The year gone by presented an intriguing contrast in terms of economic growth. At 3.8%the world economy recorded its strongest growth in the last five years whereas at 6.7%the Indian economy posted its weakest. The increasing formalization of the Indian economyand key policy initiatives being pursued by the Government are bound to change this growthaberration to bring it to much higher levels. This would be possible even when faced withchanging commodity prices increasing global protectionist stances geo-politicalrealignments the bad debt crisis in domestic banking and the imminent election in 2019.
The third Advance Estimate for foodgrain production pegs the throughput to reach 279.5million tons making the crop year 2017-18(July- June) the second year in a row of recordfoodgrain production. The expected normal monsoon in 2018-19 on the back of a near normalmonsoon of the previous year should help sustain the good run of our agriculture sector. Amore even distribution of rainfall across the country can bring about a substantialpositive impact.
The Indian Government's resolve and its initiatives to double Indian farmers' income by2022 necessitate adoption of modern agronomic practices crop diversification better andmore advanced nutrients and crop-protection inputs appropriate farm mechanizationdeployment of mobile digital data gathering information and analytical technologies.
Further with governments striving to improve the health of their populace theagriculture and food industry will have to keep pace and provide not just enough butincreasingly appropriate nourishment. Indian farmers can diversify their cultivation mix grains vegetables fruits understand impact of their efforts through betterinformation analytics obtain better access to markets etc. propelling existing players toexplore and deliver to these new and vast requirements.
Creating acquiring and assimilating
Intellectual Property is PI's strategy for responsible sustained and profitablegrowth. The strides made by our team led by innovation in our manufacturing the deepunderstanding of customer needs by our marketing and sales teams and our leadership thatis willing to explore new possibilities will clearly keep us at the forefront. We focusedon win-win collaborations of global scale scripted many a success in our domesticformulation business and pioneered new possibilities in our global CSM domain.
At PI Industries to deliver accelerated growth our focus has been to leverage anddeploy the capabilities we have invested in through alliances to a global audience. Ourjoint venture with Kumiai to manufacture and distribute Bi-spyribac Sodium in India andpossibly beyond at a later stage is an example.
It begins with an immediate benefit to one of PI's flagship products Nominee Gold. Wecontinued to collaborate with global innovators to offer a broader portfolio with theinclusion of their innovative products to Indian farmers.
The huge focus on arresting ecological degradation by reduction of carbon emissionsbetter water management arresting growth of damaging plastics and synthetics are allfactors that demand huge corporate responsibility besides providing ethically mindedcorporates like PI a huge opportunity .
With core values of trust adaptability speed and innovation deeply rooted in our DNAI am confident that your company would continue to grow from strength to strength andbeyond its niche position in the global agri & chemistry space.
I would like to conclude with a special vote of thanks to our Board members who havebeen guiding the leadership team to achieve the best innovative solutions and promote ahealthy growth for all our stakeholders. On behalf of the entire Board of directors Iexpress my deep gratitude to all our stakeholders for their continued trust and support.
With warm regards
Narayan K. Seshadri