Financial system yet to recover from slump effect: Harish Rao

Hyderabad, Dec.5 : Finance Minister T Harish Rao today said the financial system in the country is yet to recover from the slump effect.

Participating in CFO 2019 conference organized by CII here, the minister said there was a need for increasing awareness on international trends. He said he plays the role of CFO in the State government. CFO plays the role of heart in the human body, he said, adding that he has to be cautious in spending. “I have to be cautious on financial spending and as irrigation minister, I worked hard for completion of the projects and now my role is totally different and changed”, he said.

Harish Rao said his heart-beat increased when Chief Minister K Chandrashekhar Rao announced sops to RTC employees after strike call-off. Under KCR leadership, Telangana State was making rapid strides in all sectors and emerged as No. 1 in Ease of Doing Business. He also praised IT & Industries Minister K Tarakarama Rao for working hard to get investments to the State. The bankers were holding melas for the first time to disburse loans to industrialists. He asked the bankers and industrialists to give suggestions to the government to improve the finance sector as it was spending huge money on welfare and pensions.

Delivering keynote address, Dr BVR Mohan Reddy, Founder & Executive Chairman, Cyient Ltd emphasized that the role of CFOs in this age of disruption is changing and their most important task is to deliver value to the stakeholders along with the traditional finance functions. CFOs are the custodians of the company’s wealth, he said. With the increasing use of Technology, organizations are also vulnerable to cyber risks and the CFOs need to be careful about it. While the role of the CFO was changing and challenging, it also provides several opportunities.

P R Ramesh, former chairman, partner and National Regulatory Leader, Deloitte, stressed the need for the CFO to be relevant in the current times. He said If CFOs don’t adapt to change, they will be irrelevant. “The Fourth Industrial Revolution has changed the way we work and relate to each other. Digital Disruption is changing the world and CFOs have new issues and challenges to take care of.

Earlier, D Raju, Chairman, CII Telangana & Managing Director, Kirby Buildings and Systems (I) Pvt. Ltd, M V Narasimham, Executive Vice-President, Global Head – Business, Finance, Taxation & Treasury, Dr Reddy’s Laboratories Ltd also spoke. (NSS)

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