103.67.18.86: /* Twelfth Finance Commission */

2022-01-05T10:09:48Z

Twelfth Finance Commission

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{{use dmy dates|date=January 2018}}
{{use Indian English|date=January 2018}}

'''T. R. Prasad''', is a bureaucrat from [[Andhra Pradesh]], India, who worked as [[cabinet secretary]] and defence secretary in the [[Government of India|national government]].

He was of 1963 batch of [[Indian Administrative Service]] from the Andhra Pradesh cadre, was also the member of the 12th [[Finance Commission]] and director of several companies including the scam-tainted company [[Mahindra Satyam|Satyam Computer Services Ltd]] from which he resigned when [[Byrraju Ramalinga Raju]] admitted accounting fraud.

==Biography==
Tata Ramachandra Prasad, popularly known as T. R. Prasad, hails from [[Nidubrolu]] town in [[Guntur district]], Andhra Pradesh. He was born on 15 July 1941 to T. V. Subbaiah and Devudamma. Initially educated at Loyola College Vijayawada, Prasad holds a master's degree in [[Physics]] ([[Electronics]]) from [[Banaras Hindu University|Banaras University]]. He is a lifetime fellow of the Institute of Engineers (FIE).<ref name=autogenerated1>[https://people.forbes.com/profile/t-r-prasad/119827 Corporate Executives & Directors Search Directory]</ref>

Prasad was of 1963 batch of [[Indian Administrative Service]] from the Andhra Pradesh cadre. He was appointed as Union cabinet secretary on 1 November 2000, during the government of [[Atal Bihari Vajpayee]].<ref>[http://www.thehindubusinessline.in/2000/10/31/stories/14315408.htm T.R. Prasad is new Cabinet Secy]</ref> As he approached mandatory retirement at the age of 60, Vajpayee's government amended legislation to enable the government to extend the tenure of a cabinet secretary beyond that age by such a period as the government considers appropriate.<ref>[http://www.rediff.com/news/2001/jul/12cabsec.htm rediff.com: T R Prasad to continue as cabinet secretary till next October]</ref><ref>[http://www.outlookindia.com/article.aspx?212549 www.outlookindia.com | The Highest Bidda]</ref> Prasad retired as cabinet secretary on 31 October 2002.<ref>[http://cabsec.gov.in/about_cabinet.php Cabinet Secretariat - Cabinet Secretaries Since 1950]</ref>

==Twelfth Finance Commission==
During his stint as member of Twelfth Finance Commission, Prasad pointed out that India was almost 13 times below the FDI of China due to backwardness in education and infrastructure, which are key ingredients for growth. He also called for new [[fiscal policy|fiscal]] reforms to stabilise growth and governance on the lines proposed by the [[Kelkar task force]].<ref name=autogenerated3>[https://web.archive.org/web/20041102223414/http://www.hindu.com/2004/10/24/stories/2004102403930300.htm The Hindu : Andhra Pradesh News : `States passing through financial crisis']</ref> He also called for the political leadership in India to lift itself above the party and sectarian interests for India's success in moving towards the new triangular paradigm: growth, governance and fiscal reforms.<ref name=autogenerated3 /> He was the member of Finance Commission until 31 December 2004, holding the rank of minister of state.

==Administrative career==
Prasad's administrative career comprised:<ref name=autogenerated1 />
* Member of [[Indian Administrative Service]] from 1963
* Officer on Special Duty in the Cabinet Secretary for 10 days from 20 October 2000 until 31 October 2000 before taking over as the India's foremost civil servant post on 1 November 2000<ref name=autogenerated2>[http://www.tribuneindia.com/2000/20001010/main3.htm The Tribune, Chandigarh, India - Main News]</ref>
* Cabinet Secretary, Government of India, between 2000 and 2002
* Defence Secretary, Government of India
* Secretary, Industrial Policy and Promotion, Ministry of Industry
* Chairman, [[Foreign Investment Promotion Board]] (FIPB)
* Secretary, Heavy Industry
* Chairman, Maruthi Udyog Ltd.

==Directorships==
Prasad was a member of the board of directors of several companies, such as:<ref name=autogenerated1 />

* TVS Motors Company Ltd.
* Suven Life Sciences Ltd.
* Taj GVK Hotels and Resorts Ltd.
* Nelcast Ltd.
* GMR Infrastructure Company Ltd.
* Indofil Organic Industries Ltd.
* Pipavav Shipyard Ltd.
* Delhi International Airport Pvt Ltd.

==Satyam==
Prasad was an independent director<ref>[https://people.forbes.com/profile/t-r-prasad/119827 T.R.Prasad appointed as Independent Director on April 2007 in Satyam Computer Services Ltd]</ref> of Satyam Computer Services when that company was hit by a scandal related to false accounting that saw its founder and chairman, Byrraju Ramalinga Raju, resign.<ref>[http://www.rediff.com/money/2009/jan/16satyam-tr-prasads-6th-resignation.htm TR Prasad's 6th resignation; this time it's Taj]</ref><ref>[http://www.rediff.com/money/satyam.html?zcc=rl Satyam Fiasco]</ref>

Prasad did not immediately resign when the news broke but instead tried to steady the company.<ref>[http://infotech.indiatimes.com/articleshow/3949689.cms TR Prasad, other Satyam directors blame PwC]</ref> He blamed [[PricewaterhouseCoopers]], the audit firm, and Raju for keeping the board of directors in the dark. When pressure mounted on him from various places across corporate India and also the government, he resigned not just from Satyam Computers but also from other directorships.<ref>[http://www.rediff.com/money/2009/jan/16satyam-tr-prasads-6th-resignation.htm TR Prasad's 6th resignation; this time it's Taj Gvk Hotels]</ref>

==References==
{{reflist}}
* [http://www.blonnet.com/2005/09/14/stories/2005091402640200.htm T.R Prasad joins Suven Life board ].
* http://www.indofilcc.com/indofil-profile/board-of-directors.php
* http://www.persmin.nic.in/Publication/AnnualReport/AR2001_2002.htm

{{DEFAULTSORT:Prasad, T. R.}}
[[Category:Living people]]
[[Category:1941 births]]
[[Category:Telugu people]]
[[Category:Indian Administrative Service officers]]
[[Category:Cabinet Secretaries of India]]
[[Category:Defence Secretaries of India]]
[[Category:Banaras Hindu University alumni]]
[[Category:People from Guntur district]]

T. R. Prasad - Revision history

103.67.18.86: /* Twelfth Finance Commission */