GAIL, since its inception has been guided by the objective to be a good corporate citizen with the essence of sustainability ingrained in our vision and mission statement. Our business philosophy stresses on the growth which is sustainable for the economy, the stakeholders, the community and the environment. GAIL has tried to align with the principle of triple bottom line by being a responsible and committed corporate citizen by meeting the energy demands while providing customer care and creating value for all stakeholders and ensuring our responsibility towards environment.
As recognition of the significant role GAIL plays in the country’s economic development and its potential to emerge as a global company, we were bestowed with the coveted status of Maharatna- meaning a colossal jewel. It is the youngest PSE to have been accorded the highest status for Indian Public Sector enterprise. As rightly said, “With great power comes great responsibility”, we believe onus lies on us to reciprocate by aiming for a leadership role and moving beyond the traditional realms of business. We believe that with growth there lies an opportunity of truly committing towards aligning our business relationships in fair, transparent and ethical manner and thereby enhancing our contribution towards all stakeholder groups. With this, we take a step forward as a responsible corporate citizen and showcase ourselves as a valuable jewel of the Indian Public sector.
We live in a dynamic world where change is the only constant. The Oil & gas industry is no exception. This year, the sector was profoundly impacted with the low oil prices. Struggling assets and projects in a tepid consumer demand situation, shifting consumption patterns along with a slow paced global growth coupled with other macroeconomic factors has brought uncertainty in the sector. The year also saw shift towards greener technologies at competitive prices which may prove disruptive for the survival of traditional fuels. These aspects have been accompanied with the growing global concerns on the environmental impact of development evident at COP 21 in Paris. These developments direct companies to re-look their future strategies.
The national priorities are seeing a gradual shift. Public sectors which have governments as principal stakeholders are naturally aligned to fulfill national sustainability targets and commitments. In this dynamic environment, we believe that while addressing the challenges, it is imperative to derive opportunities while creating a positive impact on society. Over the past few years, we have been investing a part of our profits towards addressing the social needs of the communities providing us with the social license to operate.
Resilience is the ability to rebound from, the untoward effects of adversity. Successful organizations adapt to a continually changing market dynamics. Thus, there arises a need to develop a nurturing environment for all its stakeholders to thrive in these complexities. Natural gas is one of the most benign fossil fuels available today, and GAIL as a Public Sector enterprise has a major role to play while playing a proactive role as an extended arm of the Government.
The key is to not only survive the changes whether economic, social or environmental, but to prosper during such upheavals. Our sixth edition of Sustainability report, FY 15-16, aptly titled as ‘Nurturing Resilient Ecosystem’ communicates our efforts to adapt while fostering a resilient ecosystem to prosper even in testing times.