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Agrochemicals sector seeks govt support for higher growth, exports
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SME Times News Bureau | 27 Mar, 2021
Noting that investments in the Indian agrochemicals
sector are increasing despite Covid-19, the Pesticides Manufacturers
& Formulators Association of India (PMFAI) has urged the Centre to
extend policy support to enable a two-fold growth of the Indian
agrochemical market double, with a major focus on exports.
Addressing
the 52nd Annual General Meeting of PMFAI, Pradip Dave, President,
PMFAI, said that the Indian agrochemical sector has a market size
reaching more than Rs 43,000 crores, out of which Rs 23,000 crore worth
pesticides are exported to the global markets.
Presently, India is the fourth largest producer of agrochemicals in the world after the US, Japan and China.
Dave
observed that while investments in the agrochemicals sector for
developing new molecules are declining worldwide, it has grown here as
Indian companies have increased their expenditures in research and
innovation.
"If the government extends policy and procedural
support, the industry can grow to reach the market size of Rs 75,000
crore within 4-5 years with major increase in exports," he said.
During the AGM, Dave was unanimously re-elected as President of PMFAI while Deepak Shah was elected Vice President.
The
members noted that dependency on imports for technical grade
pesticides, among other factors impede the process of 'Aatmanirbhar'
Indian agrochemical industry.
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