Hyderabad: Senior IAS officer Sandeep Kumar Sultania will take charge as the Principal Secretary of Finance department on Wednesday by relieving Chief Secretary K Ramakrishna Rao from the post of FAC (Full Additional Charge). Rao served as Finance Secretary for more than 10 years and played a key role in addressing the financial crisis in the crucial times.

In the wake of a slowdown in the economy and slump in the realty sector, the new Finance Secretary is likely to face a lot of challenges to meet the financial requirements of the state. Sources said Sultania has been given a free hand to mobilise financial resources in the current financial year.

The government needs at least Rs 40,000 crore over the next six months to fulfill the assurances mainly the implementation of Indiramma housing, ‘Rajiv Yuva Vikasam’, ‘Rythu Bharosa’ and women empowerment schemes.

Soon after the government issued orders about his appointment, Sultania called on Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka at the latter’s residence and discussed state’s finances and immediate measures which needed to be taken up. Officials said that the new Finance Secretary would also seek the help of Chief Secretary Ramakrishna Rao who already took a slew of decisions to strengthen the state’s financial situation this year when he was the Finance Secretary.