Modern technology has become a major phenomenon for civilization the re-defining forceof a new social order in which efficiency is no longer an option but a quintessentialnecessity for all human activity. 2017 so far has been a remarkable year marking thebeginning of a new era that insists and thrives on efficiency. It was a year thatwitnessed a historic transformation to the Indian Tax system with the implementation ofthe Goods and Service Tax that is expected to build upon the primary foundation of a goodinfrastructure and faster adoption of technology.
Indian economy is poised and is on the cusp of a new era of exponential growth andrapid development. This will undoubtedly open up new and unprecedented businessopportunities in the country. The Government aims at bringing in major reforms that willmake it easier to do business in a corruption-free environment attract investments underthe novel 'Make in India' model development of 100 Smart Cities.
We are living in exciting times where technology is penetrating in every part of ourlife. It is transforming the way business is done and raising expectations fromtechnology partners like us. Our clients are now looking at innovative automationsolutions through pioneering delivery models that take them closer to realizing theirbusiness objectives. Competition is intensifying but quality of delivery and ability tomatch steps with the Client's expectations are paramount to us. In such a scenario we areexpected to continuously innovate our approach and position our capabilities in the bestpossible manner in the market.
While we aligned our business approach to market trends we also looked inward andbrought in newer and more innovative ways to connect with our people worldwide. We havealways taken great pride in ourselves by delivering superior value to our customers. Beinga part of AKSH our motto is to ensure our customers appreciate and validate the effortput in by our teams. Considering the expanding global demand for Optical fibre we havealso continued towards having our global operational footprints wherein we have expandedor manufacturing facilities in China Dubai and Mauritius.
The Indian optical fibre cables (OFC) market is expected to grow in a robust manner dueto expansion of telecom infrastructure throughout the country over the next five years.Being the second largest telecom market worldwide India exhibits high data traffic owingto increasing penetration of smart phones and growing demand for broadband servicesthereby creating significant demand for OFC installations. Consumers are increasinglyshifting towards internet driven applications like E commerce HDTV video on demand andhigh-speed file sharing. To address the soaring demand for high speed data transmissionthe Government of India along with the telecom sector is investing substantial capital inupgrading the country's telecom infrastructure. All these factors are consequentlyproviding a considerable thrust to the OFC market in India. This combined effect has aprofound impact on the volume demand for fibre connectivity and high-bandwidthtransceivers driving revenue growth of the optical communications industry.
Our focus is always on new technologies on the horizon. In order to strengthen ouroperations and build excellence in our delivery we have constituted a number of taskforces to recommend improvement in various functions including Customer CentricityProject Management and Quality.
I'd like to thank all our stakeholders customers partners employees bankers andshareholders for their constant support and commitment that has helped shape the company.We continue to remain strongly focused on our clients and their requirements as we strivetowards generating value for them as well as for our shareholders while gearing up forthe bright future.
Dr. Kailash S. Choudhari
Chairman & Managing Director