India aims to expand seafood exports to $12 billion in two years, sources say

India is aiming to develop its seafood exports to round $12 billion within the subsequent two years from $8 billion at the moment, primarily by specializing in high-end markets, together with america and Europe, two authorities officers stated on Wednesday.

India has emerged as the largest provider of seafood, significantly frozen shrimps, to the United States, with exports doubling over eight years to $2.6 billion in 2022/23, one of many officers on the Commerce Ministry instructed a small group of reporters.

Whole frozen shrimp exports topped $5.6 billion in 2022/23, in response to commerce ministry estimates.

“The federal government intends to concentrate on worth addition and provide to high-end markets whereas creating consciousness about good labor and environmental practices amongst exporters,” the officers stated.

Shrimp farming has emerged as an enormous alternative for practically 200,000 staff, primarily ladies within the Southern states of Andhra Pradesh, the second official stated, noting, nevertheless, that international demand might stay weak this fiscal 12 months.

Each officers declined to be named as they weren’t approved to talk to the media forward of a common election which begins this month.

China, the European Union, South East Asia, Japan, and Center Jap nations have additionally emerged as main markets for India’s frozen shrimp, produced in village ponds. Different seafood like frozen fish, octopus, and cuttlefish can also be discovering worldwide consumers.

Responding to a report on exploitative labor practices of some shrimp exporters, launched by the Chicago-based Company Accountability lab, a human rights authorized group, officers stated the allegations had been “baseless” and presumably pushed by commerce rivalry with different nations and the U.S. trade.

Commerce ministry officers will meet seafood exporters and take up the problem with the state authorities to make sure all export homes meet the expectations of consumers and abroad customers, the primary official stated.

To rule out any purchaser issues, the federal government might contemplate an impartial examine of the working situations, he stated.

Individually, the Federation of Indian Export Organization (FIEO), the highest exporter physique, has stated shrimp exporters had been complying with meals security and high quality norms to satisfy the necessities of importing nations, together with the U.S..