Chairman’s
Message
Dear Shareholders,
Almost seven years after the world economy emerged from the most severe and impactful post-war recession, a return to healthy and stable global economy still remains elusive. The downside risks to the global growth remains at all-time high. During FY16, the global economy had an uneven growth with a few developed
economies demonstrating resilience while the Euro Area and Japan has been tentative.
Cyrus P. Mistry