Agrochemical industry hoping for PLI schemes from Budget 2023: Vimal Kulshrestha, Hikal Ltd

The Indian crop protection industry is a major contributor to the country’s agriculture sector, providing essential products and services to boost and protect agricultural produce. However, the industry has been facing several challenges in recent years, including increased competition from cheaper imports, regulatory hurdles, and a lack of investment in research and development.

Mr. Vimal Kulshrestha, President of Crop Protection, Hikal Ltd., ″Agrochemicals are excluded from the PLI scheme that is resulting in delays in new investments. In light of these challenges, the industry is hoping for positive announcements of schemes, and regulatory and tax concessions that will support the growth of domestic agrochemical manufacturers. We think that government should restrict /regulate the import of agrochemical formulations into India, which can be manufactured in India from locally manufactured agro actives and enough capacity is available with Indian manufacturers. This will benefit India by reducing its foreign exchange usage. It will also boost the Government’s ‘Make in India’ efforts. The Indian agrochemical industry is poised to make domestic products that can be imported to the world to contribute to the country’s export economy.″

Another key area of concern is the need for increased investment in research and development. The industry is looking for measures that will encourage investment in R&D to create new products and improve existing ones. The government’s support in this area will help the industry to stay competitive. Overall, the crop protection chemical industry in India is hoping for a budget that will support the growth and development of the sector, addressing the challenges it currently faces and providing the necessary resources to help it succeed in the future.