The year that went by. A momentous year of change. It changed the way India looked at things. The perspective changed. From the 'also ran' India went into the fast track. From placid waters to the crest of the wave into, stormy uncharted waters. No risk no gains. As a nation we took calculated risks. We showed confidence. Be it the sports field, or be it in polity, or the economy we learnt to look at things differently. From cautious trundling to rocket propelled. From being timid to boldness.
When we look at India, a country with a hoary past and myriad complications, the questions are complex, but the answers have to be simple and implementable. The decisions and the planning have to be bold and clear.
The Economic challenges are huge and there is a long way to go. Reinventing continues to be the key. The old order has to continue to change. Resources and capacity are limited, therefore best usage is paramount. We do have a mountain to climb, but the peak is visible.
In today's context the critical areas which are vexing are agriculture, power, banking and employment. The other major factor which is of paramount importance is the burgeoning population. This is double edged sword. It becomes effective only when the capabilities are enhanced and therefore skilling has to be the number one priority. A well skilled population increases all round efficiency and becomes an important resource. Today this aspect is being addressed seriously. It is a matter of pride to note that we as an industry have taken this task very seriously. From Training academies to mobile training vans, organizing and participating in both national and international skill competitions, we have been in the forefront.
The economy has benefitted substantially from a sharp decline in crude prices (down by 30% since November). This has eased pressure on the current account deficit and reduced inflationary risks. It is very likely that the GST may undergo further corrections as collections have not been robust .There is a possibility of readjustment in GST for under construction flats and houses .This should augur well for the industry .
The government is expected to go on a spending drive in the rural sector. A package for farmer relief is also on the anvil. This should positively impact rural consumption.
With elections round the corner, the next few months are going to be eventful and crucial. We look forward with hope .
Best wishes to all for 2019.
Indian Paint Association
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