The latest edition of the Business Today
-YES Bank Best CFO Awards
, in which the best chief financial officers of the country were honoured, was held on Monday(June 3) at the ITC Maurya, New Delhi. India Today Group Editor-in-Chief Aroon Purie, delivering the keynote address, noted that these were both the best of times and the worst of times for chief financial officers. "It is the worst because GDP growth has fallen to five per cent and there's a rise in capital costs, which has made it a real challenge for CFOs to keep their balance sheets healthy," said Purie. But he added that it was also the best of times since it provided an opportunity to flush out inefficiencies from your company.
Anand Sharma, Minister of Commerce & Industry & Textiles and the chief guest at the ceremony, spoke next, discussing the economy further. "India's priority should be job creation, return to high growth, bringing down the current account deficit and becoming competitive in a global context," he said.
The minister also noted that the previous year had been "a terrible year for many countries." "It is time to take hard decisions," he added.
The awards were then given away to the winning CFOs. The prize for the best overall CFO went to ITC's Rajiv Tandon who was also winner in the "Sustained Wealth Creation (large companies)" category. A.K. Mukherjee, Director (Finance) & CFO of Exide Industries, was adjudged "Best Transformation Agent" in the large companies category. P.K. Bajpai of BHEL won the Best CFO of a PSU (large companies) award. P.Alli Rani of Container Corporation of India was given the Best Woman CFO award.