The Indian economy has performed exceedingly Well in the last three
years, with the growth in GDP averaging almost 8 per cent per annum. In
his recent speeches, the Prime Minister has raised the bar to 10 per
cent growth. Clearly, the country is onto a higher growth path.
India exported US$101 billion worth of goods in 2005-2006, while our
imports aggregated US $140 billion, the higher imports indicating the
needs of a growing economy. If the trade in the services sector is
added, India's total global trade amounts to over US $300 billion.
This is almost half of India's gross domestic product (GDP). Clearly,
the progress of India's integration with the global economy has been
The automobile components industry, which is the major customer for
your company's alloy and special steels, has registered a compound
annual growth rate of 33 per cent in the last three years and the
industry's direct supplies to global original equipment manufacturers
(OEMs) have grown by 70 per cent in the year 2005-06.
2005-06 has been a year of consolidation for the Company. The Company
has further reinforced its position as the leading supplier of alloy
steel for manufacture of critical components to the automobile and
automotive components industries. Our customers are leaders in their
fields and the standards of quality demanded by them are getting
The Company has also been approved for supply of bearing steel to one
of the world's largest manufactures of bearings, for their Indian
operations. The company's stainless steel has been approved for use in
the manufacturing equipment for nuclear power plants, a `first' for an
Indian company for such a critical application.
The trials taken on the static test facility set up by the Company for
solid propellant rocket motors used in missiles and satellites, for the
Defence Research and Development Organisation of the Government of
India, were successful. The work included design and development of
intricate mechanical equipment and high-technology instrumentation
The Company is making sustained efforts to move on to higher value
However, I am not saying that this was the best of times for Mukand.
The best is yet to come.