T. SPIRITUAL WORLD LIMITED
ANNUAL REPORT 2008-2009
The Indian Economy, by virtue of its strong macroeconomic fundamentals,
has been one of the most resilient and fastest growing emerging economies
of the world. Despite the subprime crisis and other events that have had
negative consequences for most other nations, India continued to grow at
an impressive rate of 6.7% in the fiscal year 2008-09, albeit at a slower
pace when compared to earlier years. In the current financial year, it is
expected that Indian economy will regain its growth momentum to grow at
its recent trend growth of 8% to 9% over the past 5 years because of
stable policy environment, and internal growth stimuli notwithstanding the
global factors like tighter credit conditions, slackening of demand, lower
exports and slow down in developed economies.
The fiscal stimuli provided by the Government and the rising fiscal
deficit could lead to potential inflationary pressures, if not handled
adroitly, and in the near term there could be crowding out of private
investment by the public sector.
Investments in agriculture, rural development, health, human resources and
infrastructure will need to gain momentum to make growth more inclusive
and balanced. Overall, the Indian economy is slated to be one of the few
in the world with positive growth acceleration in the current year.
Wellness as an offering has been prevalent since the ancient times in
India. The pioneering work of our ancestors in the areas of ayurveda and
traditional medicine stand as leading lights for many users and
practitioners to this date. What has changed since then has been the
dedication that entrepreneurs, practitioners and regulators in this space
have shown to kick-start the organised industry in India.
Notwithstanding the current economic slowdown that has impacted several
sectors, the Indian wellness services market is expected to remain
buoyant. Wellness, Exploring the Untapped Potential, a FICCI-Ernst & Young
(EY) initiative studied this upcoming industry very closely in terms of
growth and potential for future. According to the report, the wellness
industry comprises two segments-wellness services and wellness products.
At the end of 2008, the wellness services market stood at Rs 11,000 crores
and the wellness products industry was around Rs 16,000 crores. With an
overall estimated CAGR (compound annual growth rate) of over 20% till
2012, this combination of products and services represents the untapped
potential that TSWseeks o t address with its exclusive wellness products
and services. TSW has so far been very successful in creating a novel
position for itself. The Company has already established a reputation
among the corporate community and created awareness for a healthier
I am confident that with your unstinting support and the commitment and
energy of our employees we will be able to live up to the expectations of
our stakeholders including shareholders, customers, governments and all
members of the community we operate in.
I'd like to extend my gratitude towards all our shareholders, customers
and the staff for their support in shaping the success of our company.
Dr. Alam Ali Sisodia