The Institute of Cost Accountants of India (ICMAI) boasts a rich history, closely intertwined with the industrial development of India. Its roots can be traced back to the early years of World War II, when the need for efficient cost management emerged due to the rising costs of defence operations. This period saw the birth of "cost + contracts," where contractors were required to submit detailed cost breakdowns for awarded projects.

Following the war's conclusion in 1945, a wave of industrialization swept across newly independent nations. Cost accounting became a critical tool for governments to formulate effective economic policies and ensure optimal resource utilization during this rapid growth period. What began as a simple cost estimation exercise blossomed into a movement for efficiency and responsible resource management.

Recognizing the growing importance of cost management, The Institute of Cost and Works Accountants of India was established in 1944. Initially a registered company, it received statutory recognition through the Cost and Works Accountants Act, 1959. ICMAI has since played a pivotal role in shaping India's industrial and economic landscape.

The Institute of Cost Accountants of India is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy.

The head office is situated at 12, Sudder Street, Kolkata 700 016 and operates through four regional councils - Kolkata, Chennai, Delhi and Mumbai as well as through a number of chapters situated elsewhere in India and abroad.

As the sole recognized professional body for Cost and Management Accountancy in India, ICMAI is dedicated to: