Message of Continued Support to Global Compact
Little did we imagine that the Coronavirus (Covid-19) outbreak that started in Wuhan, China in December 2019 would turn into a global pandemic, disrupting the economy and taking away the lives of thousands of people around the world. The World Health Organization (WHO) declared the outbreak to be a Public Health Emergency of International Concern on 30th January 2020 and recognized it as a pandemic on 11th March 2020. Dealing with Covid-19 has become a tough test for all us. The pandemic is not only testing our medical care capacity, strength of our governance, endurance of our society and the capacity of our economy but also individual will and perseverance. The pandemic will pose many more challenges in the months to come. Covid-19 will also force everyone to confront profound questions of human existence. Questions of wrong and right are expected to bother us too. What is right and what is wrong? What can individuals expect from society and what can society expect from them? What can employees expect from their organisations and what can the organisation expect from them? Is it right to set an economic limit to fight this war? There will be a great sense of unease everywhere for a greater period of time.
Markets worldwide have crashed and helicopter money from the central banks is being poured into the system to negate the terrible economic forecasts associated with this pandemic. It is highly likely that the world will slip into a recession. We are staring at a situation, where both demand and supply will shrink. Businesses, cutting across sectors, will shrink. Consumers will curb all discretionary spending. This will set off another chain of problems. For our country, the single largest worry could be job losses and its socio-economic impact. The lockdown period has impacted us hugely and our understanding of its economic and social impact is limited by only initial data. We can state with reasonable confidence that we will have a ‘disrupted’ economy for the next six months to one year or may be even more. The slowdown is going to be across sectors and the visible impact will be strong on the financials. We have to be prepared for difficult times ahead and have to work very hard towards reconstruction of the economy.
As a Company we are resilient and are putting in that extra effort and going that extra mile to ensure safety of our employees and business continuity, our top two priorities at this juncture. Our Company has contributed Rs 1,28,25,899.00 to the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to help fight the COVID-19 pandemic in the country. Balmer Lawrie allocated Rs 1 crore from its Corporate Social Responsibility (CSR) Fund and the rest of the amount was voluntary contribution of one day’s salary by the employees of the Company.
Our Communication of Progress (COP) report for the year 2019-20 captures our endeavours and accomplishments in furthering our sustainability objectives. We furthered the various initiatives in line with the Swachh Bharat Abhiyan and Skill India Mission. The Swachh Bharat activities were particularly focused on banning single use plastic. As a member company of the Ministry of Petroleum and Natural Gas (MOPNG), Govt. of India, we contributed Rs 300 Lakh for the Skill Development Institutes (SDIs) at Ahmedabad, Rae Bareilly, Guwahati, Visakhapatnam, Kochi and Bhubaneswar. We will continue to focus on our triple bottomline, while we proactively work towards restoration of the economy and thereby ensure sustenance and growth of our businesses and the organisation.
Chairman & Managing Director