Hyderabad: Finance Minister T Harish Rao on Thursday stressed the need for fiscal discipline, be it for development of a State or a business firm.
Describing himself as the Chief Financial Officer (CFO) of Telangana State, he said that plugging wastages is nothing but creating wealth to that extent. Harish Rao was addressing the second edition of the Confederation of Indian Industries (CII) Telangana’s CFO Conclave with the theme “Evolve – The New Age CFOs’ here.
Speaking on the subject ‘CFO – The Organization Builder, Strategist and Cultural Trendsetter,’ the Minister stressed on the need for CFOs to work for the development of the firm rather than trying to appease the management. “The onus of steering the company in the right direction is on the CFO. For this, one may have to take harsh decisions,” he noted.
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Harish Rao, who served as Irrigation Minister in the first term, said the urge to spend on construction of irrigation projects changed along with the portfolio since, as a Finance Minister, he has to think twice before spending the State finances. “With the downtrend in the economy and also the falling GDP growth rates, we as financial officers must find new resources and also optimize spending,” he said.
Assuring the CII of the Telangana government’s support, the Minister reminded them of the five year long track record of the State government in the field of ease of doing business. He said that TS-iPASS revolutionised the way industries set shop in Telangana. “We are ready to launch the nation’s largest Mega Textile Park, Pharma City and Medical Devices Park,” Harish Rao said.
While appreciating the steps initiated by the Union government to encourage investments in the country, he expressed concern over the lack of demand for goods which was resulting in industrial distress. “While one can say that the prevailing economic conditions are discouraging new companies from investing in the country, purchasing power needs to be increased to spur demand for goods and services,” he opined, adding that new jobs are needed to reverse the trend.
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He also urged the financial officers to come up with ideas to bring back the economy on its rails. “I also want you to practice yoga or meditation to stay healthy, as its cuts down the strain of being an officer dealing with finances,” he said.