GSP Crop Science: Investing in R&D Outweighs the Cost Effectiveness of Importing Technicals in India
Agriculture is an important part of the Indian economy, employing more than half of the people and contributing significantly to the India’s GDP, writes Nimish Gangrade at Krishak Jagat. The use of agrochemicals to improve crop yield and quality has increased in India, but a significant portion of the technicals needed to manufacture these chemicals are imported from other countries, mainly China. In such a scenario, agrochemical firms must invest in R&D to create and manufacture indigenous technicals, reduce reliance on imports, promote the Make in India movement, and become more cost competitive.
Agrochemical manufacturer GSP Crop Science Pvt. Ltd. sees research and development as a critical instrument for ensuring the agricultural sector’s long-term viability. While technicals can be imported, the company believes that investing in R&D has many long-term advantages that outweigh the cost effectiveness of importing technicals.
“R&D investment is critical for the agrochemical industry because it enables companies to create and develop new products that are more effective, efficient, and environmentally friendly,” said Tirth Shah, International Business Director at GSP Crop Science. “The R&D method helps to find innovative ways to manufacture products, reduce production costs, and improve overall product quality. As a result, businesses can provide better and more cost-effective goods to customers, increasing their market competitiveness.”
The company is using innovative methods to improve its R&D capabilities to create safer and more effective agricultural solutions. The business is investing in biotechnology, gene editing, precision agriculture, and digitalization.
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