The Global economy is now growing faster than previous years however due to rising oilprice trade war etc. has exposed India's macroeconomic to vulnerabilities fragile publicfinances and widening current account deficit has put further strain on the India economy.Having said that India's GDP growth was 6.7% for FY 17-18 and unlike 1991 our currentforeign exchange reverse is much higher which makes India a less volatile economy. Thanksto series of policy initiatives India remain a favorite investment destination.
We have had a positive year at MIRC Electronics where we achieved a clear turnaroundin business. The markets have responded well with a healthy growth in our share price inthe last 12 months. This is the right time for us to build strongly on our base withinvesting in the brand Onida.
The implementation of GST in India one of the largest change events of last yeartranslates to replacement of 1 7 indirect Tax Levies across India thereby reducingcompliance costs reducing raw material costs faster inter-state movements and improvedlogistics. By doing away with state specific restrictions ease of doing business thereis an increased demand expected from less developed states and the e-commerce sector isalso expected to gain.
In line with Prime Minister Shri. Narendra Modi's 'Make-ln-lndia' policy Onida has thesame vision of making India proud with Made in India labels. Our own plant assemblesmodules which are critical parts of our LED TV's. On one hand while this generates moreemployment at the other end this also means a whole lot of improvement in theinfrastructure of our Wada facility. Local manufacturing means doing away with customcost thereby bring in cost reduction. With the introduction of GST the cost differentialhas been done away with.
Onida has always meant superior technology great quality and affordable prices for ourconsumers. Our teams are geared up to deliver at least one innovation on every productbefore Diwali this year to continue our focus on building better differentiated productsversus competition and enhancing the customer experience. We have tied up with Google forour SMART TV's and are working towards becoming their most preferred partner in India forthis category. These SMART TV's will run on a Google certified Android operating systemenhancing the viewing experience. They will also allow users to have full access to theGoogle Play Store and a suite of other services as added value. And they will have avoice remote leveraging on Google talk which will use voice command for easy operations.With a young demographic segment emerging as one of the largest consumer segments inIndia a range of new customer needs are set to emerge. With this perspective we plan touse Artificial Intelligence or Al integrated into our manufacturing of SMART TV's.
On the communication front we are back with the much loved Onida Devil. Recentlyre-launched during this summer our campaign has generated a lot of buzz in the market. Inthe category currently there's a lot of attention on the peripheral areas and ourcommunication has steered away from all this clutter to bring back to focus on the keytask of an Air Conditioner which is cooling. This was brought alive with the Devil as theproduct's advocate an intuitive fit between the voice of the brand and the productexisting in his world. The Onida Devil has been resurrected in a new avatar as a die-hardfan of Onida Inverter Air Conditioners. The Onida Devil is one of the most memorable iconsin the world of Indian Advertising.
This year has been fantastic for Onida Washing Machines where we witnessed asignificant growth in comparison to the industry witnessing marginal growth of 5%. Allthis has been possible by launching innovative technologically advanced products in allcategories of Washing Machines (Semi-Automatic Fully-Automatic and Front Load) atcompetitive price to the consumer.
As we march ahead we plan to make failure proof products adding to customer delightin every step.
Finally I would like to take this opportunity to thank each one of you for yourcontinued support. Your faith and trust in us and tireless efforts of our employees willsurely succeed in making this company achieving new heights in coming years.
Gulu. L. Mirchandani