Regular Update
ATM News Network: Latest data from the WTO reveals that India has soared to become the world's second largest exporter of agrochemicals, a significant leap from its previous sixth position a decade ago. The remarkable surge in agrochemical exports can be attributed to India's prowess in introducing post-patent products swiftly and competitively, both domestically and internationally. Indian scientists and engineers are hailed as among the best globally, exemplified by Chlorantraniliprole (CTPR), the world's largest selling insecticide, with an annual estimated sale of Rs. 13,000 crores.
Formerly imported, many Indian companies have now successfully launched indigenous CTPR in the market, potentially reducing its import into India and paving the way for export opportunities. Notably, the Indian agrochemical industry consistently achieves valuable trade surplus, with figures surging from Rs. 8,030 crores in 2017-18 to Rs. 28,908 crores in the last fiscal year.
The United States stands as the primary buyer of Indian-made agrochemicals, followed by Brazil and Japan, reflecting the high quality and widespread use of Indian agrochemicals across more than 140 countries worldwide. As the global agrochemicals market stands at approximately $78 billion, with about 75% comprised of post-patent products, India is swiftly establishing itself as the preferred global hub for sourcing these agrochemicals.
To further boost domestic production and minimize imports, the Crop Care Federation of India (CCFI) has recommended measures to the Indian government aimed at discouraging the import of ready-to-use pesticide formulations.
In light of ongoing Free Trade Agreement discussions with the EU, UK, and other entities, Mr Deepak Shah, Chairman of CCFI, urged caution against granting TRIPs plus measures, such as data exclusivity, to Western MNCs, as this could adversely impact the growth of India's export-oriented agrochemical and pharmaceutical industry.
Mr Shah emphasised that Indian companies have made significant investments in expanding production facilities to meet global demands. With backward integration, capacity expansion, and new registrations on the horizon, the Indian agrochemical industry is confident of doubling exports in the next three years, provided favourable policy facilitations are in place.
