Mumbai: The country loses approximately 18% of its crop yield valued at Rs 90,000-crore due to pest attacks each year, a top rating agency said.
“It is estimated that India loses approximately 18% of the crop yield valued at Rs 90,000-crore due to pest attacks each year,” a CARE Ratings report on the Indian pesticides industry said here.
The use of pesticides helps to reduce crop losses, provide economic benefits to farmers, reduce soil erosion and ensure food safety and security, the report said.
The Indian pesticide industry with 85,000 MT of production during FY’07 is ranked second in Asia, behind China and 12th globally.
In value terms, the size of the Indian pesticide industry was estimated at Rs7,400-crore in 2007, including exports of Rs2,900-crore. Globally, due to consolidation in the industry, the top five global MNCs control almost 78% of the market, CARE Ratings said.