Finance is the lifeblood of any industry. The financial management study deals with the process of procuring necessary financial resources and their judicious use with a view to maximizing the value of the firm and thereby the value of the owners i.e., Equity shareholders in a company. The financing of a business firm implies provision of funds required to be invested in fixed capital and working capital. The availability of capital is of great importance to a financial manager, securing the capital from a sound source is his prime concern. So, financial management is of vital importance in any industry IMPORTANCE OF FINANCIAL MANAGEMENT A Financial Manager is essential in any type of economy, whether it is a centrally planned economy (China) or a capitalist set-up ( USA) or a mixed economy (India). He plays a crucial role in the utilization of resources in the most profitable manner. Colin Brooks remarked “Bad production management and bad sales management have slain their hundreds but faulty finance; but has slain its thousands”.