Every firm strives to become competitive in both domestic and foreign markets. Where the competitiveness is derived from cost factors is called cost competitiveness.
On realising the responsibility to help the nation touch new heights of development, many individuals, celibrities, organisations and institutions have come forward endorsing the Government initiatives such as Make In India, Swachh Bharat etc. Of late, the Indian Institute of Cost Accountants has extended their wholehearted support to the Government and its pro-business stand, particularly to ‘Make In India’ programme.
Akin to this, with an aim to augment the PM Narendra Modi’s ambitious national programme Make in India, the Indian Institute of Cost Accountants is organising its 57th National Cost Convention (NCC-2016) on 30th and 31st January, 2016 at Vigyan Bhawan, New Delhi on theme ‘Building Cost Competitiveness-Mission Make in India’. With a special focus on contemporary issues and challenges faced by the nation, fellow citizens, corporates, and professionals, the Institute has been organising its annual NCC, for last 56 years. This year, the session will include discussions and deliberations upon the National Programme of ‘Make In India’ and the imperative of providing cost competitive environment to encourage global players to come and make in Bharat. In a statement issued by the institute, the president PV Bhattad says, “Competitiveness pertains to the ability and performance of a firm, sub-sector or country to sell and supply goods and services in a given market, in relation to the ability and performance of other firms, sub-sectors or countries in the same market.”
Pricing is one of the most important factors. As per Economic theory, price is set by market. In the era of Globalisation, tremendous pressure is naturally exerted on every firm to strive to become competitive in both domestic and foreign markets. Where the competitiveness is derived from cost factors, it is called cost competitiveness. In this backdrop, the institute is drawing the attention of both the Government and the business into the imperative of achieving the cost competitiveness. The institute advocates that ‘Cost Competitiveness’ shall be given supreme priority in the strategy, with which Bharat can create and sustain its position as an ideal destination for attracting foreign investments and carrying out manufacturing excellence.
Speaking to Organiser, Convener-NCC 2016 and Chairman of Professional Development Committee Shri Vijender Sharma opined that with the strategy of cost competitiveness, Bharat can emerge as the business and industrial hub by producing goods and proving services economically. Considering the extraordinary situation of Bharat, its limited resources and unlimited population growth, we must seek ways to utilise our resources in its optimum. Unless and until we can achieve the optimal utilisation of resources, we cannot accomplish the mission of ‘Make In India’. Seeking the ways to achieve the optimal utilisation of resources, cost competitiveness is the best possible means. The optimal utilisation of the resources is instrumental in fulfilling the Make In India campaign. On being asked about ‘China threat’ in the market, he emphatically said that China can no longer be a threat in the global arena as it compromises on quality of its products to produce goods economically. If Modi’s dream of ‘Make In India’ can be materialised, our business ecosystem will thrive and will be able to attract the inflow of foreign investment and transform Bharat into a global manufacturing hub and produce quality products at minimum cost.
Shri Vijender Sharma underscored that the institute believes that the resources belong to the society. The institute is committed to propagate this fundamental concept and educate the public along these lines. NCC-2016 seeks to address the challenges in building cost competitiveness and explore the contributions that CMAs can make to nurture the economy of Bharat by playing catalyst role in accomplishment of the mission ‘Make In India’. This two day NCC-2016 comprised of one plenary session- ‘Building Cost Competitiveness- Mission Make in India’ and six technical sessions-(i) Develop Yourself- Develop III-Tier; (ii) Your Health-Economic Health; (iii) Cost Competitiveness-Through Cost Audit; (iv) Nation Needs-Goods and Service Tax (GST); (v) You and Your MSME; and (vi) Reach the Unreach. The whole session is scheduled in line with the national agenda of ‘Make In India’. This mega convention is expected to be attended by a large number of delegates and luminaries from Bharat and abroad, including some senior cabinet ministers.
Ganesh Krishnan R