World needs One Million Cost and Management Accountants: Salman Khurshid

Debajyoti Chakraborty – TNN

The Times of India- 29^th March 2010

The next big story will be the global requirement of about 1 million Cost and Management Accountant professional, Union minister of state for corporate affairs Salman Khurshid said in Durgapur on Sunday.

  The minister said Indian companies were making global footprints by acquiring overseas companies and it was high time country’s cost and Management Accountants showed their worth before the world.

 Speaking at Seminar ‘ Global Meltdown and After- Managing Growth”, organized by the Durgapur chapter of Institute of Cost and Works Accountants of India at CMERI auditorium, Khurshid said big multinational companies were coming to invest in India in the sectors of steel, infrastructure, airport, telecom and automobile following the success of public sector units even during the meltdown.

  He citied the example of Satyam and said the government had learnt its lesson. The manner in which it handled the case needed to be highlighted, he added.

  R Bandopadyay, Secretary in the corporate affairs ministry, said of the over 8 lakh registered companies in the country, only 6000 were listed. As many as 1.6 lakh Chartered Accountants and 50000 Cost and Management Accountants were working in these companies and 83000 public sector units.

  “The government should encourage more and more Indian Companies to get listed to strengthen the Capital Market” he said.

  He also urged officials to take corporate decisions quickly, citing his own experience of allotting 500 acres overnight for setting up DVCs thermal plant at Mejia in 1981.