CATEGORIES

UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA

With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.

IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021

On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.

EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST

When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0

The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.

MSME And Its Impact On Indian Economy

Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.

Government Procurement From MSME's The Present & The Future

Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.

VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME

The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.

REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs

Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.

MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD

Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.

INTERVIEW INTERVENTION INTERVIEWERS NEED TO EQUIP WITH INTERVIEW TECHNIQUES

Abstract: Human assets are the most precious assets in an organization. Interviewers need to do a lot of homework before an interview. They need to keep the industry and age syndrome at bay, while shortlisting resumes. First impression of a candidate though great but should not be given too much weightage, rather go deep into the career to observe the kind of value creation they can bring to the organization. Interviewers should be able to establish whether the candidate is a real one, reliable and can be trusted upon and not a good actor. The key to have a successful interview is to test with situational level questions. Candidates who have got quality work experience and possess the right skill sets will be able to respond adequately with solutions and separate themselves from others. Do an ethical test to figure out honesty. Interviewers should be futuristic rather than focusing on the past.

INTERVIEW: CMA Umesh Dongre (ICoAS)

Director (Finance) and Chief Financial Officer Rashtriya Chemicals and Fertilizers Limited, Mumbai

DIGITAL TRANSFORMATION TRANSMUTATION OF CROWD FUNDING FOR INDIAN STARTUPS INTO A FINANCIAL REVOLUTION

In this column of November 2020, a brief account of contemporary Indian startup ecosystem was presented with narratives on various initiative of Government of India for propagation of successful startups.

DOUBLING THE FARMER'S INCOME BY 2022 – CURRENT SCENARIO, ISSUES & CHALLENGES AND WAY FORWARD

For Many Years, Indian Farmer has been at the Mercy of Monsoon, being exploited by Middlemen & Money lenders and being used as a Vote bank by Politicians! Farmers Committing Suicides due to indebtedness and Crop Failures has become a regular feature! Various Governments have made promises to improve the quality of Farmer’s Life without working on core issues like Policy Changes, Infrastructure Development and Ease of Doing Agriculture! Will this change any time soon? Modi Government’s vision for New India involves “Sabka Saath Sabka Vikas”. Transformation of agriculture sector is crucial in that respect as nearly half of the workforce in the country is employed in agriculture.In 2015-16, Prime Minister, expressed his near-Term Target of Doubling Farmer’s Income by 2022-23. Is it practically possible or is it like one of the Populist Statement? Let’s try to understand.

INTERVIEW

CMA AJAY AGARWAL (ICoAS) Director (Finance) Security Printing and Minting Corporation of India Ltd. (SPMCIL), New Delhi

DIGITAL TRANSFORMATION INDIAN STARTUP ECOSYSTEM AND BLOCKCHAIN PLATFORM FOR CROWD FUNDING

Startups across the world have made and are continuing to make significant contributions for digital transformation of business entities across all industry sectors and government organisations.

AN ENQUIRY INTO THE ROLE OF MARKET INTERMEDIARIES IN INDIA'S ONION CRISIS

This paper assesses the extent to which market intermediaries have been responsible for the crisis that onion markets have witnessed in the past few years. The paper found that commission agents and wholesalers frequently indulge in price manipulation to purchase onions at predecided prices instead of at auction prices. Big traders attempt to prevent entry of new traders in the market by utilising their market dominance, in order to limit market competition. Traders may also have resorted to hoarding of onions to take advantage of its price rise. This led to an artificial shortage of onions in the retail markets. Imposing of high margins by retailers also has caused sudden spikes in onion prices in retail markets.

AGRICULTURAL TRANSFORMATION TO BRING THE SDGs TO FRUITION

Surmounting the unparalleled and complex challenges that the entire planet faces demands transformative action and measures, encompassing the principles of sustainable development that leave no one behind. Looking forward, the route to inclusive prosperity and well-being of the people is clearly marked by the aspirational goals set by the UN member states in the 2030 Agenda for Sustainable Development. Agriculture, being a prime linkage between the planet and people, can play a big part in addressing the future needs of the world along with the sustainable management of natural resources. Therefore, the paper focuses on the transformation of the agricultural sector to achieve sustainable development goals by making the agricultural system more efficient, productive, and resilient in a socially-responsible, economicallyfeasible, and environmentally-sustainable manner.

Micro-Insurance: Role And Issues During The Covid-19 Crisis

This paper analyses the role that micro-insurance can potentially play in reducing economic vulnerabilities of lower income households during the COVID-19 pandemic. It uses a theoretical framework derived from studying relevant literature on the subject. The framework was used to identify ways in which various shocks exacerbate economic vulnerabilities of the poor and perpetuate their poverty. It also formed the basis for understanding how microinsurance insulates them against such shocks. The paper has found that there are a host of micro-insurance schemes available for shielding the poor against death, disability and crop failures. However issues such as financial illiteracy and lack of financial inclusion continue to remain as hindrances.

SOCIO-ECONOMIC ACCELERATION DURING CRISIS THROUGH INSURANCE AWARENESS & LITERACY: CUSTOMER SERVICE APPROACH

The cover story of the present paper moves on to examine the different aspects of insurance literacy through education, its needs and applicability; and to evaluate the present status of initiatives taken in this regard for future success in India; because, the socio-economic transformation led to the delegation of responsibility in the financial security of individuals and institutions. Particularly, insurance is one of the financial services, which provide financial security of life and properties of individuals and institutions. There exists a gap in the awareness level of insurance benefits in Indian Society. That is why, insurance education is imperative to enhance the understanding and communication about risk issues which may be protected through insurance.

DIGITAL TRANSFORMATION OF HEALTHCARE SERVICES - RECENT INITIATIVES AND ADVANCEMENTS

Background Every single nation, irrespective of stage of development and might of wealth, has been shown a mirror by the unprecedented health emergency caused by Covid-19 Pandemic. It has revealed the blatant picture of healthcare facilities, gaps in infrastructure, inadequacy of care giving professionals, and state of readiness to handle such crises, despite experiencing earlier pandemics like Spanish Flu, Ebola, and Swine Flu. Mankind perhaps has finally understood that pandemic affects richer people faster like lifestyle diseases in large proportion than poor, when any amount of money cannot help arranging the needful treatment.

AUTOMATED UNDERWRITING SOLUTIONS – A DISRUPTIVE INNOVATION IN THE INSURANCE INDUSTRY

Digital transformation has got a major boost from the restrictions imposed by COVID 19. Robotic Process Automation enables Automated Underwriting solutions. It is a disruptive Innovation which has speeded up the processing of new policy proposals and enabled the issue of large number of policies without the historical delays associated with insurance policies.

Covid-19 And Its Impact And Repercussions On Global World

The global economy as a whole, irrespective of developed and developing economies; has been passing through a very critical juncture, affecting almost all the economic and social indicators of the economies across the globe. The economic and social damage is so huge that for every country, it is becoming very difficult to review their respective economic and social indicators and put their respective economies back on the track. With this backdrop, the present paper discusses the trends emerging out from the outbreak of COVID-19; effects on global trade; repercussions of COVID-19 and how to minimize the loss economic and social due to outbreak of COVID-19.

MANAGEMENT ACCOUNTING, STRATEGY IMPLEMENTATION AND THE IMPORTANCE OF RISK MANAGEMENT

Management accountants today have almost everything needed to drive up the value of the corporations they work for. Management accountants possess the skills and have access to methodology and the latest technology to provide the analytic decision support that is necessary for organizations to successfully implement strategic plans and monitor performance in our time of volatility, exponential change and ever-increasing risk. Delivering excellent timely, accurate and reliable decision support information to managers and executives is the essence of management accounting.

EASE OF DOING BUSINESS RANK: A DIRECTION TO REACH NDIA'S 5 TRILLION ECONOMY TARGET

Ease of doing business rank indicates the way in which the government of particular economy managing business friendly environment by creating the policies and rules which supports productive activities and generates more revenue. Further it provides the feedback to improve the business environment to attract business community both from domestic and global context. The present paper analyses the importance of Ease of Doing Business Rank on reaching India’s 5 trillion economy target by 2024.

TECHNOLOGICAL ADVANCEMENTS IN RENEWABLE ENERGY SECTOR

Economic development can only be achieved through greater industrialization. But industrial development depends on availability of cheap power. Rising concerns about environmental impact of power generation and sustainability of natural resources has led to greater emphasis on developing renewable energy sources on a commercial scale. In this article we discuss some of the modern technologies such as artificial intelligence and blockchains that are helping the renewable energy sector to become economically viable.

INDIA: DESERVES TO BE THE WORLD'S NEW MANUFACTURING HUB

In view of the recent ecological and geopolitical developments in the world, there is a strong quest for world’s new manufacturing hub. This article makes an attempt to discuss the strong claim of India for this position because of its political, economical, geographical and legal edges. This article concludes with opportunity available to India and the need of policy makers to encash the same.

DIGITAL TRANSFORMATION OF AGRICULTURE SEEDS IN THE WOMB OF TIME

Background The first green revolution of India started from mid 1960s mainly because the rate of growth in agricultural harvests could not keep pace with population growth. The revolution was predominantly driven by the ultimate objective of achieving self-sufficiency in food and contributing to mitigate shortage elsewhere in the world. India adopted high-yielding varieties of seeds. Government’s initiatives gradually helped farmers with improved availability of irrigation facilities, fertilisers, and insecticides. This was followed by limited mechanisation of cultivation using tractors, pumps, deep tube wells, and other low-end devices for harvesting, etc.

CMA 2.0: BUILDING CAPABILITIES WITH BIG DATA

Companies have become more dynamic and agile with the advent of Big Data. It is estimated that the available data to be processed for decision making, doubles in every 18th month. This changing business eco system demands an update in the skill set of Cost and Management Accountant (CMA). The CMAs need to build upon the existing skills and be future ready. The role of CMA can be advanced with IT skills of data management, analysis and deriving insights that lead to better business decisions. To build a competitive edge, the CMAs have to be transformed into CMA 2.0 by getting good hold on the essentials of statistics, learning new analytics courses, increase awareness, knowledge about data process and taking in charge of their own career by building right network and strong communication skills.

AGRICULTURE WITH SPECIAL EMPHASIS ON HORTICULTURE AND AGRIBUSINESS OPPORTUNITIES A CASE STUDY ON WEST BENGAL

West Bengal, with good productivity of agri-horticultural produce belongs to sound agri business potential. However, this potentiality gets neglected due to inadequate development and improper use of food processing infrastructures in the state. Consequently, it has to suffer average annual loss of ₹842.08 crore from wastage of agri-horticulture produces. This loss could be prevented by unlocking state’s full potentiality in agribusiness and welcoming food processing industries in the state which will contribute to the GSDP also.