It is my privilege to write to you on behalf of Narayani Steels Limited and I want to say thank you for your love and affection during my working tenure in various positions in the Company.
While the global economy is improving, with global GDP growth projected to pick up from 2.9% in 2017 to around 3.1% in 2018-2020, it remains susceptible to geo-political and other macroeconomic risks.
Meanwhile India is expected to become the world’s 5th largest economy in 2017, surpassing UK and France and world’s third largest economy by 2023, surpassing Japan and Germany. India’s GDP is projected to rise from USD 2.2 trillion in 2016 to USD 3.6 trillion by 2020.This augurs well for businesses that are focused on domestic growth in the future.
The Global Steel Industry continues to witness challenging items through the performance of the industry has been better in the Financial Year 2016-17 with improved realisation and a more disciplined supply side response.
According to the World Steel Association, global steel output will be tapering in the next year and the slowdowns is expected to continue through 2035 as countries around the world start to rein in output while demand retreats.
Given the current stage of development of the Indian Economy and likely growth path for the country’s economy in the next decade, the steel demand in India will witness significant growth in future. While the steel sector in India is financially stressed currently, the Government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy, 2017
One of the core elements of Narayani Steels Limited, focus on sustainability and the environment. The company is committed to minimize its impact on climate change and is continuously working on the strategy to reduce the carbon footprint of the business.
Finally, I would like to thank you for the unstinted support and unwavered confidence in the company. I would like to thank the Government, customs, suppliers, lenders for their continued support to the company and also to the employees, unions and management team for their deep level of commitment to the company. I look forward to your continued and valuable support in taking the company to greater and newer heights in the future.
Kishan Lal Choudhary
Co-founder of Narayani Steels Limited.