Chairman Message
At the outset, I would take this opportunity to wish everyone a Very Happy New Year.
With a successful vaccine rollout program and a successful vaccination drive, there has been improved consumer confidence that has resulted in increased mobility across the country. Due to major fiscal support, accumulated savings, and global financial support, markets got off to a strong start in the last quarter of 2021.
The highly infectious Omicron variant has started to spread, and we all need to be careful and vigilant that it does not develop into the third wave. The expected impact of this variant may be lower, than on earlier occasions, as it is being found that this variant is milder and may pass through quickly without large-scale hospitalizations. Our government has assessed various steps taken in implementing pandemic-related measures to tackle possible future disruptions that may occur due to the ongoing variant of the COVID-19 pandemic.
India has emerged as the fastest-growing major economy and is expected to be one of the top three economic powers in the world as there have been investments across various sectors of the economy. Numerous foreign companies are setting up their facilities in India on account of various Government initiatives. The other key areas that need to be focused upon are- human capital, education, health, exports, travel and tourism, food processing, etc.
India has a strong focus on renewable energy sources. At COP 21 India had committed to achieving 40% of its installed electricity capacity from non-fossil energy sources by 2030, but the country has achieved this target in November 2021 itself. This is a proud moment for all.
Trade growth is rebounding strongly reflecting India’s robust economic recovery. A significant increase in exports will boost economic growth and employment generation. The Production-Linked Incentive Scheme is expected to further boost manufacturing. The planned increase in public investment is also expected to support domestic demand. The global and domestic demand for graphite electrodes has been impacted due to lower demand from the market due to partial closure of steel capacities, lower steel production, and destocking of electrode inventory at customers’ end. With the revival of economic activities, the domestic & global steel industry is expected to normalize in the medium term with the revival of key sectors such as infrastructure & construction and new industries being set up under the “Make in India” initiatives. Hence, the demand for graphite electrodes is also expected to increase.
The Indian textiles sector has been one of the worst-hit sectors due to the pandemic. In the context of its socio-economic primacy for the Indian economy, which is second only to agriculture, the industry must be given sufficient attention in academic and policy circles.
My heartfelt appreciation for all the LNJ Bhilwara employees who have taken a great responsibility with courage and commitment to ensure the smooth functioning of the organisation in the wake of COVID-19. We remain optimistic that this is the decade of opportunities, particularly for our country.
With Best Wishes
Ravi Jhunjhunwala