Latest news with #SeafoodExportAssociationofIndia
Time of India
10 hours ago
- Business
- Time of India
No need to worry about US tariffs, duty hike on shrimp chance to boost Indian market: Nitesh Rane
Maharashtra Fisheries Minister Nitesh Rane on Monday said the recent increase in tariff on shrimp exported to the United States from India should be seen as an opportunity to expand the country's domestic market for prawns and other seafood items. Advising stakeholders not to worry too much about the US tariffs, Rane noted Europe and Vietnam are good export markets for Indian shrimp, but added the domestic seafood market is big enough to support farmers and fishermen. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Last week, the US further raised reciprocal tariffs from 25 per cent to up to 50 per cent on Indian goods. According to the Seafood Export Association of India (SEAI), USD 2 billion worth of shrimp exports to the US face severe disruptions due to higher tariffs imposed by President Donald Trump. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like He is our only child, we cannot see him suffer. Help us! Donate For Health Donate Now Undo India exported USD 2.8 billion worth of shrimps to America in 2024 and has shipped USD 500 million worth so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, which face US tariffs of only 20-30 per cent, said SEAI secretary general K N Raghavan. Maharashtra minister Rane opined the the higher US tariff on shrimp provides an opportunity to boost Indian market. Live Events "Earlier, there was a 16 per cent tariff on shrimp, but it was raised to 60 per cent during the Trump administration. I have appealed to prawn consumers to expand and spread our domestic market. If everyone thinks of increasing prawn consumption, it will greatly benefit the domestic market and support the Prime Minister's Aatmanirbhar Bharat policy," he told reporters in Mumbai. Calling the new scenario a "golden opportunity" for prawn producers, Rane maintained India's seafood market is strong enough to support farmers and fishermen. "People should not worry too much about the tariffs. It would be better to promote prawns and other seafood items. Europe and Vietnam are good export markets for us, but why do we focus only on exports? My priority is my state and my country. If we export so much of our production, who will cater to the domestic market?" he asked. Rane said a recent report suggested India's fishery production had reduced, but Maharashtra's output had increased due to favourable policies implemented under Chief Minister Devendra Fadnavis. On the future of Mumbai's Sassoon Dock, one of the city's oldest fish landing sites, the BJP minister declared it would "never be closed". Rane said he had spoken to Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal to find a solution to the court's order related to the dock and sought 30 days to work on it. "No fisherman will face eviction," the state minister assured. In 2023, the Bombay High Court had stressed the need to modernise docks in Mumbai to address the concern of pollution caused by solid waste accumulation at these spots due to fishing activities. During the monsoon session of the state legislature, the Shiv Sena (UBT) had raised concerns over the eviction threat faced by the Koli community at Sassoon Dock amid a prolonged dispute between Maharashtra Fisheries Development Corporation (MFDC) and Mumbai Port Trust (MbPT). The dispute, which is over a decade old, began after MbPT issued eviction notices alleging MFDC had failed to pay lease rent. MFDC had leased the land in question from MbPT and sublet it to local fishermen and fish traders.
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Business Standard
2 days ago
- Business
- Business Standard
Shrimp exporters seek govt aid as Trump tariffs threaten $2 bn of exports
The Seafood Export Association of India has approached the ministries of commerce and finance to seek emergency financial support as USD 2 billion worth of shrimp exports to the US face severe disruptions due to increased tariffs imposed by President Donald Trump, a statement said on Sunday. The association has requested a 30 per cent increase in working capital through soft loans, with margins covered by interest subvention and a 240-day moratorium for pre- and post-packaging operations. "Close to USD 2 billion worth of shrimp exports face severe disruptions," Seafood Export Association of India (SEAI) Secretary General K N Raghavan told PTI, adding that Trump last week further increased reciprocal tariffs from 25 per cent to up to 50 per cent. India exported USD 2.8 billion worth of shrimps to the US in 2024 and has shipped USD 500 million worth so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, which face US tariffs of only 20-30 per cent, Raghavan said. He warned that these Asian competitors would likely capture US market share by lowering prices while Indian exporters cannot reroute existing shipments as it would attract additional 40 per cent penalties for contract violations. "The only way is to explore five new markets, but it would take time. For instance, the free trade deal with the UK, although signed, will take time for implementation," Raghavan said. The tariff escalation threatens one of India's largest agricultural export sectors, which employs millions across coastal states and contributes significantly to the country's foreign exchange earnings.
Time of India
2 days ago
- Business
- Time of India
Shrimp exporters seek govt aid as Trump tariffs threaten USD 2 bn of exports
The Seafood Export Association of India has approached the ministries of commerce and finance to seek emergency financial support as USD 2 billion worth of shrimp exports to the US face severe disruptions due to increased tariffs imposed by President Donald Trump, a statement said on Sunday. The association has requested a 30 per cent increase in working capital through soft loans, with margins covered by interest subvention and a 240-day moratorium for pre- and post-packaging operations. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program "Close to USD 2 billion worth of shrimp exports face severe disruptions," Seafood Export Association of India (SEAI) Secretary General K N Raghavan told PTI, adding that Trump last week further increased reciprocal tariffs from 25 per cent to up to 50 per cent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo India exported USD 2.8 billion worth of shrimps to the US in 2024 and has shipped USD 500 million worth so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, which face US tariffs of only 20-30 per cent, Raghavan said. He warned that these Asian competitors would likely capture US market share by lowering prices while Indian exporters cannot reroute existing shipments as it would attract additional 40 per cent penalties for contract violations. Live Events "The only way is to explore five new markets, but it would take time. For instance, the free trade deal with the UK, although signed, will take time for implementation," Raghavan said. The tariff escalation threatens one of India's largest agricultural export sectors, which employs millions across coastal states and contributes significantly to the country's foreign exchange earnings .
Mint
2 days ago
- Business
- Mint
Shrimp exporters seek govt aid as Trump tariffs threaten USD 2 bn of exports
New Delhi, Aug 10 (PTI) The Seafood Export Association of India has approached the ministries of commerce and finance to seek emergency financial support as USD 2 billion worth of shrimp exports to the US face severe disruptions due to increased tariffs imposed by President Donald Trump, a statement said on Sunday. The association has requested a 30 per cent increase in working capital through soft loans, with margins covered by interest subvention and a 240-day moratorium for pre- and post-packaging operations. "Close to USD 2 billion worth of shrimp exports face severe disruptions," Seafood Export Association of India (SEAI) Secretary General K N Raghavan told PTI, adding that Trump last week further increased reciprocal tariffs from 25 per cent to up to 50 per cent. India exported USD 2.8 billion worth of shrimps to the US in 2024 and has shipped USD 500 million worth so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, which face US tariffs of only 20-30 per cent, Raghavan said. He warned that these Asian competitors would likely capture US market share by lowering prices while Indian exporters cannot reroute existing shipments as it would attract additional 40 per cent penalties for contract violations. "The only way is to explore five new markets, but it would take time. For instance, the free trade deal with the UK, although signed, will take time for implementation," Raghavan said. The tariff escalation threatens one of India's largest agricultural export sectors, which employs millions across coastal states and contributes significantly to the country's foreign exchange earnings.
News18
2 days ago
- Business
- News18
Shrimp exporters seek govt aid as Trump tariffs threaten USD 2 bn of exports
New Delhi, Aug 10 (PTI) The Seafood Export Association of India has approached the ministries of commerce and finance to seek emergency financial support as USD 2 billion worth of shrimp exports to the US face severe disruptions due to increased tariffs imposed by President Donald Trump, a statement said on Sunday. The association has requested a 30 per cent increase in working capital through soft loans, with margins covered by interest subvention and a 240-day moratorium for pre- and post-packaging operations. 'Close to USD 2 billion worth of shrimp exports face severe disruptions," Seafood Export Association of India (SEAI) Secretary General K N Raghavan told PTI, adding that Trump last week further increased reciprocal tariffs from 25 per cent to up to 50 per cent. India exported USD 2.8 billion worth of shrimps to the US in 2024 and has shipped USD 500 million worth so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, which face US tariffs of only 20-30 per cent, Raghavan said. He warned that these Asian competitors would likely capture US market share by lowering prices while Indian exporters cannot reroute existing shipments as it would attract additional 40 per cent penalties for contract violations. 'The only way is to explore five new markets, but it would take time. For instance, the free trade deal with the UK, although signed, will take time for implementation," Raghavan said. The tariff escalation threatens one of India's largest agricultural export sectors, which employs millions across coastal states and contributes significantly to the country's foreign exchange earnings. PTI LUX MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
