New Delhi, Mar 27 (IANS): Noting that investments in the Indian agrochemicals sector are increasing despite Covid-19, the Pesticides Manufacturers & Formulators Association of India (PMFAI) has urged the Centre to extend policy support to enable a two-fold growth of the Indian agrochemical market double, with a major focus on exports.

Addressing the 52nd Annual General Meeting of PMFAI, Pradip Dave, President, PMFAI, said that the Indian agrochemical sector has a market size reaching more than Rs 43,000 crores, out of which Rs 23,000 crore worth pesticides are exported to the global markets.

Presently, India is the fourth largest producer of agrochemicals in the world after the US, Japan and China.

Dave observed that while investments in the agrochemicals sector for developing new molecules are declining worldwide, it has grown here as Indian companies have increased their expenditures in research and innovation.

"If the government extends policy and procedural support, the industry can grow to reach the market size of Rs 75,000 crore within 4-5 years with major increase in exports," he said.

During the AGM, Dave was unanimously re-elected as President of PMFAI while Deepak Shah was elected Vice President.

The members noted that dependency on imports for technical grade pesticides, among other factors impede the process of 'Aatmanirbhar' Indian agrochemical industry.