Indian Cost Accounts Service playing key role in govt cost optimisation: Top official

New Delhi, Aug 9 (IANS) Defence Secretary Rajesh Kumar Singh on Sunday highlighted the role of the Indian Cost Accounts Service (ICoAS) in strengthening cost optimisation, prudent resource utilisation, and robust financial oversight across government departments, particularly in the defence Sector.

Addressing the Foundation Day celebration of the ICoAS, Singh lauded the professionalism, analytical acumen and steadfast dedication of ICoAS officers in strengthening cost management practices across government ministries and departments. He observed that the service has consistently played a catalytic role in advancing the vision of Atmanirbhar Bharat.

This year’s celebration was observed under the theme “Role of ICoAS Officers in Cost Optimisation for Atmanirbhar Bharat”, reflecting the growing significance of cost and fiscal efficiency in furthering India’s pursuit of self-reliance leading to Viksit Bharat.

In his remarks on the occasion, Secretary, Department of Defence Production, Sanjeev Kumar, drew attention to the increasing relevance of cost accounting expertise in bolstering indigenous manufacturing capabilities, thereby not only reducing India’s reliance on imports, but also making it competitive in the export market. He commended the unique and strategic role of ICoAS officers within the defence production ecosystem and called for reinvention of the service and its functioning in the changing defence acquisition scenarios and to develop deeper synergy between ICoAS officers and strategic sectors in furtherance of national self-reliance.

Secretary, Department of Expenditure (DoE), V. Vualnam, highlighted the valuable contribution of ICoAS officers towards effective cost management in the Central government. He further emphasised that, with the increasing participation of the private sector and the growing adoption of Public-Private Partnerships (PPPs) in advancing the vision of Atmanirbhar Bharat, ICoAS officers will have a significant role in ensuring cost efficiency, appropriate risk allocation, and sound project structuring.

On the occasion, a commemorative e-brochure of the ICoAS was released, chronicling the evolution, key functions, notable achievements and capacity-building initiatives undertaken by the service.

In recognition of outstanding contribution, six young ICoAS officers were felicitated by the Defence Secretary with ‘Sarvottam’, ‘Ati Uttam’, ‘Uttam’, and ‘Protsahan’ appreciation certificates instituted to encourage and acknowledge the meritorious efforts of young officers of the Service.

The inaugural session was followed by two engaging technical sessions marking the ICoAS commitment to innovation, continuous learning and professional excellence.

A discussion was held on the “Use of Artificial Intelligence in Public Financial Management”, elaborating on the transformative potential of Artificial Intelligence in enhancing efficiency and AI Interventions across the Public Finance Value Chain for cost and financial management functions across the government.

–IANS

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