CFOs are backbone of companies: Minister Harish Rao

The Minister, who feels CFOs are the key for Indian economy to grow, was speaking at the CII Telangana’s fourth edition of CFO Conclave 2023.

Hyderabad: Finance Minister T Harish Rao said the CFOs were the backbone of organisations stating that if CFOs are strong, the organisations will be strong and then the Indian economy will grow in-turn the India will develop. The Minister was speaking at the CII Telangana’s fourth edition of ‘CFO Conclave 2023’ with the theme ‘Transcending New Frontiers: Technology, Sustainability and Governance’, here on Friday.

The Minister said CFOs should not only look after the finances, balance sheets, loans and repayments but also at implementing best practices and ideas to strengthen organisations. Highlighting the progress achieved in Telangana, the minister attributed the success to the adoption of technology and effective governance. Harish Rao cited examples such as the implementation of Direct Beneficiary Transfer for funds and the Dharani portal.

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The Minister commended the visionary leadership of Chief Minister K Chandrashekhar Rao, comparing his multifaceted role to that of a CEO, CFO, and politician. He expressed pride in how Telangana’s development model has eliminated initial doubts and became an inspiration for other states across the country. T Harish Rao noted that Telangana has overcome challenges such as power cuts, power holidays for industries, and migrations. He also highlighted the state’s achievements in the agricultural sector, particularly surpassing Punjab in paddy cultivation.

The Minister underscored the government’s commitment to the welfare of its people, citing irrigation projects, free power for farmers, Rythu Bandu, and Mission Bhagiratha. He encouraged the CFOs to contribute their ideas for the state’s development and assured them that the government is receptive to resolving any issues faced by industrialists. CII Telangana Chairman C Shekhar Reddy, Convenor of CII cell on Ease of Doing Business Panel V Narasimham, Pavestone Capital Managing Director V Lakshmi Kanth and Co-Convenor, Ease of Doing Business Panel & Co-Founder, Consark Anand Daga, spoke at the conference.