He stated that as India moves towards its goal of becoming a developed nation, being competitive in terms of costs is vital.

Inaugurating a national seminar on ‘Cost Audit for a Developed India’ organized by the Institute of Cost Accountants of India (ICMAI), the governor remarked that the vision for a developed India extends far beyond mere economic growth and industrial expansion. He noted, "This means ensuring that every rupee spent, every resource used, and every decision made contributes meaningfully to national progress."

Describing cost audit as a “strategic tool for economic governance,” the governor highlighted its role in enhancing efficiency across all sectors, reducing waste, and ensuring optimal resource utilization. He pointed out that in an increasingly competitive global environment, innovation, quality, and cost efficiency are essential for India to gain a decisive edge.

The governor also mentioned that with India entering free trade agreements and facing rising global competition, cost audit serves as a critical diagnostic tool for benchmarking, continuous improvement, and informed decision-making.

He stressed the importance of cost audit in promoting transparency and accountability, particularly in sectors like infrastructure, energy, healthcare, telecommunications, and education, as well as in emerging fields such as artificial intelligence and data infrastructure, where pricing directly impacts citizens.

In his capacity as the chancellor of 29 universities in Maharashtra, which host over 3 million students, the governor noted that many students lack adequate information about the professional opportunities offered by ICMAI.

He urged the institute to reach out to universities and colleges, especially in smaller towns, to raise awareness about its courses and examinations, encouraging more students to pursue careers in this field.

The ICMAI national seminar focuses on the strategic importance of cost audit in enhancing transparency, improving efficiency, and fostering trust among stakeholders. It also contributes to value creation and aligns with the broader national vision of a ‘Developed India.’ The event serves as a platform for meaningful discussions on emerging trends and the future direction of the CMA profession in a rapidly changing economic landscape.