Operating in a competitive era, we constantly review and strengthen internal factors along with assessing the external business scenario to ensure sustainability. We will continue to consolidate existing product areas and identify potential growth areas. We will also keep investing in new markets and new products.
India is witnessing a massive digitalization initiative. The Government’s initiatives of 100 smart cities and covering of all villages in India with Internet connectivity are driving demand for optical fiber cable. Further, the Government has come up with a National Digital Communications Policy focused on providing high-speed broadband that, on implementation, will further drive demand for high-value cables.
We have long been a leader in wiring and cabling solutions for the telecom sector. Our optical fiber telecom cables have a solid reputation for high quality and lasting performance.
Real estate, having been in a slumber following the implementation of RERA and GST, is steadily rebounding, especially in the affordable housing segment, which has been incentivized with tax benefits, subsidies, and lowering of GST. This segment is also getting the push to fulfill the Government’s vision of Housing for All. With an estimated housing shortage of 63-65 Million units in the rural areas and 44-48 Million units in urban areas, the affordable housing segment is likely to witness strong growth; that in turn will boost demand for building wires.
A unique product offering, being the only Indian brand with non-toxic, lead-free PVC technology, along with a robust dealer network gives Paramount a sharp competitive edge in the housing wires market.
With the Government targeting to make India a US$ 5 Trillion economy by FY 2024-25, significant investments will be required in the infrastructure segment to support the economic growth momentum. Though the opportunity will be huge, projects are likely to get larger and more complex, and will come with stringent quality, cost, and delivery specification. Companies with engineering, procurement, construction (EPC) capabilities will thrive in this market.
We have experience in executing EPC projects for telecom, power, and railways segments. We are focused on scaling our capabilities and operational efficiency to enhance our competitiveness.
India has set an unprecedented record in installing new power capacities to meet the Government’s objective of power for all. As the Indian economy grows, the demand for power will continue to surge. This will require an increase in capacities along with the creation of transmission and other infrastructure. To control pollution, the focus will be on building more renewable energy facilities. The Government has set an ambitious target of installing 100 GW of solar power capacity by 2022, up from 29.55 GW as on 30th June, 2019. Thus, mega opportunities are likely in the solar power segment.
We have leveraged our inherent advantage in the power cabling segment to build a strong portfolio of solar cables. We intend to ramp up production of these cables to cater to the growing demand.