(MENAFN- KNN India) The Union Finance Minister Arun Jaitley said that in post liberalized era, competitiveness, cost and efficiency management have become the key words of survival and growth.
He said that it is all the more important for the Government of a country to have an efficient expenditure management failing which it may face situation like Greece. He said that for good governance, the Government has not only to augment its resources through better revenue collections but also to manage its expenditure well or even both.
Jaitley was speaking after inaugurating the First Indian Cost Accounts Service Day here on Sunday. He asked the officers of the Cost Accounts Service to upgrade their professional skills and expertise in order to play a proactive role in assisting the Government in achieving the highest level of cost efficiency in its projects, schemes and operations.
Later, the Finance Minister also released a book on this occasion laying the future roadmap for Indian Cost Accounts Service. He also presented mementos to the former Chief Advisers Cost on this occasion.
Earlier speaking on the occasion, Ratan P Watal, Secretary (Expenditure), Government of India said that the Indian Cost Accounts Service (ICoAS) officers deal in quite varied and wide subject matters of contemporary significance, namely, pricing of industrial products and services, determination of various subsidies, petroleum under recoveries, and systems studies. He said that recently, Chief Adviser Cost has rendered important advice in new areas like assessment of Foreign Allowance payable to the Indian staff posted at various missions abroad, evaluation of the consortium credit funding in Khadi Industries, and review of Fees and User Charges charged by various public authorities. In their reports, Watal said that the Chief Adviser Cost has, quite often, recommended significant suggestions for operational improvements including areas for cost reduction.
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