Chairman's Message
I wish all the employees and their families a very happy new year.
The arrival of Covid vaccine has rekindled hopes of mankind and economies are expected to return once most of the countries go through vaccination in the next 6 months. Let’s hope that Covid will be behind us very soon and normal business will resume.
The Covid situation has caused lot of changes in how people and businesses function. There has been a change of doing business like work from home and online meeting platforms like Microsoft teams, zoom etc. It has also resulted in increase in popularity of OTT platforms for online entertainment like Netflix, amazon etc.
India’s economy is expected to rebound by the end of this year as is the projection of global economies.
We are living in a very dynamic world and our companies have to adapt to all kinds of challenges.
Another global development is the change of US presidency with democrat president sworn in 20th January 2021. It is expected that this will result in change of direction in terms of climate change, US-China relations, peace in middle east etc.
One more significant development is the exit of UK from European union. In the next few months, we will see the change in business scenario in UK and Europe, the impact of that will take some time to reveal.
As the saying goes – it’s in time of crisis that heroes are born.
We want LNJ Bhilwara’s values to shine at this difficult hour. Need to mention that our company has risen to face this challenge with a lot of courage, flexibility and with enormous contribution from our employees across all parts of our businesses to keep them going.
The country’s economy which has shown resilience to come out from downturn caused by the pandemic is expected to bounce back in the coming quarters. There will be a “paradigm shift” which will lead to a more matured economy. Our countries corporate tax rates are now at par with the best in the world. There have been targeted interventions to help the industry and boost demand, alongwith supply. The government has already announced labor and agriculture reforms and now there is a manufacturing support to MSME to accelerate their recovery.
India is on the global radar for textile, and apparel sector supported by its increasing population, income levels, growing market penetration of more players, and rapid urbanization of smaller towns. International brands are showing increased trust in India which enhances the brand value of Indian garments. A projected growth is on the cards for both domestic and export market which will have positive impact on the profitability with the volumes moving up. Western countries are now shifting focus towards the Asian countries for their textile and apparel business.
LNJ Bhilwara group is committed to creating new and progressive approaches to its operations and services and contributing to the development. We all want to be the part of a team that leaves a legacy and is remembered for years on what we have accomplished.
I am proud to be leading an excellent team that strives on reaching this success and greatness.
With Best Wishes
Ravi Jhunjhunwala