President Ram Nath Kovind on Saturday said cost accountants should help fight abberations of gold plating, while emphasising that they ensure products and services are delivered at a competitive price without compromising on quality.
They should also help improve processes and systems to reduce avoidable costs and “make each rupee that is invested go that much further”, Kovind said at a function here to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.
“It is for cost accountants to ensure that wasteful activities and costs in production are removed. It is for cost accountants to help fight the aberrations of gold plating that may sometimes appear on our business landscape,” he said.
All these steps would strengthen the national effort to establishing India as a low-cost and competitive manufacturing hub for world-class products, he said.
Gold plating refers to inflating project costs due to avoidable expenses which are then sought to be passed on to the end-users.
Kovind said that cost accountants are the best managers of the three Ms of a business organisation. “These are -- men and women who work there; the materials used as inputs; and the machines deployed for processing, fabrication and creation,” he added.