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Wednesday / February 28. 2024
HomeInputsAgro chems – ChemicalsIndia’s agrochemical exports hit a record high of Rs 43,223 Cr in FY 2022-23

India’s agrochemical exports hit a record high of Rs 43,223 Cr in FY 2022-23

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Export has grown at an impressive CAGR of 13 per cent, which is among the highest in the manufacturing sector.

As per the data issued by the Ministry of Commerce (MOC), India’s export of agrochemicals has doubled over the last six years, rising from $ 2.6 billion in 2017–18 to $5.4 billion in FY 2022-23. The export of agrochemicals from India hit a record high of Rs 43,223 crore in the fiscal year 2022–2023, up from Rs 36,521 crore in the previous year. Export has grown at an impressive CAGR of 13 per cent, which is among the highest in the manufacturing sector. As per reported by ICN, excluding the EU, India currently ranks as the third-largest exporter of agrochemicals in the world, after only China and the United States.

India’s agrochemical exports are substantially larger than its domestic market. The agrochemicals market is worth around $74 billion globally. Of this, post-patent chemicals make up about 80 per cent. India is fast becoming a top worldwide location for post-patent agricultural chemicals.

According to CCFI (Crop Care Federation of India), Indian agrochemicals industry requires to be recognized as export intensive industry and all the new investments and projects need to be put on a fast track. The agrochemicals export can easily cross $10 bn in the next 3-4 years. Backward integration, capacity expansion, and new registrations considerably foster the growth. CCFI has made representation to the Finance Ministry seeking the inclusion of agrochemicals under the Production Linked Incentive (PLI) scheme.

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