COST ACCOUNTANTS CAN ONLY GROW WHEN THEY MOVE OUT .

 

The condition of the West Bengal economy speaks very loudly that Industrial development is far away to happen and the contribution of the state towards the $ 5 trillion Indian GDP will be very minuscule. The condition of the state in terms of education has become a nightmare after the latest unveiling of the corruption scandal.  There was a time in the period late 1980s and early 1990 the West Bengal Board exam question paper used to get leaked now the teacher himself is less educated to teach your kids in the new age of 2020s.

Going by the size of the economy in terms of gross state domestic product, or GSDP, West Bengal ranked sixth among Indian states in 2011-12. Its rank remained the same in 2018-19 according to both current prices and constant (2011-12) prices. Freebies to support people through various schemes are not a successful road map for state development. Making states poor through lack of industrial opportunity leaves no other options for the government to come up with freebies used a stool to make people live for voting and also for vote bank.

The lack of industrial opportunities has created thousands of Food Bloggers who are roaming the street to create and provide restaurant reviews. Well, thanks to YouTube to make an earning but the number of restaurants is less and now the food bloggers are 3 times the number of restaurant. The lack of jobs has compelled these people to become food bloggers.

In terms of Startups and Research and Development, the state is so behind that no one bothers to dig the original numbers. Further, the numbers of startups you find in West Bengal are Wow! Momo, Hoicho. The state has been able to garner around $153 Mn in funding raised between 2014 and H1 2022. If we compare it with other states one will be surprised.  These are neither manufacturing startups nor MSMEs. This is the reason why you find so many food bloggers roaming on street. The intellectual capital of the state has migrated long back and every year migration numbers are increasing due to a lack of scope and extensive political interference.

In this context, many National levels governing bodies have moved out of West Bengal or have shifted their operational activities out of the state to other developing states keeping the Old buildings as just a mark of memory.

The Institute of Cost Accountants of India/ ICWAI/ ICMAI head office is based in West Bengal. Well, when there is hardly any industry development the same Headquarter Office should be shifted from west Bengal, and if not Delhi make it shift to the West or Southern part of India where major Industrial development is happening. The production Linked Incentive has pointed out very Cleary where the capital of investments is flowing to which state.  There have been long debates about shifting the H.O. to Delhi where the other two National Bodies – The Institute of Chartered Accountants and the Institute of Company Secretariat are based. But due to the dual qualification-based members of ICWAI, the same was never acted upon. Hence the profession has kept losing its sheen. Well, place of location also creates an impact in today’s world of 2023. This is the fact that the profession has lost many opportunities due to dual qualification-based politics.

There was a time when many Cost accountants used to earn from sales tax and income tax –where doing setting with the various “Babus” used to make a living for them and hence that used to be treated as an opportunity for the profession to grow. Well, now that living is now Dinosaurs' time. 

 Having the H.O. in west Bengal has created only negative impact and loss for the profession for the last 2 decades. Shifting of the H.O. will lead to the creation of opportunities for better service and recognition to the industries beyond Felicitation on the stage of members.  The cost Accountant salary packages of the top 10 guys do not reflect that everyone gets the same package. The recognition of the institute is not to be taken as only cost management but strategic cost management. The Institute of Cost Accountants of India / ICWAI/ICMAI/ has the ability through is curriculum to play a significant role where it can provide the following things.

• • Institutional support for entrepreneurship and innovation
  • Equitable access to resources, funding, and market incubation
  • Mentorship support
  • Enabling capacity building
  • Future readiness and focus on sustainability

But being based out of West Bengal leads to shame for the profession and for the H.O. to act compared to what it deserves to Act.  If the state of West Bengal has such a poor corrupted state of its education system and industrial growth then what type of opportunities it will be able to provide for the Institute is a big question mark.  It’s high time to shift the H.O. from West Bengal to Delhi. The biggest question for the people of Bengal is what contribution you find the state will add to the objective of the $5 trillion economy of India.

We will be coming across a broader perspective of the professional role in Today’s new age economy and how it can be part of the $ 5 trillion economy moving away from the word Cost. If the profession of Cost Accountants wants to flourish/grow exponential and be a key contributor to the new age of the Indian economy toward the path of $5 trillion GDP it’s high time to move the institute to West Bengal.

West Bengal industrial development means, currently having small size restaurants and becoming and Microenterprise. Well, corruption can be of many forms but when the same comes to the form of education, then it destroys a particular generation for at least 3 to 4 decades which creates an immense impact on the state economy. We have seen the impact in the 80s era and now we are witnessing the intellectual mindset of the citizens. When teachers are non-qualified the education level drops at the national level making it more competitive and tough for the students at home to fight for recognition.  One needs to move ahead of “Maach and Bhaat”