Message from Chairman
As the year comes to end, I extend my warm greeting for 2018. We all have exciting times ahead of us and we look to overturn whatever happened in 2017. Manufacturing industry across India was hit yet we sailed through just due to our perseverance. With every year for the past 58 years, we have grown bigger and better and we aim to continue that.
The Indian landscape is experiencing a lot of changes in the economic sector. With the promise of brighter future, the government has unveiled Rs 8,450 crore package to revive exports.This comes after the exports contracted by 1.12 percent in October primarily caused by the liquidity crunch faced after the implementation of GST.
With textile imports seeing a rapid increase in the past few months due to lower import duties, with imports increasing 12% year-on-year in October to $153.9 million, it is a welcome step by the government to help the Indian textile industries. Apart from increasing the export of goods and services, the announcement of incentive by the government will also increase employment generation and value addition.
The FTP has set an ambitious target of exports of worth $900 billion by 2019-20, which will promote the business across all sectors. The government has also come out with the foreign trade facilitation measure to help the Indian textile companies and improve their competitiveness in the international market. Also, a list of 13 countries has been compiled by the government where our products can be showcased through exhibitions to increase their visibility and exports.
With the Indian cotton exports set to rise by 9% over the next year and the FTP in place, the future looks promising. There exist a huge potential for us to increase our market share in various markets by adopting various approaches for different markets. The integrating marketing plan 2017-2018 approved by the ministry for textile and apparel sector calls for a greater convergence and to target new markets through focused trade promotion and we aim to do just that.
With India finally getting a place in top 100 in the World Bank list of countries according to the ease of doing business, the various associated sectors will be acting as a support tool for the overall boost in manufacturing and growth. This year, with a greater focus on R&D and better business strategies, we aim to win back the lost time and make it to the top again. And in a couple of years, when we celebrate our 60th anniversary, we will look back at the various benchmarks we have set for us and generations to come for the family here at LNJ Bhilwara, which will guide us for the future.
With that being said, it is imperative that we keep our heads in the game and go full throttle. If we sincerely aim to achieve our targets, we all need to put in our best. Teamwork is the recipe which will take us to ours destination. Let us all continue on this wonderful journey and may we all taste success.
With best wishes,
Ravi Jhunjhunwala