Economy can take a cue from Primacy industries, says Murthy

Narayana Murthy inaugurates the rebuilt facility of Primacy Industries

Economy can take a cue from Primacy industries, says Murthy

Infosys Executive Chairman Dr N R Narayana Murthy has said that the reeling Indian economy can take a cue from the resurrection of Primacy Industries, one of the world's largest candle exporters, while inaugurating the rebuilt facility of the industries at Baikampady here, which was gutted on January 10, 2013. 

"The rebuilt story of Primacy, that too within a short span of time is something extraordinary. To bounce back, you need a power of optimism, of courage, of leadership and a concern for society. The same is applicable to Indian economy also which is in doldrums. Our current account deficit is running amok. We should emulate the example of Primacy and revive our economy to put back it into the track of nine per cent GDP growth in order to reduce poverty" Murthy urged.  

The corporate leader said that he had his tryst with Socialism, Communism and Capitalism and added that whatever the ideologies say, the reality is that poverty could be reduced only through generating employment. The government as well as the corporate world has a lesson to learn from the inspiring story of Primacy, he added. 

Primacy industries Chairman T Gautham Pai said that the Manipal group which owns the company has not received any compensation from the insurance companies till date. "We rebuilt the facility with the help of banks only," he said. 

The company which has 850 odd employees in its rolls is one of the largest exporters of fragrant pillars, jars and tin candles to US, UK, Ireland, Germany, Australia and to Gulf countries. 

According to the company, they have incurred a loss of Rs 50 crore due to the inferno. The industry with a production capacity of 600 containers has been rebuilt at an estimated cost of Rs 22 crore in an area of 6,000 square feet. 

Indian Overseas Bank Chairman and Managing Director M Narendra was the guest of honour. 

Primacy President V K Thalithaya and R K Saigal among others spoke. 

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