August 2021 VOL 56 NO. 08 Pages - 124 100 INDIAN RAILWAINNOVYSATIVE MEASURES FOR A BETTER TOMORROW Journal of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (Statutory Body under an Act of Parliament) www.icmai.in 1 PRESIDENT CMA Biswarup Basu [email protected] VICE PRESIDENT CMA P. Raju Iyer [email protected] COUNCIL MEMBERS CMA (Dr.) Ashish Prakash Thae, CMA Ashwinkumar Gordhanbhai Dalwadi, CMA Balwinder Singh, CMA Chiaranjan Chaopadhyay, CMA Debasish Mitra, CMA H. Padmanabhan, CMA (Dr.) K Ch A V S N Murthy, CMA Neeraj Dhananjay Joshi, CMA Papa Rao Sunkara, CMA Rakesh Bhalla, CMA (Dr.) V. Murali, CMA Vijender Sharma, Shri Manmohan Juneja, Shri Vivek Kulkarni, Shri Sushil Behl, CA Mukesh Singh Kushwah, CS Makarand Lele Secretary CMA Kaushik Banerjee [email protected] Senior Director (Studies, Training & Educaon Facilies and Placement & Career Counselling, Advanced Studies) CMA (Dr.) Debaprosanna Nandy SHARE YOUR STORIES WITH THE WORLD [email protected], [email protected], [email protected] Senior Director (Membership) & Banking, Financial Services and Insurance CMA Arup Sankar Bagchi With over 100 titles in print, including Indian and international language [email protected], [email protected] Director (Examinaon) translations, Spenta Multimedia’s expertise to create bespoke coffee Dr. Sushil Kumar Pareek table books is unparalleled. [email protected] Director (Finance) CMA Arnab Chakraborty We pride ourselves on our ability to turn your vision, thoughts and ideas fi[email protected] into luxury coffee table books, both in print and digital formats that Addional Director (Public Relaon, Delhi Office) Dr. Giri Ketharaj preserve the story and artistry of your brand, your work, and your passion. [email protected] Addional Director (Tax Research) Our turnkey creative platform of talented editors and designers CMA Rajat Kumar Basu [email protected] collaborate closely with you to ensure that your history and successes Addional Director (PD & CPD and PR Corporate) CMA Nisha Dewan become masterpieces that live on, printed in our inhouse state-of-the-art [email protected], [email protected] printing facility. Addional Director (Technical) CMA Tarun Kumar Our wide collection of engaging, masterfully designed and impeccable [email protected] Addional Director (Infrastructure) quality coffee table books includes brand journeys, architecture, law, CMA Kushal Sengupta [email protected] cities, cinema, tourism, life stories, jewellery and crafts, flora, culture, Director (Discipline) & Joint Director (Advanced Studies) cuisine and more. CMA Rajendra Bose [email protected] Joint Director (Journal & Publicaons, Studies, Training & Educaon Facilies and Placement & Career Counselling) CMA Sucharita Chakraborty [email protected] Joint Director (Internal Control) CMA Dibbendu Roy [email protected] Joint Director (Informaon Technology) Mr. Ashish Tewari www.spentamultimedia.com [email protected] To know more, write to or call Mr. Vinod Chittal Joint Director (Admin-HQ, Kolkata & Human Resource) PRAYAGRAJ 2019 Ms. Jaya Sinha [email protected] / +91 98192 36413 [email protected] Joint Director (Admin-Delhi) CMA T. R. Abrol PRAYAGRAJ 2019 2019 PRAYAGRAJ [email protected] Deputy Director (Legal) Ms. Vibhu Agarwal THE ISBN 978-93-83999-36-1 [email protected] 9 789383 999361 MAGNIFICENCE Deputy Director (CAT) OF CMA R. K. Jain KUMBH [email protected] PRAYAGRAJ 2019 Deputy Director (Internaonal Affairs) CMA Yogender Pal Singh intlaff[email protected] Institute Motto Headquarters असतोमा सगमय From ignorance, lead me to truth Delhi Office CMA Bhawan, 12 Sudder Street तमसोमा �यो�त� ् गमय From darkness, lead me to light CMA Bhawan, 3 Instuonal Area From death, lead me to immortality Kolkata - 700016 म�योमा�मत�ृ ृ गमय Lodhi Road, New Delhi - 110003 Peace, Peace, Peace ॐ �ा��त �ा��त �ा��त� 2 The Management Accountant - August 2021 www.icmai.in PRESIDENT CMA Biswarup Basu [email protected] VICE PRESIDENT CMA P. Raju Iyer [email protected] COUNCIL MEMBERS CMA (Dr.) Ashish Prakash Thae, CMA Ashwinkumar Gordhanbhai Dalwadi, CMA Balwinder Singh, CMA Chiaranjan Chaopadhyay, CMA Debasish Mitra, CMA H. Padmanabhan, CMA (Dr.) K Ch A V S N Murthy, CMA Neeraj Dhananjay Joshi, CMA Papa Rao Sunkara, CMA Rakesh Bhalla, CMA (Dr.) V. Murali, CMA Vijender Sharma, Shri Manmohan Juneja, Shri Vivek Kulkarni, Shri Sushil Behl, CA Mukesh Singh Kushwah, CS Makarand Lele Secretary CMA Kaushik Banerjee [email protected] Senior Director (Studies, Training & Educaon Facilies and Placement & Career Counselling, Advanced Studies) CMA (Dr.) Debaprosanna Nandy [email protected], [email protected], [email protected] Senior Director (Membership) & Banking, Financial Services and Insurance CMA Arup Sankar Bagchi [email protected], [email protected] Director (Examinaon) Dr. Sushil Kumar Pareek [email protected] Director (Finance) CMA Arnab Chakraborty fi[email protected] Addional Director (Public Relaon, Delhi Office) Dr. Giri Ketharaj [email protected] Addional Director (Tax Research) CMA Rajat Kumar Basu [email protected] Addional Director (PD & CPD and PR Corporate) CMA Nisha Dewan [email protected], [email protected] Addional Director (Technical) CMA Tarun Kumar [email protected] Addional Director (Infrastructure) CMA Kushal Sengupta [email protected] Director (Discipline) & Joint Director (Advanced Studies) CMA Rajendra Bose [email protected] Joint Director (Journal & Publicaons, Studies, Training & Educaon Facilies and Placement & Career Counselling) CMA Sucharita Chakraborty [email protected] Joint Director (Internal Control) CMA Dibbendu Roy [email protected] Joint Director (Informaon Technology) Mr. Ashish Tewari [email protected] Joint Director (Admin-HQ, Kolkata & Human Resource) Ms. Jaya Sinha [email protected] Joint Director (Admin-Delhi) CMA T. R. Abrol [email protected] Deputy Director (Legal) Ms. Vibhu Agarwal [email protected] Deputy Director (CAT) CMA R. K. Jain [email protected] Deputy Director (Internaonal Affairs) CMA Yogender Pal Singh intlaff[email protected] Institute Motto Headquarters असतोमा सगमय From ignorance, lead me to truth Delhi Office CMA Bhawan, 12 Sudder Street तमसोमा �यो�त� ् गमय From darkness, lead me to light CMA Bhawan, 3 Instuonal Area From death, lead me to immortality Kolkata - 700016 म�योमा�मत�ृ ृ गमय Lodhi Road, New Delhi - 110003 Peace, Peace, Peace ॐ �ा��त �ा��त �ा��त� www.icmai.in August 2021 - The Management Accountant 3 The Management Accountant, official organ of The Institute of Cost Accountants of India, established in 1944 (founder member of IFAC, SAFA and CAPA) .................. EDITOR - CMA Dr. Debaprosanna Nandy on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, Kolkata - 700 016, P. S. New Market, West Bengal e-mail: [email protected] PRINTER & PUBLISHER - Dr. Ketharaju Siva Venkata Sesha Giri Rao INSIDE DIGITAL TRANSFORMATION on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, Kolkata - 700 016, P. S. New Market, West Bengal COVER STORY PRINTED AT - Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village - Chikhloli, Morivali, MIDC, Ambernath (West), Dist: Thane - 421505 DIGITAL TRANSFORMATION WITH ⑦⑨ on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, AUGUST 2021 BLOCKCHAIN TECHNOLOGY – Kolkata - 700 016, P. S. New Market, West Bengal ACCOUNTING AND AUDITING PUBLISHED FROM - The Institute of Cost Accountants of India, 12, Sudder COVID 19 - IMPACT Street, Kolkata - 700 016, P. S. New Market, West Bengal CHAIRMAN, JOURNAL & PUBLICATIONS COMMITTEE - AUGUSTJUNE VOL VOL 56 56 NO.06 NO.08 ` 100`100 CMA (Dr.) K Ch A V S N Murthy ................................................................................................... NEW CHALLENGES FOR ⑧⑥ ............................................................... ENQUIRY INDIAN RAILWAYS - YESTERDAY, TODAY AND TOMORROW ---- ②⑤ CMA PROFESSIONALS IN THE Ø Arcles/Publicaons/News/Contents/Leers/Book Review/Enlistment DIGITISED WORLD [email protected] MAKE IN INDIA MOVEMENT & INDIAN RAILWAYS ---- ②⑨ Ø Non-Receipt/Complementary Copies/Grievances DID THE INDIAN STOCK MARKETS ⑧⑨ [email protected] Ø Subscripon/Renewal/Restoraon INDIAN RAILWAYS VISION 2024: PURPOSE APPRAISAL THROUGH AN EMPIRICAL SIGNAL THE ONCOMING CRISIS? A STUDY IN PERSPECTIVE OF COVID 19 [email protected] EXPLORATION OF THE KEY DRIVING FORCES ---- ③④ BANKING EDITORIAL OFFICE SAFETY INITIATIVES IN INDIAN RAILWAYS ---- ③⑨ CMA Bhawan, 4th Floor, 84, Harish Mukherjee Road Kolkata - 700 025; Tel: +91 33 2454-0086/0087/0184/0063 ................................................................................................... PERFORMANCE COSTING SYSTEM OF INDIAN RAILWAYS: ROLE OF CMAs ---- ④② A STUDY ON EFFECTIVENESS OF ⑨④ The Management Accountant technical data RECOVERY CHANNELS FOR NPA MANAGEMENT Periodicity : Monthly SPREAD OF IT IN INDIAN RAILWAYS ---- ④⑥ Language : English COST ACCOUNTING Overall Size: - 26.5 cm x 19.5 cm ACCRUAL BASIS OF ACCOUNTING - THE FUTURE ACCOUNTING PROSPECTUS FOR ⑨⑧ ............................................................... INDIAN RAILWAY ---- ⑤① Subscripon Inland: `1,000 p.a or `100 for a single copy ZERO BASE BUDGETING Overseas: US$ 150 by airmail A STUDY ON ROLE OF INDIAN RAILWAYS TO Concessional subscripon rates for registered students of the Instute: COMBAT COVID -19 PANDEMIC ---- ⑤④ `300 p.a or `30 for a single copy ..................................................................................................