The Indian economy witnessed gradual momentum in the year 2016-17 and it is expected to accelerate in future years in view of the Government’s continuous efforts to push various financial and agricultural reforms, including technological improvements across all sectors, etc. RBI’s focus on controlling inflation, increasing overall demand by reducing cost of lending etc. is continuing. Further, the Union budget proposals have brightened the prospects for the national economy to grow, with plans that are expected to boost investor confidence and provide impetus to the rural economy, which should improve overall demand.
One of the most variable and a critical factor for our diversified businesses is reducing the cost of manufacture and our Company has taken various initiatives for cost optimization and increasing efficiency, amongst other measures which have contributed to improved performance. In anticipation of the expected revival of our economy, the demand and prices of various products manufactured by the Company are likely to improve further.
I extend my sincere thanks to all our stakeholders including lending banks, shareholders, customers and our loyal, hardworking and committed employees for their unstinted support in shaping and improving the performance of the Company.
- B. K. Birla, Chairman