It is now widely believed that India will emerge as the world's fastest growing economyfor the second consecutive year in 2016 an embodiment of legislative renewal leading toeconomic resurgence.
Since inception Escorts' evolution has reflected serving the priorities of the countryby leveraging our engineering prowess & innovation to address some of the corebuilding blocks of the nation such as 'better food & prosperity' through ouragriculture business; 'better & safe infrastructure' through our constructionbusiness; and 'better technology-driven personal mobility' through our auto and railwaybusinesses directed towards enhancing the life quality of consumers communitiescountries and the world. Being deeply engaged in India's socioeconomic progress our focuson 'Engineering the fundamentals of growth' depicts the core of our existence.
Keeping in view the national and global priorities both on the economic and resourcesfront we have augmented our capabilities to directly address some of the major imbalancesthat impact our communities today including low agricultural yields outdated farmpractices infrastructural deficit and employment generation. At Escorts it is finding asolution to these challenges that drives us every single day and we are devoted torealizing the potential of a country that is resurgent forward-looking and trulycommitted to an inclusive growth philosophy.
India is among the largest tractor markets of the world. We are focused on spearheadingagricultural mechanization which can enhance yields alleviate labor intensity andcontribute to an agricultural resurgence that is at the core of food security as well aseconomic wellbeing among our farmer communities. To our commitment of mechanization weare also bringing to the fore our frugal engineering practices. This is helping usoptimize costs gain higher efficiency drive better capacity utilization and ensuresuperior cost competitiveness thereby setting the platform for growing our market share.
With increasing urbanization the government's assertive focus on correcting thecountry's infrastructural deficit developing roads network enhancing inter-city mobilitythrough rapid transportation systems and modernizing the railways is evident in theproposed establishment of smart cities. The widest complement of our constructionmachines auto components & railway products gives us just the right portfolio toaddress the core national urban development need. Our emphasis on technology-drivenproducts are aligned to elevate the country's transportation infrastructure.
With an array of world-class products and processes to back us Escorts as afuture-facing enterprise has now embarked on a challenging journey - bringing ininternational benchmarks through technology collaboration with global majorsstrengthening our frugal engineering excellence coupled with innovation-led technology andservice commitment to bring in the best to address growing customer needs. We are buildingenduring relationships to strengthen our customer proximity and enhance brand equity. Ourstrategy is in place to build stronger partnerships among our suppliers and dealersbroaden our distribution network and expand our coverage to maximize reach. We areengaging with globally-reputed consultants who are helping us in cost optimizationinstitutionalizing best-inclass systems and processes for lean and proficient operationsand enhanced profitability.
At Escorts our people agenda exemplifies inclusiveness for skill building and forcreating a pipeline of aspiring talent. Building 'employable' talent is a core priorityfor India's long-term socioeconomic progress. As a means to participate in this missionthrough our CSR initiatives we constituted Escorts Skill Development Private Limited withthe stated objective of establishing and operating skill development centres across thecountry as a means to equip youth with skills and create livelihood opportunities.
At Escorts we are creating value that transcends conventional measures - as aworld-class engineering company as a preferred employer and as an entity dedicated tosustained philanthropy. I invite you to be a part of Escorts a truly vibrant engine ofgrowth aligned with the rise of our nation.
Chairman & Managing Director Escorts Limited