From The Chairman's Desk
With an outset of new era and renewed enthusiasm India has emerged as the fastestgrowing major economy in the world and is expected to be one of the top three economicpowers of the world over the next 10-15 years which is predominantly backed by its strongdemocracy and partnerships. As India continues to ascend in the rankings of the world'slargest economies its contribution to global GDP growth momentum will also increase.India attracted massive Foreign Direct Investment (FDI) equity inflows with majorcontribution coming from sectors such as services computer software and hardwaretelecommunications construction trading and automobiles.
Numerous offshore business organizations are setting up their facilities in India onaccount of various government initiatives like Make in India and Digital India. Afterlaunching the Make in India initiative The Honorable Prime Minister of India hassignificantly uplifted the manufacturing sector of Indian economy alongside has alsoincreased the purchasing power of an average Indian consumer which has further boostedthe domestic demand and hence spurred the overall development in the economy. TheGovernment of India under the Make in India initiative has done significant contributiontowards the domestic manufacturing sector and aims to take it up to 25 per cent of the GDPfrom the current 17 per cent. Besides the Government of India's Digital India initiativewhich focused on three core components: creation of digital infrastructure deliveringservices digitally and to increase the digital literacy augured well for the overalleconomy and demography. Under Bharat Net Intitiative of the Government till July 2019350504 Kms of Optical Fibre Cable is already layed in 131913 Gram Panchayats. TheGovernment of India has also approved the National Policy on Software Products in 2019 todevelop the country as a software hub therefore a lot of impetus can be witnessed towardsdigital platform development during the second term of the current Government.
FY 2019 was a roller coaster year for Aksh. We grew our sales and profitabilityphenomenally during the first half of the year . During the second half of the yearcompany faced certain industry headwinds concerning optical fibre prices tumbling downglobally alongside significant delays in receivables from a major customer BSNL.Although we have been investing for growth through a combination of capacity expansionsstrategic acquisitions and innovations in our product lines. In early part of FY2019 weimproved our financial performance and extended our leadership in all our businessessegments. Our execution was strong and we expected our momentum to continue butunfortunately industry headwinds entailed us to push breaks to our torrid growth duringthe second half of the year.
As we have expanded our capacities significantly and are geared up to ride the nextwave of buoyant optic fibre market we remain committed to deliver our goals. We seek allour stakeholders confidence and I believe we shall deliver our best as we remaincommitted in continuing to deliver with our relentless focus passion and our drivetowards success. I firmly believe that Aksh's future has never been brighter. We havemultiple businesses segments which will propel our growth. We have unique capabilitiesthat have become progressively more vital. We share warm relationships with industryleading customers that continue to entrust us with new opportunities. We look forward todelivering our goals also unleashing new potential and capabilities in the years aheadand sharing milestones along the way. Thank you for entrusting and accompanying us on thisjourney.
Dr. Kailash S. Choudhari