It gives me immense pleasure to present the 27th Annual Report of theCompany "Optiemus Infracom Limited" for the financial year 2019-20.
The year saw a challenging business environment with lower GDP growth and slowdown inconsumption. The novel coronavirus has affected not just human health but severelyimpacted businesses and the society at large and the world economy is expected to take abig hit. Large-scale quarantines travel restrictions and social-distancing measures isdriving a sharp fall in consumer and business spending producing a recession situationacross world economies. India will be also no exception and the country wide lockdown hasseverely impacted Indian Businesses with reduced demand or loss of business. To providethe much needed boost to the Indian economy our Hon'ble Prime Minister Mr. Narendra Modiannounced a special economic package with the aim of making the country independentagainst the tough competition in the global supply chain and to help in empowering thepoor laborers migrants who have been adversely affected by COVID. The stimulus packagewas pivoted on "Atma Nirbhar Bharat". Following this announcement the FinanceMinister Ms. Nirmala Sitharaman through various press conferences announced thedetailed measures under the economic package which includes many policies and measures forbusinesses through financial or legislative aspects.
The Company is under view that these measures will help the economy and the businessesin India to flourish and become capable of catering to Indian and global demands. Amidstall the disruption and economic fallout there is an opportunity for India to acquire newoverseas markets as companies across the world look to derisk and diversify their supplychains or relocate their manufacturing hubs. Further the government has fast-trackedreforms in the telecom sector and continues to be proactive in providing room for growthfor telecom companies.
In April 2020 the Ministry of Electronics and Information Technology launched aProduction-Linked Incentive Scheme ("PLI") for electronics sector to becomesecond largest mobile manufacturing country. The PLI Scheme offers a production linkedincentive to boost domestic manufacturing and attract large investments in mobile phonesmanufacturing and specified electronic components.
For availing the benefits under the said scheme Optiemus Electronics Limited aSubsidiary of Optiemus Infracom Limited filed an application for Manufacturing of MobilePhones in India. If the subsidiary will be selected under the said scheme the Companywill get favorable outcomes from the said scheme in manufacturing and trading of mobilephones.
Further your company has taken stringent measures to control the costs and increaserevenues in the past few years. We are continuously focusing on introducing new innovativeproducts at competitive prices to maintain better customer experience and on gainingsmartphone market share while growing feature phone volumes. Your Company has always beenupbeat and swift in understanding the needs of changing market and responding to them. Ouremphasis on innovation will help us to achieve faster growth in years to come by offeringa unique value proposition to our customers in terms of our product and service. We remaincommitted to uphold that vision and creating ever greater value for all our stakeholders.
I would like to express my gratitude to the Board members employees shareholderscustomers partners and bankers for the continued faith & support in the Company. Iwill look forward to your support and guidance as always to take this company to evengreater heights.