The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has released a report which states that seafood exports may rise from USD 2.84 billion in 2010-11 to USD 4.7 billion by 2013-14. The report also said that the rise depends on critical areas such as value-addition, aquaculture growth, modernising technology and exploiting new resources.
Research shows that the seafood exports in India in 2008-09 was USD 1.9 billion and climbed to USD 2.84 billion in 2010-11. They have the potential to speed up due to soaring demand from the European Union (EU), the US, China, southeast Asia and Japan. Marine product exports hit a historic high of 807,000 tonnes in 2010-11 – a jump of 18.96 per cent in quantity terms, 27.64 per cent in rupee terms and 33.17 per cent in dollar terms year-on-year.
ASSOCHAM says that the large-scale production of vannamei shrimp, a high output of black tiger shrimp and elevated landings of squid led to the increase. In addition, the government recently communicated that seafood exports are set to boom thanks to a remarkable breakthrough for ensuring the supply of high quality all-male giant freshwater prawn (or scampi) seeds.
In its recommendations ASSOCHAM suggested that the Marine Products Export Development Authority (MPEDA) needs a financial boost through central allocations so exporters can obtain better fiscal assistance. ASSOCHAM said that states including Andhra Pradesh, Tamil Nadu, Kerala, Maharashtra, West Bengal, Gujarat and Orissa have a huge potential that needs to be reaped so India’s export potential can continue to expand.
