'IMPROVEMENT NEEDED ACROSS SECTORS AS INDIA FACES MULTIPLE CHALLENGES' - REPORT

With the economic crisis being badly affected due to the pandemic, Larsen & Toubro Chairman AM Naik demanded immediate reforms as India is fighting challenges at multiple fronts. At the company’s annual general meet, Naik said it is time for the government and industry to act in unison for the national cause.

While addressing the shareholders, at its 75th AGM which was held virtually, Chairman Naik highlighted the need for creation of an ecosystem which drives growth. 

“Reforms are urgently needed in many sectors including land acquisition and labour. The financial system is also in urgent need of attention. In tandem, the administration would do well to streamline processes and accelerate the pace of decision making,” Naik said.

Further pointing over the strong anti-China sentiment in the country, Naik said that the anti-China sentiment in the country and around the world can possibly be a “game changer” for Indian industry. 

“I am addressing you all at a time when the government and the country are fighting challenges on multiple fronts. The government is battling a global pandemic while simultaneously trying to re-build and revive the economy. Further, India faces an unexpected challenge as the result of friction on our northern borders. As always, your company stands with the nation and its leadership in this hour of need,” Naik said.

As per Economic Times report, Naik has been demanding a level-playing field for Indian industry as compared with China for several years. “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,” he added.

Also referring to Prime Minister Narendra Modi’s campaign for ‘Atmanirbhar Bharat,’ or self reliant India; Chairman Naik asserted that L&T has been actively moving towards this goal for years. 

“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,” Naik finally stated.