Govt confers 6th ICWAI national award for excellence in Cost Management

Since the inception of these awards in 2003, ICWAI has been felicitating and recognizing various corporate organizations in their journey towards excellence in cost, quality and delivery.Around 33 Indian companies have been awarded for best cost management in 13 different categories which included various manufacturing companies from the public and private sectors. The companies have been further divided into small, medium and large organizations. Essar Steel was announced as the winner in the Private Manufacturing (Large Organisation) category. LG Electronics (India) and J.K Tyres won the second and third prize respectively. Bharat Heavy Electricals Limited (BHEL) was the winner in the Public Manufacturing (Large organization) category followed by GAIL and Nayveli Lignite Corporation Limited in the second and third position respectively. Other awardees included SAIL, BSES, L & T, Shree Cement, Spicejet, Grasim Industries amongst others. The winners were selected by a distinguished jury consisting of people of eminence from Industry, Academics and Administration including Justice J.S. Verma, Former Chief Justice of India, Dr. Sheela Bhide, Chairman and Managing Director, ITPO & Mr. R.S. Roongta, Chairman, SAIL. The criteria for selection were better practices for resource management, efficient utilization of capacity and working capital, quality augmentation program and R&D efforts and precise information on performance. Speaking at the award ceremony, Mr. Kunal Banerjee, President, ICWAI said We are delighted to organize the 6th ICWAI National Award for Excellence in Cost Management to recognize the efforts of various organizations in effective cost management. In reference to the present global scenario managing costs has become an important aspect of any business. The expertise of the cost and management accountants of ICWAI can play a vital role to fight this hour of capital crisis and acute financial challenges.ICWAI, a professional body specialized in the field of Cost & Management Accounting in India, as a part of its prime responsibility, is continuously making pioneer efforts to promote, recognize and reward cost management culture in the corporate and public sector. The 6th ICWAI national award for excellence in Cost Management is an important step towards accomplishment of this endeavor, said Mr. Banerjee.