The Agro-Chemicals Federation of India (ACFI) has urged the government to reduce the import duty on crop protection chemicals in the upcoming Budget 2023.
The industry body has stated that this reduction in import duty will help the domestic agro-chemicals sector to become more competitive and eventually aid the government's vision of making India self-sufficient in the agro-chemicals industry.
The import duty on agro-chemicals is currently at 20-30%, which has led to an increase in prices of crop protection chemicals, making them costlier for farmers. This has resulted in a significant impact on the farmers' profits and has also hampered the growth of the agro-chemicals industry in India.
ACFI believes that reducing the import duty on agro-chemicals will bring down the prices of crop protection chemicals, which will eventually benefit farmers. This move will also encourage the use of modern and efficient farming practices, which will lead to better crop yields and better profits for farmers.
Moreover, the reduction in import duty will help Indian agro-chemicals companies become more competitive and lead to more investments in the sector. The industry body has emphasized that this move will make the sector more attractive to investors, which will result in the growth of the industry and help India achieve self-sufficiency in the agro-chemicals industry.
The agro-chemicals industry in India is currently growing at a steady pace, and the sector has great potential for growth in the future. However, the industry has faced several challenges due to the high import duty, which has made it difficult for Indian companies to compete with foreign firms.
Therefore, the ACFI's request to reduce the import duty on crop protection chemicals in the upcoming Budget 2023 is crucial for the growth of the agro-chemicals industry in India. The industry body has also stated that this move will align with the government's vision of making India self-sufficient in the agro-chemicals industry and will ultimately benefit farmers and the country as a whole.
In conclusion, the ACFI's request to reduce the import duty on crop protection chemicals in the upcoming Budget 2023 is a significant step towards the growth of the agro-chemicals industry in India. The move will benefit farmers, increase competitiveness, and attract investments in the sector, which will eventually lead to India's self-sufficiency in the agro-chemicals industry.
