Bhubaneswar, Dec. 27: Ambassador of Costa Rica to India Asif Iqbal inaugurated the 67th All-India Commerce Conference of the Indian Commerce Association (ICA) here today.

Stressing on the need for ethical values in commerce, he said: 'The reason for collapse of industries in some parts of the globe is because ethical values in business were compromised. We must not forget that values and knowledge must be combined to achieve excellence in commerce.' More than 3,000 participants across the country will talk on the issues of national and global importance in the six technical sessions during the next three days.

The conference is being hosted by the KIIT University on its campus in association with the postgraduate department of commerce of Utkal University. This is the second time that Odisha is hosting the conference, the first being in 1982 at Ravenshaw College, Cuttack. More than 1,200 papers related to various issues will be presented in the sessions.

'We had approached the UGC to allow us to carry out the gradation of academic journals related to commerce, so that the impact factor can be properly judged,' said ICA secretary B. Singh. 'This is the first time that the conference has gone from national to international with the participation of eight foreign delegates,' said KIIT University vice-chancellor P.P. Mathur.

'More than 12 former presidents of the association, eight former vice-chancellors and five acting vice-chancellors are attending the conference,' he said, adding that provision of cash prize and scholarships for students had also been made for the first time. A special session for the students and research scholars studying commerce and management at undergraduate and postgraduate levels is being organised.

Founder of KIIT University Achyuta Samant said: 'The deliberations would be immensely beneficial for policy making. A special session for the students and research scholars studying commerce and management at undergraduate and postgraduate levels is being organised to encourage them to pursue research in the field.'

The conference will have as many as 50 students presenting papers, while 200 research scholars will take part.

<-5.000>Banikanta Mishra, professor of Xavier Institute of Management, Bhubaneswar, received the professor Manubhai M. Shah Memorial Award-2014. Other stalwarts of commerce education in Odisha were also felicitated on the occasion.