By Our Reporter
SHILLONG: The Department of Management Studies of Martin Luther Christian University hosted a Symposium on ‘ Finance in Business: Challenges and Opportunities’ at Dinam Hall, Shillong on Friday.
The symposium aimed at creating awareness on the availability of Finance for budding entrepreneurs, bridge the gap between the conceptual idea of a business plan and its execution and to help the Management students to learn from the experiences and ideas of some of the resource people there.
These resource persons ranged from various government and semi government agencies as well as representatives from the corporate sector.
The presence of Management students from various institutions like Sikkim Manipal University, ICFAI, Shillong College and St Anthony’s College greatly added to the intellectual discourse that ensued.
The symposuim was inaugurated by the Chief Guest, Malcolm D. Roy, who, while commending the staff and faculty of Department of Management Studies, MLCU, for opting for the noble profession of teaching forsaking lucrative career opportunities, congratulated them for organizing the symposium which is the need of the hour.
He opined that a finance manager is no longer called only an accountant but also a visionary and a strategist. Finance function is the integral and inseparable component of any business activity. With growing opportunities in the field of finance, challenges and threats have also increased manifold. Business financing today has a lot more to offer compared to the pre-reform days when options were very limited.
Financial institutions are competing among themselves to attract customers and investors.
Challenges with regard to making the right choices and rising to the occasion have become the core functions of financial management.
Therefore it has become imperative for the finance manager to equip himself with various skills and tools of financial management to meet these challenges and opportunities. He also mentioned that the Indian Government is committed to introducing International Financial Reporting System in the corporate sector in order to bring India on par with other developed countries.
Administrative officer, North East Region Community Resource Management Project (NERCROMP)K. Hrishikesh Singh, in his speech gave a concise presentation on the financial management system and practices of NERCORMP covering important topics such as transfer of funds through banks, strict monitoring of fund utilization, computerized accounting system, annual work plan budget and accurate periodic reporting.
This was followed by a presentation by Deputy CEO, Meghalaya Khadi and Village Industries Board T. Wanniang,on the Prime Minister’s Employment Guarantee Programme which is being implemented through three agencies.