Shri Anurag Goel, IAS Secretary Ministry of Corporate Affairs inaugurates & presents the 6th ICWAI National Award for Excellence in Cost Management
     33 corporates felicitated for best cost management practices
     Awardees include big corporates like SAIL, GAIL, BHEL, LG, Essar
New Delhi, March 13th, 2009: Shri Anurag Goel, IAS, Secretary, ministry of Corporate Affairs today inaugurated and presented the 6th ICWAI National Award for Excellence in Cost Management organized by The Institute of Cost and Works Accountants of India at Vigyan Bhavan, New Delhi. 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 were awarded for best cost management in 13 different categories which included manufacturing (private & public) and then 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.

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”

The Institute of Cost and Works Accountants of India, 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.

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 programme and R&D efforts and precise information on performance.

About ICWAI National Award for Excellence in Cost Management:
ICWAI has been in the forefront in acting as an enabler for strengthening the existing cost management practices and also propagate new techniques in cost management, which have to be integrated into best practices. The propagation of Cost Management techniques has followed the same path as by Quality Movement. Just as "Quality Control" has yielded way to Quality Assurance, similarly, Cost Control should also transform to Cost Assurance. Aiming towards this process, ICWAI has instituted an "ICWAI National Award for Excellence in Cost Management" to encourage corporate sector to get due national and global recognition for the success of cost management initiatives, they follow. The various categories in the award are:
     Public Sector - Manufacturing (turnover more than 250 crores)
     Private Sector - Manufacturing ( turnover more than 250 crores)
     Small Companies - Manufacturing Sector ( turnover less than 250 crores)
     Service Sector
     Good Performance Award

About ICWAI:

The Institute of Cost and Works Accounts of India (ICWAI) established on 28th May, 1959 under the Cost & Works Accountant Act, 1959) and amended by the Cost and Works Accountants (Amendment) Act, 2006 enacted by the parliament to regulate the profession of Cost and Management Accountancy in India. (ICWAI) is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. ICWAI is widely recognized as the premier, dynamic and vibrant professional institution actively associating itself in the industrial and economic development of the nation. ICWAI is also a founder member of the International Federation of Accountants (IFAC), The Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).