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India's Net Import Of Chemicals May Cross Rs 3 Lakh Crore By 2024-25

Capital Market 

Going by the current rate at which India is importing chemicals, from slightly above Rs 1,000 crore in 2004-05 to net import of Rs 1,40,000 crore in 2018-19, the country's net import of chemicals may cross Rs 3 lakh crore by 2024-25, according to P. Raghavendra Rao, Secretary (Chemicals and Petrochemicals), Department of Chemicals & Petrochemicals. India faces a big challenge in meeting its food needs and thus requires a focused attention on various fronts.

Speaking at the '8th Agrochemicals Conference 2019 - Role of Agrochemicals in Sustainable Farming', organized by FICCI, jointly with the Department of Agriculture and Department of Chemicals & Petrochemicals, Govt. of India, Rao said that India has done well in agrochemicals, but a lot needs to be done. By 2022, India will become the most populous country in the world overtaking China. And, the rate at which urbanization is taking place, the requirement of food to meet the needs of the country will be enormous.

Rao further added that all stakeholders in the food business from farmers to industry and government will have to dwell on the challenges and make concerted efforts to address the issues like falling water table, degradation of land and productivity. Though India holds 6th position in the world's chemical sector, its total contribution is 3% of the entire world market whereas China contributes more than 39%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 17 2019. 15:35 IST