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Founder's Message

Founder
MR M.R. JAISHANKAR
CMD
jaishankar-cmd

We are in the middle of the 2024 parliamentary elections. What the resilient Indian economy needs is a stable government with a vision to make India into a seven trillion dollar economy by 2030, and to give ‘a better quality of life’ to its large masses. By June, we will know who will be in the saddle to lead the country for the next five years.

The huge population of India, what seemed like a curse few decades back, is now being portrayed as a ‘demographic dividend’ with 60% of India’s population below 35 years of age. The growth in GDP and, in turn, increase in per capita income is surely helping millions of Indians to come out of poverty month after month, thereby increasing domestic demand for products and services. PM Modi’s push to increase manufacturing activity through PLI and other schemes is slowly but surely helping create lakhs of blue collar jobs, although Vietnam seems to have over taken India in benefitting from the China Plus One strategy of MNCs.

While the world is chugging along with all the strife in Eastern Europe and the Middle East, one never knows when and what will upset the delicate balance that is making many countries function as if ‘nothing is happening around them’, and everything is ‘bold and beautiful’! Terrorism in dierent forms is the greatest threat to development and existence in the world. Israel’s response to the Palestinian terrorist activities is too severe and tough for us Indians to understand, as we are used to the soft pedalling nature of our governments in the past. It is very important for the ongoing conflicts to end for peace and co-existence.

The Indian economy is generally firing on all cylinders, and I wish it continues to do so, thereby helping achieve the aspirations of millions of Indians. With a higher educated younger population from rural areas seeking new pastures, urbanisation is increasing, as witnessed earlier in China and many other countries. Most countries with high industrialisation have upwards of 65-70% of its population in urban centres, as compared to 35-38% of Indians in urban centres due to India's economy still being dependent on agriculture in a big way. With greater urbanisation, one can imagine the increase in demand for housing and necessities like clean air, food, water, entertainment and good infrastructure.

Happy to record the good performance of Brigade in the financial year closing March 2024. We made fresh sales exceeding 7.50 million square feet, earned lease rental income of upwards INR 900 crores, and all eight operating star hotels posting best results.

The momentum for growth will continue as long as the Indian economy continues to perform well. There is no doubt on this aspect. We are still a country with a low per capita income below USD 3000, and a low global ranking of 125 out of 200 countries. One needs to look towards China to know what happens to the country’s economy and prosperity of its people when the per capita increases to $5,000 or $7,000 or more.

The Global Business Forum 2024 of WTC Association New York, hosted by our World Trade Center Bengaluru in March was a resounding success with the participation of more than 200 international delegates.

Jt. Managing Director, Nirupa Shankar qualifying as an ‘Ironman’ at the Copenhagen event is a phenomenal achievement due to the sheer toughness and endurance required.

As part of our CSR initiatives, Brigade is happy to have undertaken the much required renovation of the well-known state government owned Venkatappa Art Gallery. It should reopen by the end of the year. The 108-bed hospital, a philanthropic initiative in association with St. John's Medical College Hospital is in its final stage of completion at Brigade Meadows, Bengaluru South.

In closing, we should all hope and pray that our country and our state get a good monsoon to bring smiles to both rural and urban population alike, including the parched throats of Bangaloreans.

JAI HIND.


—Jaishankar CMD, Brigade.

 

ARCHIVE INDEX
"A few thoughts…" is a column that our CMD Mr M.R. Jaishankar writes regularly for our house journal Brigade Insight. A few of his columns are reproduced here."
September 2008

There is no dearth of headline making news in the last few months—worsening US financial crisis; Nuclear agreement; Terrorist attacks; New BJP Govt. in Karnataka; High inflation; Volatility in crude price; natural calamities & impending Presidential Election in the United States.

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It is amazing & unbelievable to see century old institutions which are revered in the financial circles—Bears Sterns; Lehman Brothers; AIG; Merrill Lynch; Washington Mutual, Wachovia—drop like 9 pins. Who knows whether the worst is over or yet to come? Greed to make more and more money with casino like operations & throwing caution to the wind has resulted in this financial catastrophe of humungous proportions, affecting each of us in some degree or the other. The magnitude of the problem is difficult to comprehend.

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The uncertainty of life has increase with increased terrorist activities. This is extremely sad. Before it is too late, it is time for us as a nation, as corporates & as responsible family members to take all required security measures to avoid being victims of terrorist attacks. The whole meaning of safe neighbourhoods and safe cities has changed with the ease at which fundamentalists are able to operate. If the government desires to ensure the safety of its citizens and desires to maintain the secular nature of the country, then it needs to take tough measures without bothering about the political consequences of such decisions.

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Full kudos to our 'Sing is king' Prime Minister for finally taking bold steps to conclude the much delayed Nuclear deal to enable us to produce Nuclear Power to meet our energy needs, without which our industrialization & economic growth will be severely affected.

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High lending rates by financial institutions have curtailed the demand for residential units and other luxury items. This can lead to a negative chain reaction by reduced demand for services and core sector products like steel, cement etc. This is also likely to bring down the country's GDP growth from a very healthy 8%+ to a modest 5-6% growth. For the economy to bounce back, it will take quite sometime. Even then, it would be wise for genuine buyers to take their decision to buy properties (but on floating interest rates, if one desires to borrow). Otherwise, year on year inflation of 8-12% p.a. will only jack up the prices of real estate in the medium to long term.

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A silver lining for non-residential buyers, in an otherwise gloomy scenario is that the rupee has depreciated by 20%+ making it attractive to buy properties and to make investments in India. Better to strike gold when the opportunity exists.

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With single party rule (BJP) in Karnataka, expectations for improved infrastructures & governance were running high. But ground realities seem to be different. Action on many long pending people is yet to be taken. Citizens are still hopeful of positive steps by the government.

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Impending Presidential election in the United States in November '08, and parliamentary elections in India (March '09), will be interesting to discuss and watch. They will certainly keep the media busy.

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Let me hope the festival season of Dussera & Diwali will bring some sparkle to our lives.



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