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States » South

Economic slowdown : Minister urges industry members, CII to provide suggestions on policy reforms

Hyderabad, Dec 5 (UNI) Telangana Finance Minister Harish Rao on Thursday urged industry members and Confederation of Indian Industry (CII) to provide suggestions on policy reforms to tackle economic slowdown.
Speaking at the Second CFO Conclave, organized by CII Telangana with the Theme “Evolve – New Age CFOs” here, Mr Rao mentioned that the role of Chief Financial Officer (CFO) is very crucial in the organisation.
CFOs role is sometimes viewed with negativity but they need to be tough for the interest of the organization.
He said that, as a Finance Minister for the state, he too faces the challenges of Budget allocations for various government schemes.
Citing the current economic scenario, Mr Rao mentioned that though Government of India is taking several steps to control further slowdown and attract investors, the demand still seems to be low. Mr Rao requested industry members and CII to provide suggestions on what government can do at the policy level to improve the economy.
He also urged the CFO’s to practice Yoga and Pranayam to relieve them from stress and to help them to be more focussed.
In his Keynote address, Dr BVR Mohan Reddy, Founder & Executive Chairman, Cyient Limited 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. CFO’s are the custodian of the company’s wealth, he said.
With Industry 4.0, Technology is playing more important role than ever before. It is crucial that all systems and applications should be integrated so that data can be interpreted correctly. While technology is acting as an enabler, there are challenges of getting the right people and skills to drive it. Another crucial skill in the present times is the ability to communicate and work in teams, the Minister said.
With the increasing use of Technology, organisations are also vulnerable to cyber risks and the CFOs need to be careful about it. While the role of the CFO is changing and challenging, but it also provides several opportunities, Mr Rao added.
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