I am pleased to present to you the Company's 201617 annual report at the end of aneventful but exciting year. Both domestic and global economies showed remarkableresilience in the midst of a challenging environment. While the global economy witnessed arevival despite the US election and Brexit
surprises the Indian economy continued to be the fastest growing large economynotwithstanding the shock of demonetization and certain policy moves.
The projections for the world and the Indian economy give us a reason to be optimisticabout our future growth prospects. Driven by predictions of a good monsoon and favourableindustry initiatives launched by the Indian government the opportunity landscape for yourCompany remained growing and positive during the year under review and continues to bepositive going forward. India is finally on the cusp of implementing a much-awaited GSTtax regime subsuming multiple taxes leading to an equitable economic growth. We aregeared up for the implementation of the new GST regime with adequate training acrossvarious facilities.
Led by its inherent resilience and strengths your Company reported marginal growth atthe back of a slew of strategic initiatives which led to a further deepening of ourmarket penetration and enhanced customer engagement during the year. The dip in theAutomotive sector did not affect our growth trajectory as good growth in the othersegments of the Aftermarket Farm equipment Auxiliary Power and International businessestook up the slack.
What steered this positivity during FY17 and promises to continue to propel growth inthe coming years is our strategic direction which is defined by the changes in themacroeconomic environment. Led by a strong visionary focus and backed by a future-centricapproach we have consistently and continuously aligned our growth plans to thetransforming industry dynamics and the ever evolving needs of our customers. And I amhappy to state that this strategy continues to yield rich dividends to your Companyenabling us to deliver better value to our stakeholders year on year.
our focus on moving strategically forward in sync with the macroeconomic environmenthas empowered us with the ability to make the most of the emerging global and domesticopportunities. We continue to effectively harness our manufacturing prowess to leveragethe potential unleashed by the Government of India's 'Make in India' programme investingregularly in our state-of-the- art facilities to enhance our manufacturing capabilities.
Equipped with world-class facilities we are also gearing up to exploit the newopportunities burgeoning across the sectors of our presence. In this direction we haveinitiated steps to establish Greaves as a leading fuel agnostic powertrain solutions &services company. In the Automotive sector for instance the increasing shift towardselectric vehicles offers a large opportunity landscape & we are scaling up ourinnovation and production strengths to take on the new opportunity in this arena. We arestrengthening our position in providing solutions to deliver clean energy solutions forall types of vehicles having already managed a smooth transition from BSIII to BSIV andnow ready to move to the next level of BSVI.
Similar capability-building is also being undertaken in the Company across othersegments of business in both the domestic and exports markets as well as our aftermarketsegment. We see a vast untapped potential in the aftermarket space which we are all setto leverage with our newly launched multi-brand spares business which has startedcatering to demand across categories including engines electrical rubber partslubricant and body parts through our extensive retail network. As a pioneering initiativefor the threewheeler vehicle industry this move will I am confident help us deliverenhanced value to our customers while bridging the wide existing gap in the field. Ourstrong distribution and service network will facilitate our proposition in this businesswhich I see entrenching us further into the Rs 3500 crore Indian spare parts market.
As we move forward customer-centricity will continue to remain a strong propeller ofour growth giving us a clear edge in a tough market environment and enabling us toweather the external challenges effectively and efficiently. Technological advancementsdriven by a strong R&D function is another focus area with which we shall continue todrive product innovation and diversification to engineer growth for the Company andhappiness for all our stakeholders.
our sustained focus on product and market diversification will continue to be a keyenabler of our ability to tap more opportunities for growth within and outside Indiawhile strengthening our distribution channels to reach out better to customers indifferent locations across industries.
Let me on this note thank all our customers as well as members of the Greaves familyfor their support and faith in the Company. I would also like to take this opportunity tothank all shareholders bankers lenders financial institutions vendors & businesspartners for their continued cooperation which has made it possible for us to sustainbusiness growth year after year.