How India is championing the global agrochemical industry
World Trade Organisation (WTO) data. WTO is an intergovernmental organisation that regulates and facilitates international trade. India has been a member of WTO since 1995.
The country’s exports, valued at $5.5 billion, have surpassed the USA, which stands at $5.4 billion. The growth in India’s agrochemical industry has resulted in a worthwhile trade surplus of Rs 28,908 crore in FY 2022-23.
India’s outlook remains strong to be a global manufacturing hub because of the growth levers, supported by the Indian government, across policy reforms, demand and innovation, prioritizing R&D, capacity building on several products manufactured under the Make in India Mission or Atmanirbhar Abhiyan initiatives.
The Indian agrochemical industry has established advanced world-class manufacturing facilities to cater to the domestic and global demands, thus ensuring further reduction in the import of agrochemicals in the long term.
The industry has acquired world-wide renowned for its production efficiencies, product efficacy, quality and competitive pricing.
Agrochemical products from India are widely exported to the developed countries with the USA and Brazil occupying more than 50% share of the $5.3 billion agrochemical basket based on figures available for 2022-23. Agrochemicals from India are now used in over 140 countries worldwide.
Indian companies are also exporting to the EU, given that the food supplies in the EU have been disrupted by the war in Ukraine and countries are importing food from India and other places to meet their pressing needs.
