The Hindu Business Line : A boost for tuna fishing, marine exports

"This is the first time that marine products have been given the attention it deserves," the Seafood Exporters Association of India (SEAI) said in a statement hailing the special emphasis for the marine products sector.

The foreign trade policy, unveiled on Friday, said a package has been developed for modernising the marine sector. Under this, duty free import of inputs, based on the past export performance, would be allowed.

Import of mono filament long line system for tuna fishing at concessionary duty rate as well as self removal procedure for clearance of water of perishable commodities would also be permitted.

"The decision with regard to tuna is keeping in line with our strategy," said Mr G. Mohan Kumar, Chairman, Marine Products Export Development Authority (MPEDA), which has been encouraging tuna fishing.

The duty reduction of the long line system, which costs Rs 15 lakh-25 lakh, will greatly help the sector. Despite its huge potential, India's is yet to focus its attention of tuna fishing. As per the MPEDA's statistics, India exported only 6,137 tonnes of tuna products in 2003-04.

SEAI said exports, which are currently worth about $1.4 billion annually, could grow to over $2 billion in the immediate future because of the measures announced in the policy.

The sector also stands to receive a greater foreign direct investment flow, which now goes mainly to China, Thailand, Indonesia and Vietnam.

"Duty free import of specified inputs/chemicals and flavouring oils to the extent of one per cent of the f.o.b. value of preceding financial year's export will go a long way to increase the export of value added marine products," SEAI said.

Currently only 20 per cent of India's seafood exports are in the form of value added products.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
FMC asks NCDEX to explain delay in imposing margin on guarseed contracts

Bengal Tools ties up with UCO Bank

Nabard aid to Kerala totals Rs 1,346 cr last fiscal

A boost for tuna fishing, marine exports

Why tea firms are exiting plantation operations

Rains soften rubber prices

Tea exporters may gain from move to scrap cess

Profits in marketing

Cost pressure forcing tea majors to exit plantation business

Rice bran oil from Oilfed

NECC urges Kerala to remove VAT anomaly

Nabard works out special package for coops

Nabard's carrot and stick policy for co-ops

Kurien sacks IRMA director; HC moved