Ladies and Gentlemen,
I am very much pleased to welcome you all to the Fifth Annual General Meeting
of your Company. The notice for the meeting has been sent to all the Members
and I hope you all would have received it by now. By your leave I will take
the notice as read.
Our country has been going through a period of economic transition - from the
traditional social economy to market driven economy. The Government has taken
initiative to shore up the sagging economy. But there is no room for
complacency - not even with the rising foreign exchange reserves, stable
Government at the centre, different sectors of the economy doing well. But
yet again the monsoon has been very good. The agricultural production is
expected to exceed the target for the current year. Industrial growth is
racing towards the targetted 4.5% per anum.
The growth has also brought in problems to certain sectors of the economy.
Due consideration has not been given for the development of infrastructure.
Infrastructural development is vital for the economic growth. If this sector
does not keep pace with other sectors, the overall economic development will
suffer in the medium term. Privatisation in power, telecommunication,
transport is a must for sustained growth in our economy. Unless the
Government spells out its policies with regard to infrastructural
development, the task lying ahead will assume enormous proportion.
Your Company, quite aware of the need to create more capacities in power and
transport, has taken lead in going in for non-conventional energy sector as
well as airlines. Your Company's efforts in commercialising wind energy has
paid rich dividends. Many Companies have come forward to make use of wind
energy for captive power requirements. To-day wind energy has become a viable
alternative energy source. Your Company's thrust will be to create 800 to
1000 MW wind energy by the turn of the century.
Your Company does not contend with helping private sector Companies go in for
wind energy for captive use. It has taken upon itself the task of generating
200 to 300 MW wind power in the next five years. As a first step, your
Company has initiated the process of setting up the first 100 MW project in
the state of Tamilnadu.
Airlines is yet another area which has recently been thrown open to the
private sector. In a country as vast as ours, the need to create faster
mobility from one place to another can hardly be exaggerated. With speedier
indus-trialisation, business travelling by quick means of transport has become all the more imperative. Governmental initiatives to persuade
entrepreneurs to set up plants away from big cities has resulted in more
transportation between small industrial towns and big cities. Your Company
realising the hidden potential in feeder routes, has introduced air service
between big cities and relatively underserved and unserved industrial towns
all over the country. Your Company has thus become the first and only full
fledged feeder airliner in the country. Your Company's strategy of
concentrating on feeder routes has already proved to be a sound and rewarding
one. I am confident that airlines operations will be a feather in our cap in
the years to come.
The last two years have been a period of transformation for your Company.
Withyour support andwith the support of the dedicatedpersonnel, customers,
suppliers, bankers, various Government agencies and the Central and State
Governments, your Company has ushered in an era of non-conventional energy
into Indian power sector. I would be failing in my duty if I do not thank all
the people associated with our Company and more so the Shareholders of the
MR. RAVI PRAKASH KHEMKA