I am pleased to be once again share my thoughts on the world of agricultureagrochemicals and the steady performance of your company in the year gone by. Theunevenness of global economic recovery continued in a year marked by the possiblebottoming out of commodity prices. The agriculture sector too witnessed stress. So did theglobal demand for agrochemicals.
The global recovery has remained moderate and unevenly distributed. While the developedblock drove the global GDP growth in 2015 the slowdown in the Emerging Markets andparticularly in the sizeable economies of China Brazil Russia has contained the globalgrowth. India continues to defy the trends in emerging as the fastest growing majoreconomy thanks to a set of favourable macro-economic factors like private consumptioncontained inflation and relatively stable interest rates and currency. The countrysgrowth engine is also propelled by its intrinsic strengths like demography the spirit ofentrepreneurship the robustness of its financial framework and the vast pool ofintelligence and talent. Clocking a GDP growth of 7.6% in 2015-16 India is set to ride agood monsoon a strengthening rural economy cascading in their respective core spends oninfrastructure development increased consumer spends aptly aided by the implementation ofthe 7th pay commission and OROP recommendations. be sustained if its true economicpotential is to be realized in the current decade. You will be happy to know that yourcompanys sustained focus on strengthening business diversity farmer connectResearch & Development capabilities and operational proficiency curve businessperformance. The test of resilience amid difficult times is always reassuring. We furtherfortified our our research capabilities state-of-the-art Research & Development centerat Udaipur have during the year.
Our manufacturing capabilities e possibilities. significantly increased with two newunits commissioned at our Jambusar campus. With the country making sustained strides onthe path of food economic development the demand for nutritional products such as fruitsvegetables and dairy items will continue to be on the rise. This new dimension willstretch the ambit of food security beyond basic staples. The growing demand foraffordablenutritionwill put additional pressure . productivity on farm
Our agrochemicals industry is expected to play a pivotal role in driving food securityfor India which is on its way to replace China as the worlds most populous country.With dwindling land under lower portion of that under irrigation the need to increasefarm productivity with efficient protection is pressing. Estimates loses more than 30% ofits farm produce to pests and weeds which warrants containment through the adequate usageof plant protection chemicals. Educating our farmers on modern agronomic practices andempowering them with effective and affordable crop protection andnutritionsolutionsis theneed of the hour. Also the focus must be on increasing availability of high qualityproducts and restrict the production spurious chemicals. There is also a growing need toincrease investment in R&D to develop products that will enhance the farmsproductivity.
Globally leading players in the agrochemicals industry are aiming to consolidatepositions domains which is likely to create mega behemoths in the industry. This augurswell for your Company thanks to the values built on the strong foundation of trust and IPprotection proven track record of partnership Countrys reform momentum needs to andits timely investments in raising chemical research and manufacturing capabilities. At PIIndustries a 1900 strong talent pool remains driven by passion to ignite newer chemicalpossibilities towards remunerative agriculture happier farmers and a better world. Icongratulate this wonderful talent pool for their spirited performance and thank otherstakeholders customers shareholders partners governments and regulators and thecommunity at large for their unstinted support and patronage to the unfolding PIpotential.
With best regards