By Debarati Das
India has historically grown on the foundation of agriculture. And over the decades, even though the country has witnessed the rise of industrialization, information technology and various other sectors, agriculture still forms the very backbone and pillar of the country’s growth. And hence, it comes as no surprise that this sector accounts for about 15 percent of the country’s GDP.
The onus on agriculture has further intensified due to the rising population of the country which has led to the rising demand for food grains as against declining farmlands due to spreading urbanization. Thus, the need of the hour is to increase the farm yield from the available land and ensure reduction of crop losses due to pest attacks.
According to a report by Tata Strategic Management Group (TSMG) and FICCI, the agrochemicals market in India which was estimated at $4.4 billion in 2015, is expected to become $6.3 billion by 2020 with a 7.5 percent growth annually. But to sustain this growth, adequate crop protection is the need of the hour. The TSMG forecasted that the Indian crop protection industry is estimated to grow by 7.5 percent per annum to reach $6.3 billion by 2020.
Read More: Etching a green revolution
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