It gives me immense pleasure to present to you our 33rd Annual Report for the year2017-18.
We suffered a loss with the passing away of our Director Mr. Hanuwant Singh in Junethis year. He was a source of strength to the Board and will be missed greatly. He hadjoined our Board in 2004 and was also the Chairman of the Nomination Committee.
On July 1 2017 GST was implemented across the nation. Needless to say there weresome initial hic-ups. However it is a great step towards strengthening the country andthis is reflective in the growth indexes of the nation. Post this implementation GDPgained momentum and reached 7.2% in the last quarter of 2017-18.
The Auto sector has performed exceedingly well. The Passenger vehicle market grew by 8%and is now touching approximately 3.3 million units. The Commercial vehicle segments alsogrew by 20% a reflection of industrial growth. In line with the growth in the Autosegment we at Subros also grew by 25% over last year and are now preparing ourselves inline with the robust plans of the OEMs. We are in the midst of setting up a new Plant inGujarat. It is expected to start production by April 2019.We are investing heavily in newtechnology and localisation.
The Government has announced its e-mobility road map 2030 explicitly defining itselectrification strategy and we are now preparing ourselves in that direction. Technologywill be a key driver for future growth and we are working at strengthening ourselvesinternally as well as working with our technology partners to ensure that we are ahead ofthe game.
Skill development is also an area that we are focusing on. It is our conviction thatpeople will be key drivers for sustained growth and quality in line with global standards.The aim is to be trained and equipped with the growth of the sector and the dramatic shiftin technology.
To conclude I believe that the future is going to be bright and challenging. We willcontinue to strive to maintain a leadership in our operating domain while focusing oninnovation skill development and the environment.
I express my gratitude to all our customers our partners and stakeholders for thecontinued trust and confidence in us.