Indian agrochemicals industry to be worth $7.5 bn: Report

India's agrochemicals sector business is estimated to touch $7.5 billion by 2018-19 with 60 percent of the value coming from exports, said a report released on Wednesday.

"The Indian crop protection industry is estimated at $4.25 billion in financial year 2014 and is expected to grow at a compound annual growth rate of 12 percent to reach $7.5 billion by FY19," the report 'Ushering in the 2nd Green Revolution: Role of Crop Protection Chemicals' said.

Releasing the report -- prepared jointly by industry chamber FICCI and Tata Strategic Management Group, Hukumdev Narayan Yadav, chairman of the parliamentary standing committee on agriculture, recommended a balanced approach on using agrochemicals and due care of the environment.

"Training farmers is also essential. Farmers, users of agro-chemicals, at present are not adequately informed about its use and impact. Many a time, farmers without knowledge apply inappropriate amount of agrochemicals resulting in crop failure," Yadav said.

The report said use of original crop protection chemicals could increase crop productivity by 25-50 percent, by mitigating crop loss due to pest attacks.

"It is estimated that almost 25 percent of world's agricultural production is lost due to post-harvest pest attacks," Federation of Indian Chambers of Commerce and Industry said in a statement here.

The report said it was critical for both the government and manufacturers of crop protection chemicals to work closely with farmers to educate them on the judicious use of pesticides and new research and development.