Agrochemicals exports may touch Rs 80,000 cr in 4 yrs: ACFI-EY report
exports could increase to over Rs 80,000 crore in the next four years provided the industry is facilitated with conducive environment, according to a report by AFCI and EY. A report by Industry body Agro Chem Federation of India (ACFI) and EY titled 'Indian Agrochemical Industry: The Story, the challenges and the aspirations' noted that the exports of agrochemicals stood at Rs 43,223 crore in the 2022-23 fiscal.
«India's Agrochemical exports outweigh the domestic consumption of the same. The Indian exports by agrochemical industry have witnessed commendable growth in recent times,» said the report which was released at the 7th AGM of ACFI held recently.
ACFI said that 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.
«The USP of India's agrochemical industry is their quality and affordable prices which makes their products the first choice of millions of farmers across 130 nations. If facilitated a conducive environment, the sector shows the potential of achieving exports of over Rs 80,000 crore in the next four years,» the report said.
The industry body also pitched for reducing GST from 18 per cent to 5 per cent.
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