Dear Shareholders,
I am pleased to present the 66th Annual Report for Bayer
CropScience Limited for the financial year 2023-24. Reflecting on India's
agricultural landscape during this period, we acknowledge the triumphs and tribulations
that have shaped our journey.
Despite evolving global dynamics and local challenges, the agricultural
sector remains the backbone of our nation's economy, showcasing resilience and
adaptability in adversity.
Recognising the key challenges facing Indian agriculture is crucial.
Geopolitical tensions and trade disruptions threaten market stability, requiring proactive
engagement.
Inflationary pressures and volatile input costs strain farming
viability, necessitating targeted policies for affordability. Labour shortages,
exacerbatedbyurbanmigration,demand investment in mechanisation and skill development.
Climate change-induced uncertainties, including erratic weather patterns and water
scarcity, urge adoption of climate-resilient practices and efficient water management.
Ensuring food security for a growing population mandates a holistic
approach integrating technology and equitable distribution mechanisms.
Collaborative efforts among government, industry, and civil society are
essential to address these challenges. Embracing digital technologies, investing in
research for climate-resilient crops, facilitating access to credit, and fostering
inclusive value chains are pivotal. By innovatively addressing these challenges, we can
chart a sustainable path forward for Indian agriculture, ensuring its resilience and
prosperity.
As a leading player in Indian agriculture, we are navigating through
our own transformation, reforming, sharpening, and strengthening our portfolio of
solutions and focusing on bringing about positive change at scale. While there is no
silver bullet, a collaborative ecosystem of all stakeholders can help solve and accelerate
the changes that are required.
Our diverse portfolio of offerings spanning the agri value chain, from
seeds to crop protection to farm services, has been instrumental in driving value and
catering to the needs of millions of farmers across
India. This year marked a significant milestone for DEKALB?.
The brand has been a secret of prosperity for corn farmers across India for 25 years now.
DEKALB? has helped corn farmers deliver high-quality produce under different
climatic conditions. For this, we are grateful to Indian corn farmers for trusting the
brand and being a partner in this journey of success to reach this milestone.
Furthermore, as a responsible organisation, Bayer recognises the
critical role it must play in not only addressing complex problems like climate change but
also in improving the world, environmentally, socially and economically. We have taken
various initiatives under our commitments to achieve the UN Sustainable Development Goals
(SDG) and climate neutrality in our operations by 2030.
In 2023-24, we displayed immense fortitude and resilience despite
extreme weather events and challenging market conditions. As we look to 2024 and beyond,
we are optimistic. I sincerely thank our Shareholders, Banks & Financial Institutions,
Distributors and Farmers for partnering with us. I would also like to thank our employees
for their remarkable resilience and ownership in ensuring business continuity. We count on
your continued support, trust, and partnership.
| Best wishes, |
| Pankaj Ramanbhai Patel |
| Chairman and Non-Executive |
| Independent Director |