Boosting India's Agrochemical Exports: A Path to Economic Growth

India's agrochemical exports are projected to exceed Rs 80,000 crore over the next four years, if the industry receives suitable support, according to a report by ACFI and EY. The industry's export potential could be maximized through favorable government policies, infrastructure improvements, and investment incentives.

According to a recent report by the Agro Chem Federation of India (ACFI) and EY, India's agrochemical exports could surge to over Rs 80,000 crore in the next four years, provided the industry is given a supportive environment.

The report, titled 'Indian Agrochemical Industry: The Story, the challenges and the aspirations,' highlighted that the exports stood at Rs 43,223 crore for the 2022-23 fiscal year. During the 7th AGM of ACFI, it was noted that the country's agrochemical exports have significantly outpaced domestic consumption, showing commendable growth.

For realizing this potential, the ACFI emphasized the need for streamlined licensing norms, improved storage and sales infrastructure, biopesticide production incentives, and a simplified registration process for new molecules. In addition, trade agreements with countries having relaxed MRL norms and a PLI-like scheme could attract global investments.

(With inputs from agencies.)