Sharma asks banks to increase lending for seafood exporters

The move would help industry to double its exports to $10 bn by 2020

The Union Minister for Commerce and Industries Anand Sharma today urged the financial institutions and banks to help the seafood exporters, by increasing the lending to growers and exporters in acquiring vessels and to set up infrastructures.

He said, this would help the industry to double its exports to $10 billion by 2020.

In his inaugural address at the 19th edition of India International Seafood Show 2014, started today at Chennai, the Union Minister said that financial institutions and banks should support the industry and fishermen for setting up cold chains and acquisition of fishing vessels.

He noted, India has a coastline of around 8,000 km and over two million square km of exclusive economic zone, challenge is how to exploit this in a sustainable manner.

 
Sharma said the seafood export target for the current fiscal is $4.3 billion and next year it is set to cross $5 billion. By 2020 seafood export from India will double.

He said, importing countries, including US and Japan, had some issues with India's products either in the form of counter veiling duties or residues in the products.

"We had handled those issues with respective countries and we were able to get mandate to the satisfaction of our exporters. All our efforts should continue to attain residue-free export," told the gathering at the three day international show, jointly organised by Marine Products Export Development Authority (MPEDA) and Seafood Exporters Association of India (SEAI).

 
Since countries like South East Asia, South Korea and European Union are at the forefront technological innovations, India also should be in a position to deal with their requirements, he said.

The Minister noted, cluster farming and aquaculture practices have gained momentum and around seven million families are dependent on this sector.