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The aspirations of a growing India have not been impacted by economic roadblocks. In a participatory democracy, each and every person across the social pyramid can aspire for a better quality of life, and the nation is committed to make those aspirations a palpable reality.
As more than a billion people move ahead in unison, JSPL believes in the strength of their aspirations and focuses its efforts to help accelerate sustainable socio–economic growth. We are aware of the challenges ahead, but our conviction in the nation's long–term potential continues to be strong.
The global economic landscape during FY 2013 did not demonstrate any uniform pattern. According to the IMF, the world witnessed a three–speed economic recovery in FY 2013. While Europe languished under the burden of escalating debt and fiscal imbalances, the US economy continued to show signs of encouraging growth on all vital macroeconomic parameters.
The developing economies represent another side of the spectrum. They were resilient to global headwinds and continued to grow during the year, even though moderately. China is still ahead of the race, followed by India and other BRICS nations. India's economic growth rate is still more than most parts of the world, and it has been achieved in an environment of persistent global economic volatilities. This is a commendable effort, although there is no room for complacency and efforts must be initiated to accelerate momentum in the core sectors of the economy, which will pave the way for tertiary sector growth.
The steel sector has an important correlation with national prosperity. The demand for steel will continue to grow as economic growth touches the lives of millions of people across India. Our country's total capacity is now 90 million tonnes and the production of finished steel is about 78 million tonnes. Steel demand is expected to increase by 8–9% annually in the years to come. I believe, by 2020, India's cumulative steel demand will be in excess of 130 million tonnes.
The above factors justify our reasons for capacity expansion and the introduction of value–added products in our portfolio. Our proactive backward integration into coal and iron ore, and forward integration into value–added products like beams, rails, plates, rebars and wire rods, among others have propelled our business growth. The result is that from being a Rs. 450–plus crore enterprise in 2001, we have now emerged as a Rs. 20,000–crore Company.
At JSPL, we have ambitious plans for the future. We plan to enhance steel production to 15 MTPA (from 3 MTPA) and power generation capacity to 10,000 MW (from around 2,500 MW) by 2020. This would be backed by our own coal and iron ore mines nationally and internationally. We are vigorously implementing our 'Vision 2020' and foresee five times growth in terms of revenue and capacity. Operational efficiency will also continue to be high on the list of priorities. Moreover, we entered the retail market with TMT Rebars with the brand name Jindal Panther, envisioning huge opportunity in this segment.
JSPL's achievement is the triumph of our dedicated professionals, who remain our most valuable assets. We are initiating various programmes to enhance their skills and expertise. We have also created a culture of strong ethics and transparency in the organisation. This is a part of our heritage as an 0. P. Jindal Group Company.
At JSPL, business initiatives and community efforts move ahead in perfect harmony. We drive multiple community initiatives, focusing on education, agriculture, animal husbandry, water resource management, infrastructure development, on–farm and off–farm livelihood enhancement, health and family welfare, and women empowerment.
We are a young Company and we are partnering the dynamism of a young India, where more than half of the population is below the age of 30. At JSPL, we will continue to focus on efforts to leverage the tremendous potential of our country's youth brigade and help create adequate support infrastructure. Our green strategy will also play a key role in every aspect of value creation.
On behalf of the Board of Directors and the entire leadership team at JSPL, I want to thank our shareholders, customers, business associates and the wide fraternity of stakeholders for keeping faith in our ability to create value even in challenging times.