Norway Cracks Open Indian Seafood Market with New Free Trade Deal
Good news for Norwegian seafood producers! A recently signed free trade agreement between Norway (through trade organization EFTA) and India opens doors to a massive new market. While India isn’t traditionally known for salmon consumption, growing affluence among some Indians creates an opportunity for Western-style food products. Barriers Lowered, Opportunities
Shrimp Sinking: What’s Causing the Industry Downturn?
The shrimp industry holds a significant position in India’s total seafood basket. In FY23, the country’s seafood exports amounted to $8 billion, with frozen shrimps commanding a whopping 70 per cent share of this total. However, the industry has weathered rough times of late. From losing its crown as the
Indian Seafood Exports See Dip, But Hopeful Signs Emerge for Recovery
India’s once-booming seafood export industry is currently weathering a storm. While the initial target for FY24 was a robust $9.25 billion, current estimates project a more modest figure of around $7.5 billion, falling short of the previous year’s $8.09 billion. This decline can be largely attributed to the sharp drop
Indian seafood exporters benefit from rupee settlement with Russia
India’s seafood exports to Russia have seen a significant boost in the last nine months, thanks to the new mechanism of trade settlement in rupees that was introduced by the Reserve Bank of India (RBI) in July 2022. According to the data from the Marine Products Export Development Authority (MPEDA),
High Hopes for High Seas: Can Infrastructure Investment and Seafood Boost India’s Exports
India’s export scene faces a tough challenge with a recent 5.7% dip in merchandise exports. However, amidst the decline, a glimmer of hope emerges from two key areas: high capital expenditure (capex) and a focus on boosting seafood exports. Let’s dive into the details and see if these strategies can
Deep-Sea Tussle: Trawlers Eye Non-Edible Fish, Fisheries Say No
Kerala’s fisheries sector is embroiled in a debate: Should mechanized boats be allowed to catch “pearly hairtail,” a non-edible deep-sea fish used for fishmeal, or stick to their licensed quota of edible species? Boat owners see opportunity: With around 20 lakh tonnes of pearly hairtail estimated off the Kerala coast,
Cabinet Approves ₹6,000 Crore Boost for MSME Fisheries: “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana” Promises Jobs, Growth, and Empowerment
Imagine: A bustling fish market, vibrant with activity. Fisherfolk haul in their catch, women entrepreneurs run cold storage facilities, and young graduates manage thriving aquaculture businesses. This vision is closer to reality with the Indian government’s Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a new sub-scheme under the larger Pradhan
Navigating the Blue Wave: A Deep Dive into India’s Seafood Sector and the Top 5 Stocks Poised for Exponential Growth
Introduction:India, blessed with an extensive coastline and thriving river environments, has emerged as the world’s third-largest seafood-producing nation, capturing global markets with its quality seafood. The recent surge in seafood exports, reaching an all-time high of US$8.09 billion in the financial year 2022-23, has catapulted the sector into the spotlight.
Shrimp Boom: Indian Seafood Swims Upstream as Exports Dive
While global economic woes dampen seafood exports, India’s domestic market is experiencing a delightful catch. Premium companies are diving in, lured by the rising demand for succulent shrimp, squid, lobster, and seer fish. This shift presents a unique opportunity to transform the largely unorganized Indian seafood industry and establish the
Fish Out of Water: Growing Seafood in Labs, a Kochi Lab Leads the Way in India
Imagine enjoying your favorite fish dish without harming the oceans or contributing to overfishing. Sounds too good to be true, right? But thanks to advancements in lab-grown meat technology, this vision might become a reality sooner than you think. In a pioneering initiative, a government lab in Kochi, India, has
Government of India Unveils Ambitious ₹576 Crore Plan to Establish Northern Shrimp Farming Hub
In a strategic move to boost aquaculture and create a thriving hub for shrimp farming, the Union government of India is set to launch a ₹576 crore plan across four northern states. The initiative aims to utilize non-arable land in Uttar Pradesh, Rajasthan, Haryana, and Punjab for shrimp farming, catering
Kings Infra Dives into Ready-to-Eat Market with ₹40 Crore Boost from Punjab National Bank
Kings Infra, a leading name in seafood processing and export, has secured a ₹40 crore working capital loan from Punjab National Bank. This investment will fuel the company’s ambitious plans to launch ready-to-cook and ready-to-eat seafood products in the Indian market, tap into the rising demand for premium seafood, and
Veraval Gets TED-ucated: MPEDA and CIFT Champion Sustainable Shrimp Trawling
Trawling towards Sustainability: MPEDA and CIFT Team Up for TED Implementation in Veraval The Marine Products Export Development Authority (MPEDA) and the Central Institute of Fisheries Technology (CIFT) joined forces in Veraval, Gujarat, on December 20th, 2023, to tackle the critical issue of sea turtle conservation. The focus of the