We are passing through the most disruptive and uncertain times in modern human history.The world is enveloped by Covid-19 and no country is free from this pandemic and theresultant economic crisis has aggravated the global community's hardship. However I haveno doubt India and the world economy will emerge stronger and bounce back quickly and Ialso strongly believe that every adversity presents multiple new opportunities. The workculture has changed dramatically across all industries. The tyre industry is also ridingthis wave of change. It has been two months since the Government lifted the lockdown andwe are still finding our way to establishing economic levels of production. We have had todeal with Covid-19 cases in our manufacturing plants from time to time and this hasaffected our production momentum.
Fortunately the demand for tyres particularly from the Farm and Commercial Sector hasnot been affected much and we are able to cater to these market segments. The Government'sinitiative prohibiting the import of tyres is a welcome relief as it will definitelyalleviate our problem to a great extent. The forecast of a normal monsoon and its timelyonset has boosted the expectations of a bumper crop output and this augurs well for therural economy. This can strengthen rural income and demand which will see a spurt indemand for two-wheelers and tractors. Thus a recovery in the rural economy will be arelief to the Indian tyre industry.
Currently the automobile industry is also passing through tough times as the demandfor four wheelers and two wheelers is at an unprecedented low. The industry has moved toBS VI vehicles which are slowly getting absorbed in the market. We are expecting to see afair growth in demand for vehicles and I am sure that the automobile industry will comeout of this slump with reasonable growth in the near future.
MRF has registered a total income of Rs.16322 Crores for the year ended 31stMarch 2020. This year marks the 33rd year since your Company has become themarket leader in India. MRF is focused on strengthening its position through this periodof uncertainty with uncompromising emphasis on quality as it has been one of the majorfactors helping us take a leadership position in the industry in almost all the segmentsof the market. We will continue to pursue this path so that MRF Tyres always remains everycustomer's first choice. I would like to thank the shareholders investors Central andState Governments lenders suppliers and customers for their consistent and resolutesupport. I thank all my colleagues on the Board for guiding the company during thiscrucial phase with their insights support and encouragement.
Please keep safe and stay healthy.
Chairman & Managing Director