabi and wish
them success in all of their endeavours.
With warm regards,
CMA Bibhuti Bhusan Nayak
September 4, 2024
MOU with International Financial Services Centres
Authority (IFSCA)
I am happy to inform that ICMAI has signed
a Memorandum of Understanding (MOU) with
International Financial Services Centres Authority
(IFSCA) on 30th August, 2024 at Gandhinagar, Gujarat.
The MOU was signed by CMA Dr. Kaushik Banerjee,
Secretary, ICMAI and Dr. Dipesh Shah, Executive
Director (Development), International Financial Services
Centres Authority (IFSCA) in the presence of CMA
Ashwin G. Dalwadi, Immediate Past President, ICMAI,
Shri K. Rajaraman, Chairperson, IFSCA, Dr. Dipesh
Shah, ED (Development), IFSCA, CMA Chittaranjan
Chattopadhyay, Chairman, BFSI Board, ICMAI and
CMA Malhar Dalwadi, Former Chairman, Ahmedabad
Chapter, ICMAI.
Through this MOU, ICMAI shall extend cooperation
to IFSCA in developing GIFT-IFSC, as a “Global
Finance and Accounting Hub”, collaborate and cooperate
with IFSCA to facilitate the export of Book-keeping,
Accounting, Taxation and Financial Crimes Compliance
Services from the GIFT-IFSC. It will allow both the
Institutes to jointly organize international and domestic
events including conferences, seminars, and round table
meetings with ICMAI members and industry participants
to increase awareness and promote GIFT-IFSC as a
“Global Finance and Accounting Hub” and it also
allow for jointly participating in international events
and forums for promoting the export of Finance and
Accounting related services from GIFT-IFSC in India.
Both the Institutes may also jointly prepare knowledge
papers/organized studies pertaining to the accounting
framework, incorporating research work and feedback
received from various stakeholders.
Seminar on “Recent Developments in Cost Record,
Cost Report & Performance Report”
I am pleased to inform that the Bhubaneswar Chapter
of the Institute has successfully conducted a seminar
on the theme “Latest Development in the Cost Audit
Framework & ABC for Maintenance of Cost Records
& Cost Audit” on 11th August 2024 at CMA Bhawan,
Bhubaneswar. Shri Babu Singh, Hon’ble MLA, Ekamra
Constituency, Bhubaneswar inaugurated the Seminar as
its Chief Guest. I had the pleasure of participating in
the Seminar along with CMA T C A Srinivasa Prasad,
PRESIDENT’S COMMUNIQUÉ
10 The Management Accountant - September 2024
www.icmai.in
on the topic “Empowering Communities: The Future of
Small-Scale Cooperatives in a Sustainable World” on 14th
August, 2024. Our guest facilitator for the session was Dr.
Madhukar Sharma, Head, Center for International Relations
and Governance, Maharashtra National Law University,
Nagpur.
The webinar focused on the role of small-scale cooperatives
in promoting sustainable development and community
empowerment, examining how these cooperatives can
contribute to a greener and more equitable future. The speaker
talked about Sahkar Se Samridhi Scheme and explained the
role of cooperatives in achieving socio-economic prosperity,
particularly in rural and marginalized communities.
Dr. Madhukar emphasized on the existence of cooperatives
in India, its principals, achievements as wells as India’s
active participation in the cooperatives.
The webinar was taken forward by CMA Navneet Kumar
Jain, Chairman of the Board who apprised the members
about the ensuing initiative of the CDB in bringing out a
Guidance Note on various aspects governing the operations
and management of Cooperative Societies.
MEMBERSHIP DEPARTMENT
During the month of August 2024, 87 new Associate
memberships were granted and 41 Associate members were
upgraded to Fellowship. Communications also made to aware
the Members whose membership fees for the year 2024-25
have fallen due on and from 1st April 2024, to be paid on
or before September 30, 2024. For any further clarification,
it is requested to contact the membership department at:
membership.director@icmai.in and membership@icmai.
in, mentioning the membership number.
PROFESSIONAL
DEVELOPMENT
&
CONTINUOUS PROFESSIONAL EDUCATION (PD
& CPE) COMMITTEE
The Rajasthan Rajya Vidyut Prasaran Nigam Limited
considered Cost Accountants Firms for conducting the
Commercial Accounts Audit.
Please visit the PD Portal for Tenders/EOIs during
the month of August 2024 where services of the Cost
Accountants are required in Centre for Trade and Investment
Law, Shri Saibaba Sansthan Trust, Troop Comforts Limited,
Intelligent Communication Systems India Limited, North
Eastern Electric Power Corporation Limited, Karnataka
Urban Infrastructure Development and Finance Corporation
Ltd (KUIDFC), Cement Corporation of India Limited,
Armoured Vehicles Nigam Limited, HSCC (India) Ltd,
National Textile Corporation Limited (NTC), Mineral
Exploration and Consultancy Limited, Airports Authority of
India, Bhubaneswar, North East Gas Distribution Company
Limited, GAIL (India) Limited, Madhya Pradesh Power
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF AUGUST 2024
BANKING, FINANCIAL SERVICES AND
INSURANCE BOARD
The Banking, Financial Services & Insurance Board of
the Institute and the BFSI department continued its various
activities and initiatives in August 2024, a synopsis of which
is presented herein under:
A. Certificate Courses of BFSI
Advance Certificate Course on Fintech: The admission
for the 1st batch of Advance Certificate Course on
Fintech has started.
Investment Management in collaboration with
NSE Academy: The admission for the Level-1
(Fundamental Analysis & Valuations) Batch No. 2
of the Investment Management in collaboration with
NSE Academy and Level-3 Batch No. 1 (Financial
Derivatives & it’s application are presently going on.
The admission window for the courses is stated as follows:
h t t p s : / / e i c m a i . i n / O C M A C / B F S I /
DelegatesApplicationForm-BFSI.aspx
B. Webinars
The following webinars were organized by the BFSI on
various topics:
White Label Banking held on 2nd August, 2024: CMA
(Dr.) P. Siva Rama Prasad, Former AGM, State Bank
of India was the speaker.
Insurtech held on 9th August, 2024: CMA (Dr.) P.
Siva Rama Prasad, Former AGM, State Bank of
India was the speaker. CMA (Dr.) Tarun Agarwal,
Former Director, National Insurance Academy and
BFSI Board Member, ICMAI graced the occasion as
the Guest of Honour. The webinar was also attended
by CMA T.C.A. Srinivasa Prasad, Vice-President,
ICMAI who provided the special address.
Climate Risk for Banks- Impact, Mitigation and
Disclosure held on 24th August, 2024: CMA (Dr.)
S.K.Gupta, CEO, Registered Valuers Organization
was the speaker.
Due Diligence on Project Financing held on 30th
August, 2024: Ms. R. Sumitra, Former Chief Credit
OfÏcer, Bank of Baroda was the speaker.
C. Publication of Aide Memoire on Infrastructure
Financing (Revised and Enlarged 2nd Edition)
The online purchase link of the publication titled Aide
Memoire on Infrastructure Financing (Revised and Enlarged
2nd Edition) is as follows:
https://eicmai.in/booksale_bfsi/Home.aspx
COOPERATIVE DEVELOPMENT BOARD
The Cooperative Development Board organized a webinar
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