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`Make in India` initiative to help agrochemicals export cross Rs 80,000 cr in 4 years
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Exports by the Indian agrochemical industry have witnessed commendable growth in recent times and are likely to cross Rs 80,000 crore in the next four years, according to a new report.
The ‘Make in India’ initiative provides a timely framework to transform challenges into opportunities, enabling India to become a global manufacturing and export hub for agrochemicals.
The USP of India's agrochemical industry is quality and affordable prices which makes the products first choice of millions of farmers across 130 countries.
According to a report by industry body Agro Chem Federation of India (ACFI) and EY, if facilitated a conducive environment, the sector shows the potential of achieving exports of over Rs 80,000 crore in the next four years.
India's agrochemical exports outweigh the domestic consumption of the same.
According to the ACFI, the government must focus on facilitating a conducive environment which includes streamlining licencing norms and improving infrastructure for storage and sale, incentivise biopesticide production, streamline registration process for new molecules, enter trade agreements with countries with more relaxed MRL norms, introduce PLI-like scheme to attract investment from global players.
India's agrochemical industry plays a pivotal role in its agricultural success, supporting increased crop yields and safeguarding food security.
According to ACFI Director General Kalyan Goswami, as the fourth-largest producer of agrochemicals globally, India faces a paradox.
While it holds significant production capacity, it still imports significant amount of agrochemicals, primarily from China.
Parikshit Mundhra, Chairman of ACFI, said that we must transform challenges such as reliance on generic molecules, low agrochemical usage, a complex registration process for new molecules, and heavy dependence on imports into opportunities through the ‘Make in India’ initiatives.
Union Minister for Chemicals and Fertilisers, JP Nadda, recently assured industry representatives that the government will come up with policy interventions required to strengthen the chemicals sector.
Nadda said that the government has initiated numerous structural reforms to support industrial development in general, and to strengthen the chemicals sector in particular.
