During the financial year 2014-15 we saw most macroeconomic indicators improving asfar as India is concerned and it became visible in the GDP growth projections. The newbase GDP for current FY is expected to be above 8% +. Inflation as measured by CPI whichwas at 10% for previous FY has fallen drastically to 5.92% for FY15. This is way belowthe RBI's initial target of 8% which was later revised downwards to 6%. Fall in globalcommodity prices particularly crude oil and agri commodities have benefitted India. Indexof Industrial Production (IIP) an indicator of economic growth is slowly showing signsof revival as it grew 2.8% for FY15 which is higher than the preceding two years.
The only weak spot among the macro indicators currently is the exports sector which hasbarely grown over FY14 and missed FY15 target of USD 350 bn. Government has set up anambitious target of USD 900 bn of exports by FY20. Recently slew of measures have beenannounced by the Government to boost manufacturing sector at home through "Make inIndia" initiative but the dampener remains the lower global growth.
Your Company's continued focus on cost reduction and productivity enhancementinitiatives supported by market buoyancy which has resulted in considerable gains both inrevenues as well as profitability. Further we enhanced our product offerings and reachedout to specific profitable segments successfully. Given the success with this strategy wewere able to expand our operations to multifold sectors.
Given the underlying potential of Indian markets in the long run we continue to bepositive on the long term potential in India and expect retail investors to grow inmarkets supported by higher purchasing power. Your Company will continue to work towardscreating enduring value for its stakeholders and customers by converting the difficulttimes into opportunities.
Chairman Managing Director