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Vardhman Holdings Ltd.

BSE: 500439 Sector: Financials
NSE: VHL ISIN Code: INE701A01023
BSE 00:00 | 21 Jan 4079.65 14.60
(0.36%)
OPEN

4160.00

HIGH

4178.70

LOW

4024.25

NSE 00:00 | 21 Jan 4088.65 8.65
(0.21%)
OPEN

3998.40

HIGH

4180.00

LOW

3998.40

OPEN 4160.00
PREVIOUS CLOSE 4065.05
VOLUME 228
52-Week high 4667.55
52-Week low 1330.00
P/E 33.91
Mkt Cap.(Rs cr) 1,301
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4160.00
CLOSE 4065.05
VOLUME 228
52-Week high 4667.55
52-Week low 1330.00
P/E 33.91
Mkt Cap.(Rs cr) 1,301
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vardhman Holdings Ltd. (VHL) - Chairman Speech

Company chairman speech

VARDHMAN SPINNING AND GENERAL MILLS LIMITED ANNUAL REPORT 2003-2004 CHAIRMAN'S REPORT It is heartening to note that india has been ranked 34th in the global competitiveness among 60 nations as per Global Competitiveness Year book 2004. The report states that India has improved its rank from 50th last year to its present position. This is India's best ranking ever. The report further observed that India has overtaken Greece, Czech Republic, South Africa etc., in competativeness in the the last one year year. While businesses in the country are striving to improve their competitiveness, the report signifies much improved perception of Indian business in the global business communities. In the context of global textile industry, China has emerged as a dominant player in recent year. The Chinese textile industry is estimated to be worth $128 billion, with estimated exports of $80 billion, a share of over 20 percent in the world trade. As per the World Trade Organisation statistics, China has cornered the lion's Share in the total increase in world trade in textile and clothing during the year 2002. China captured 76 per cent of the total $11 billion increase in the trade. The scale of production and cost competitiveness of the Chinese textile and clothing industry are the major driving forces in this magnificent performance. Therefore, any country sekking a higher share in the world trade in textile and clothing has to contend with fiercely competitive producers like China. The inherent strengths of the Indian textile industry like availability of wide variety of raw materials, cost effective manpower and diversified manufacturing base have been acknowledged by various experts. The high growth potential of the textile industry has been identified by various studies carried out by the Government agencies as well as by the international consultancy organisations. However, most of these studies have also pointed out the poor competitiveness of the Indian textile industry. The incompetitive in terms of scale of production, technology employeed, productivity, quality parameters and supply chain management. Much of this is on account of fargemented production structure and rigid labour laws. As a consequence, India has not been able to take benefit of the global relocation of the textile business. I still see a silver lining on the horizon. If we can increase the competitiveness of or fabric and clothing segments, the Indian textile industry can still play a major role in the global textile and clothing business. Our in-house studies indicate that with appropriate policies and entrepreneurial initiatives, the Indian textile exports can increase from the present $13 billion to $ 25 billion in the next six years. In this, the clothing segment has to make a quantum leap to achieve $ 15 billion 2010 from the present level of $5.5 billion. The textile exports can also double in this period. IT is a daunting task, but nevertheless necessary to ensure sustainability of the textile industry in India. And competitiveness is the key driving force for resurgence of Indian textiles. With best wishes, (SHRI PAUL OSWAL) Chairman and Managing Director
.