Group Chairman's Address - 75th AGM

Recently, our Hon’ble Prime Minister made a rallying call for
‘Aatmanirbhar Bharat’ which has resonated across the country. I believe that aatmanirbharta represents the logical next step to ‘Make in India’ for it encompasses the entire value chain of design, procurement, manufacture and delivery. This is an opportune moment for Government and industry to act in unison and advance national interests.

Your Company has all along been championing self-reliance in the key sectors of Defence, Nuclear Power, Space Research, Power and Infrastructure. With ‘technology for sustainable growth’ as the central theme of our endeavours, we reiterate our commitment to rise to the occasion and contribute to the national cause.

The strong anti-China sentiment within India and around the world is a possible game changer for domestic industry. To leverage these trends and harness them for productive purposes, we need to move beyond knee-jerk responses and draw up a long-term strategy with a time-bound plan for implementation. It is essential that an enabling eco-system for growth is created. Reforms are urgently needed in many sectors, including land acquisition and labour.

The financial system is also in need of attention. In tandem, the administration would do well to streamline processes and accelerate the pace of decision-making.

Over and above its business goals, L&T has a larger responsibility to society and nation. Right from the onset of the Covid 19 pandemic, L&T adopted stringent measures to ensure the safety and wellbeing of its people and stakeholders. At the Group level, L&T contributed ₹ 150 crore for the PM CARES fund, including a ₹ 19 crore contribution from our employees, who responded spontaneously by donating their two days’ salary.

Further, we have donated medical equipment including Personnel Protective Equipment worth ₹ 40 crore to states across the country.

We took it upon ourselves to ensure that the 1,60,000 contract workmen at our project sites received good care, by continuing to pay them their wages, provide food, shelter and medical assistance. This involved an outlay of approximately ₹ 500 crore per month during the stringent lockdown period.

Further, our construction business has converted hospitals to COVID Care Centres at six locations around the country. Our smart solutions help civic authorities in different Cities, monitor crowds and alert authorities. Your Company’s public-spirited initiatives have been appreciated by various state governments.

We are hopeful that the 2nd half of FY 2020-21 will signal better economic activity. The NIP or National Infrastructure Pipeline project formulated by the Government is likely to lead to increased spends in critical areas, and your Company is poised to capitalise on these opportunities.

You will be happy to know that since the publication of the Annual Report, your Company crossed a milestone by completing the manufacture of the ITER cryostat. This is a landmark accomplishment by your Company’s engineers, who are flagbearers of Indian industry in the global quest for fusion energy.