<p>India’s seafood industry’s export projections of $10 billion by 2020 is “distinctly attainable” despite the current downswing in global economies, a top official said here on Saturday. <br /><br /></p>.<p>A Jayathilak, Chairman of Marine Products Export Development Authority (MPEDA), said seafood exports have been increasing at a rate of 20-22% during the last seven to eight years despite the recessionary trend in global markets.<br /><br />“We have bucked the recessionary trend; it is possible for India’s seafood industry to achieve the export projections of $10 billion by 2020,” he said during the ongoing three-day 20th edition of India International Seafood Show (IISS), which began here on Friday.<br /><br />Pointing out that in shrimp aquaculture industry, the feed constitutes 60% of cost of production, he said there is an imperative need to develop cheaper shrimp feed to cut the production cost and help small and marginal farmers, who contribute to the bulk of coastal aquaculture.<br /><br />“MPEDA provides a one-time subsidy of Rs 1 crore per factory which manufactures shrimp feed. The subsidy is given under the Technology Upgradation Scheme and Infrastructure Development Scheme. A similar subsidy is given to those companies which will enter the area of value addition,” the MPEDA chairman said. <br /><br />The US and South-east Asia are the major importers of Indian seafood, and frozen shrimp continued to be the major export item last year, followed by frozen fish. <br /> <br />The increased export of India’s shrimp pickles and shrimp curries by the US can spawn more aquaculture and processing in shrimp and also in other varieties such as the Asian Seabass, Pangasius and Cobia, which enjoy steady demand there.<br /><br />India, the second largest aquaculture producer in the world, is the largest supplier of shrimp to the US, the second largest to Europe and the fourth largest to Japan. “This is possible due to the country’s success in meeting stringent international regulatory requirements and adapting to best global practices,” he said<br /><br />Export of marine products during August this year recorded an increase of 16.07% in the rupee value, 13.29% in quantity and 10.73% in US $ earnings compared with exports during the same period last year. Similarly, cumulative exports during April-August 2016 also recorded an increase of 16.63% in the rupee value, 10.91% in US $ earnings and 6.74% in quantity as compared to the corresponding period last year.<br /><br /></p>
<p>India’s seafood industry’s export projections of $10 billion by 2020 is “distinctly attainable” despite the current downswing in global economies, a top official said here on Saturday. <br /><br /></p>.<p>A Jayathilak, Chairman of Marine Products Export Development Authority (MPEDA), said seafood exports have been increasing at a rate of 20-22% during the last seven to eight years despite the recessionary trend in global markets.<br /><br />“We have bucked the recessionary trend; it is possible for India’s seafood industry to achieve the export projections of $10 billion by 2020,” he said during the ongoing three-day 20th edition of India International Seafood Show (IISS), which began here on Friday.<br /><br />Pointing out that in shrimp aquaculture industry, the feed constitutes 60% of cost of production, he said there is an imperative need to develop cheaper shrimp feed to cut the production cost and help small and marginal farmers, who contribute to the bulk of coastal aquaculture.<br /><br />“MPEDA provides a one-time subsidy of Rs 1 crore per factory which manufactures shrimp feed. The subsidy is given under the Technology Upgradation Scheme and Infrastructure Development Scheme. A similar subsidy is given to those companies which will enter the area of value addition,” the MPEDA chairman said. <br /><br />The US and South-east Asia are the major importers of Indian seafood, and frozen shrimp continued to be the major export item last year, followed by frozen fish. <br /> <br />The increased export of India’s shrimp pickles and shrimp curries by the US can spawn more aquaculture and processing in shrimp and also in other varieties such as the Asian Seabass, Pangasius and Cobia, which enjoy steady demand there.<br /><br />India, the second largest aquaculture producer in the world, is the largest supplier of shrimp to the US, the second largest to Europe and the fourth largest to Japan. “This is possible due to the country’s success in meeting stringent international regulatory requirements and adapting to best global practices,” he said<br /><br />Export of marine products during August this year recorded an increase of 16.07% in the rupee value, 13.29% in quantity and 10.73% in US $ earnings compared with exports during the same period last year. Similarly, cumulative exports during April-August 2016 also recorded an increase of 16.63% in the rupee value, 10.91% in US $ earnings and 6.74% in quantity as compared to the corresponding period last year.<br /><br /></p>
