New Delhi, June 16 (FN Bureau) Telangana Finance Minister T Harish Rao on Friday said CFOs are backbone of any Organization and are expected to be well versed with Technology. CFOs need to adopt National and International best practices to strengthen the organizations and Indian Economy, Rao said while delivering his inaugural address at the Confederation of Indian Industry, Telangana’s 4th edition of CFO Conclave with the theme ‘Transcending New Frontiers: Technology, Sustainability, and Governance’ for the CFOs and corporate professionals here. He mentioned about the growth story of Telangana in last 9 years and said the State Government has spent more than Rs. 40,000 crore to build a robust power distribution system so that it was able to provide 24/7 continued good power supply to all households and to the industry. We are currently a power surplus and the state is expected to produce 25,000 megawatt power by end of this year. The Minister also said that the Telangana government has adopted digital technologies in a proactive way and Rythu Bandhu benefits are transferred to 65 Lakh farmers, Aasara pensions are transferred to 44 lakh people on a single day.
Dharani portal has brought a big positive change in land registrations and Good Governance is for people. Rao said Today Telangana is the largest producer of paddy and produces about 3 lakh metric tonnes per annum. He said that Water is life and World’s largest lift irrigation project was built in Kaleswaram within three and half years in Telangana and drinking water is supplied to all households in the State. Harish Rao also mentioned about the transition of Telangana from power and water deficit state to surplus state. The state has focused on the holistic development in all sectors such as agriculture, industry, welfare, the Minister added. Mr. V Laxmikanth, Managing Partner, Pavestone Capital & Former Chairman, Broadridge Financial Solutions said that future never happens, it’s created. He also mentioned that CFOs need to take decisions while keeping process, people and scale into consideration. Laxmikanth said that now organizations operate 24/7, 365 days and digital ability will help in building such organizations and hyper personalization / customizing individual experience may drive the success of the future businesses.
Mr. C Shekar Reddy, Chairman, CII Telangana & Chairman and Managing Director, CSR Estates Private Limited said that the finance leaders need to embrace technologies and also must invest in cyber security measures and ensure inclusivity to bridge the digital divide. He appreciated Government of Telangana for taking up several measures to develop tier-II towns and also briefly mentioned about IT Towers in Siddipet getting IGBC Gold rating and how the town is developing fast as a role model. Mr. MV Narasimham, Convenor, CII Telangana Ease of Doing Business Panel & Dty CFO, Dr. Reddy’s Laboratories Limited said that CFOs are expected to lead the digital transformation and support sustainability goals. Customers are also insisting for a robust ESG framework and asking for long term value and performance. As responsible CFOs all our decisions need to focus around People, Plant and Profits and build strong governance system that will help us in taking better decisions. He said that in the current digital age, technological advancements provide us new opportunities to improve transparency, efficiency and accountability in governance processes.
Mr. Anand Daga, Co-Convenor, CII Telangana Ease of Doing Business & Co Founder, Consark said that Autonomous Finance is emerging trend now and CFOs need to ensure organizations are not only financially successful but also environmentally conscious and socially responsible. He said that finance teams and businesses should look to SaaS Solutions and other innovative technology to aid in their digital transformation and unlock the growth potential in the organizations. Ms. Praveena Bhimavarapu, Managing Director- Global Technology Services, State Street said that CFOs are expected to align the tech strategy with finance function. The need drives the change and the CFOs play a critical role in driving the strategy across the organization. In an era, where the data drives the decisions, digital transformation has changed the responsibilities of the CFOs on regular basis. The conference was also addressed by Mr. Rajesh Dhuddu, SVP & Global Business Head- Emerging Technologies, Tech Mahindra, Mr. Anirban Ghosh, Head- Centre for Sustainability, Mahindra Group, Mr. Santanu Mukherjee, Board Member, Bandhan Bank, Mr. Sanjay Jesrani, Founder & CEO, Go North Ventures, Dr K Sriharsha Reddy, Director-IMT Hyderabad and many others.