A M Naik wants India Inc to take advantage of anti-China sentiment

Amid the ongoing coronavirus (Covid-19) pandemic and the unexpected challenges being faced by the country at its northern borders, A M Naik, group chairman at L&T on Thursday said it is time to take advantage of the anti-China sentiment within India and a long-term strategy with a time-bound plan for implementation needs to be chalked out for the same.
 

At the 75th Annual General Meeting of L&T, the company’s first virtual meet, Naik today told shareholders that the current scenario is an opportune time for the government and industry to act in unison.
 

A strong anti-China sentiment, not just in the country, but across globe can be a possible game changer for domestic industry, he said. To leverage these trends and harness them for productive purposes, India needs to move beyond knee-jerk responses, Naik added.
 

While the country continues to battle the Covid-19 pandemic, L&T is hopeful that the second half of FY21 will signal better economic activity. The National Infrastructure Pipeline (NIP) project formulated by the government is likely to lead to increased spends in critical areas, and L&T is poised to capitalise on these opportunities, he said.
 

"It is also essential that an enabling eco-system for growth is created," said Naik. ""Reforms are urgently needed in many sectors including land acquisition and labour. The financial system is also in urgent need of attention. In tandem, the administration would do well to streamline processes and accelerate the pace of decision making," said Naik.

 

Right from the onset of the pandemic, L&T adopted stringent measures to ensure the safety and well-being of its workers and stakeholders.
 

At the group level, L&T contributed Rs 150 crore for the PM CARES fund, including a Rs 19 crore contribution from employees who responded spontaneously by donating their salaryfor two days.
 

Further, the company donated medical equipment, including personnel protective equipment (PPE) worth Rs 40 crore to states across the country.
 

“We took it upon ourselves to ensure that the 1,60,000 contract workmen at our project sites received good care, by continuing to pay them their wages, provide food, shelter and medical assistance. This involved an outlay of approximately Rs 500 crore per month during the stringent lockdown period,” informed Naik.
 

Meanwhile, L&T’s construction business has converted hospitals to Covid-19 care centres at six locations around the country.