Indian Economy News

Indian agro-chemical industry tends to grow over 9%, says NITI Aayog

  • IBEF
  • September 11, 2023

According to Mr. Ramesh Chand, a Niti Aayog Member, India's agrochemical industry has the potential to expand above the current 9%. He further noted that Indian business needs to pay attention to the fact that many Western nations are switching from agrochemicals to biopesticides. In order to conduct business with agrochemicals in an easier way, he pushed the Argo Chem Federation of India (ACFI) to publish a document.

The NITI Aayog member, while addressing a panel discussion on the sixth annual general meeting of the ACFI in the national capital, stated that there has been a miraculous growth of 9% in the agrochemical industry, and much of this growth was attained during the COVID-19 pandemic years when the production activities were disrupted.

Mr. Ramesh Chand further stated that the domestic agrochemical business had demonstrated outstanding growth between 2017-18 and 2022-23, despite economic and production challenges. He also mentioned that many data sources indicate that India's exports have overtaken those of China and even crossed the US$ 5 billion mark.

He continued by saying that the competition from China is not as fierce as it once was if India can grow at a rate of 9% even in the absence of a favourable China factor.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.