India Aims to Double Seafood Exports in Two Years, Debunking Safety Concerns
A senior Indian government official has outlined ambitious plans to significantly boost the country’s seafood export industry. The goal is to reach Rs 1 lakh crore (approximately $12.5 billion) within the next two years. This strategy hinges on increasing processing capacity and transitioning to higher value-added seafood products. The official,
MPEDA Chairman Rejects Criticism, Calls Shrimp Industry “Guilt-Free”
Dodda Venkata Swamy, chairman of India’s Marine Products Export Development Authority (MPEDA), is pushing back against recent media reports and NGO allegations regarding labor abuses, unsanitary conditions, and food safety violations in the Indian shrimp industry. Swamy maintains that India produces “guilt-free seafood” and boasts a “robust regulatory framework” with
Sustainable Seafood Certifier ASC Exits China, Raising Concerns About Industry Practices
The Aquaculture Stewardship Council (ASC), a leading organization promoting responsible fish farming practices, is pulling out of China. This move comes amidst growing scrutiny of seafood certification bodies and concerns about ethical and sustainable practices in the industry, particularly in Asia. Strategic Retreat or Deeper Issues? The ASC announced their
US Imposes Potential Countervailing Duties on Shrimp Imports from Ecuador, India, and Vietnam
The US shrimp industry has received a boost as the Department of Commerce (DOC) announced preliminary countervailing duties on shrimp imports from Ecuador, India, and Vietnam. These duties are meant to offset any unfair advantage these countries might have gained from government subsidies. The Findings: The DOC determined that shrimp
US Senator Calls for Action on Potentially Unethical Shrimp Imports from India
Louisiana Senator Bill Cassidy is urging the United States Trade Representative (USTR) to investigate potential labor abuses and antibiotic use in India’s shrimp industry. The Senator’s request comes in response to a recent whistleblower report raising concerns about the safety and ethics of shrimp imported from India. Senator Cassidy expressed
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),
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
India Casts its Net Wider: Budget Boosts Booming Aquaculture Industry
India’s vast coastline and thriving seafood industry have long been an anchor of the nation’s economy. Now, with a focus on boosting aquaculture and exports, the recent budget has cast a wider net, promising calmer waters and a brighter future for the sector. A Thriving Catch: India’s Aquaculture Prowess As
Diving Deeper: Indian Seafood Tech Startup Makes Waves with $4 Million Funding
Chennai-based Aquaconnect, a full-stack aquaculture startup, has raised $4 million in a pre-series B funding round led by S2G Ventures. The startup aims to transform the Indian aquaculture landscape by linking fish farmers to supplies and markets. Aquaconnect will use the fresh funding to ramp up its operations, expand its