Rajeev Jhawar Commentate “Economy will Start Yielding Results Post-Monsoon”,

• Rajeev Jhawar, the son of Brij Jhawar, is the managing director of Usha Martin Limited since May 19, 2018. Established in the year 1960, Usha Martin is a multi-unit and multi-product organization in the wire rope business. Usha Martin is one of the world’s leading manufacturers of wire rope. Their wire rope manufacturing facilities are located in Ranchi, Hoshiarpur, Dubai, Bangkok and UK. Usha Martin produces one of the widest ranges of wire ropes in the world. According to Rajeev Jhawar, the various measures announced by the Central government to boost the economy are likely to start yielding results post-monsoon of 2020.

Rajeev Jhawar Usha Martin

• Wire rope manufacturer Usha Martin Ltd (UML) expects that the domestic demand for their products, particularly in the construction and auto sectors will start picking up after the monsoon season. “The various measures announced by the Central government to boost the economy are likely to start yielding results post-monsoon”, Rajeev Jhawar, Managing Director of Usha Martin Limited said.

• The economy was badly struck by the pandemic and the subsequent lockdown. But the stimulus package by the government and the lifting of restrictions post lockdown showed signs of fresh growth. There should be a pick-up in demand during the festival season post-September-October, by which time they hope that the Covid situation would also be brought slightly under control. “While the demand for wire rope has been “fairly decent” in international markets, the domestic demand across various sectors has been very low due to the lockdown in the wake of the Covid-19 pandemic”, Rajeev Jhawar added.

• UML’s wire rope business manufactures wire, strands, LRPC and wire ropes, which cater to various industries, including steel, infrastructure, construction and auto.  The demand for wire rope was reduced by the reverse migration of labourers particularly in the western and northern regions of the country which had affected industries such as construction. The demand from the construction, auto and oil sectors is down, says Rajeev Jhawar Usha Martin. Their plant has therefore reduced its manufacturing quantity and is currently operating at 50-55 per cent of the installed capacity. The export demand is, however, good and the rupee depreciation is supporting Usha Martin Limited.

• Once the Covid situation is brought under control and the domestic demand picks up, the company hopes that they can ramp up the capacities of the plant, which they expect to happen by the second half of this fiscal year. Usha Martin Limited has a manufacturing capacity of around 2,30,000 tonnes per annum across its two facilities in India — at Ranchi and Hoshiarpur and three overseas units in the UK, Thailand and Dubai. “The demand for wire rope has been ‘fairly decent’, if not strong, from markets such as Europe, the US, South America, Australia and South-East Asia”, Rajeev Jhawar said quoting the export business of the company.