Published on July 7, 2014

The Indian agrochemicals industries have also flourished on making generics, in order to produce new molecules that can be patented is spite of investing in research & development (R&D) alike pharmaceutical sector, according to the sources. According to the Prime Minister of India, the chemicals and fertilizer sector of India are one of the leadings players which should endeavor to be in the midst of top five chemicals and petrochemical industries.

Moreover, on 4th July, 2014 the Union Minister for Chemicals, Petrochemicals and Fertilizers Ananth Kumar had announced that there are no plans to cut subsidies or to boost the prices of urea and said that at present the urea market is under control and is noted at a cost of Rs 5,360 a ton. Further he said that in the imminent Budget for the fertilizers, petrochemicals and chemicals sector, he has point out that his ministry had sought rationalization of more incentives and taxes.

However he assures that in near future there would not be any fertilizer shortage in the country and to boost the production of domestic urea his ministry has proposed to revive the, Ramagundam, Sindri and Talcher units. According to the sources, from the overall budgetary shares of the chemical fertilizer industry the government has been urged to divert 10% of funds, as a result of rising agri bio-fertilizer sector, which will provide a huge boost to the bio-fertilizer industry.

As per the researched report, at present India is noted to be the fourth largest producer of agrochemicals globally after Japan, China and the US. Moreover according to the industry experts, the agrochemicals industry of India still remains very crucial to the Indian economy and is still heavily dependent on the agriculture sector. In the next five years, Rashtriya Chemicals & Fertilizers Ltd. which is one of the leading producers of fertilizers in India aims to double its turnover.