Indian shrimp production to decline by 15-20% in FY23

Indian shrimp production is set to decline by 15-20% in the current fiscal year due to a sharp fall in global prices and sluggish exports.

The decline in production is being attributed to a number of factors, including:

• A glut in the global shrimp market, which has led to a decline in prices.
• Economic problems in major importing countries, such as the US, Europe, and China, which have diminished their purchasing power.
• Increased competition from other shrimp producers, such as Ecuador and Vietnam.

The decline in production is also being felt by the aquaculture farmers, who are stocking less in their farms due to the drop in prices. This is further impacting the export of shrimps, as importers are only going for the required quantity.

The seafood export target of $9.1 billion for the current fiscal year appears far-fetched, and the industry reckons that they will be lucky if they achieve last year’s level.

However, the passing of the Coastal Aquaculture Authority (Amendment) Bill 2023 has come as a huge boost to the seafood sector. The industry has welcomed the provisions of the bill, particularly the withdrawal of the 200-metre restriction from the coastline for the operation of hatcheries and the setting up of broodstock multiplication centres and nucleus breeding centres.

The bill also removes imprisonment up to 3 months for civil transgressions like non-registration of farms and the provision dispensing with the need to obtain coastal regulation zone clearances from multiple agencies. It also brings other aquaculture activities such as cage culture, seaweed culture, pearl oyster culture and so on, under the purview of the Act.

The industry hopes that the passage of the bill will help to boost the growth of the seafood sector in India.

Here are some of the key takeaways from the article:

• Indian shrimp production is set to decline by 15-20% in the current fiscal year.
• The decline is being attributed to a number of factors, including a glut in the global shrimp market, economic problems in major importing countries, and increased competition from other shrimp producers.
• The aquaculture farmers are stocking less in their farms due to the drop in prices.
• The seafood export target of $9.1 billion for the current fiscal year appears far-fetched.
• The passing of the Coastal Aquaculture Authority (Amendment) Bill 2023 has come as a huge boost to the seafood sector.
• The industry hopes that the passage of the bill will help to boost the growth of the seafood sector in India.

• 18 Sep

  Gold ETFs Attract Highest Inflow in 16 Months in August

  Gold ETFs attracted Rs 1,028 crore in August 2023, the highest inflow in 16 months. This is despite continued hikes in interest rates in the US, which have led to a slowing down in growth rate there. The factors driving inflows into gold ETFs include its role as a safe haven asset, hedge against inflation, and diversification tool. The outlook for gold ETFs is positive in the near term, given the current macroeconomic environment. Investors who are looking to add a safe haven asset to their portfolio and/or hedge against inflation may consider investing in gold ETFs. However, it is important to note that gold is a volatile asset and investors should carefully consider their risk tolerance and investment objectives before investing.

• 16 Sep

  Former RBI Governor C Rangarajan Says India Needs to Grow Fast to Increase Per Capita Income

  Former RBI Governor C Rangarajan says India needs to grow fast to increase per capita income and become a developed economy. He says India needs to achieve 7% growth continuously over the next two decades, absorb new technologies, develop a skilled workforce, and create jobs.

• 15 Sep

  Yatra Online’s IPO Receives Muted Response on Day 1

  Yatra Online's IPO received a muted response from investors on the first day of bidding, with only 11% of the issue subscribed. Retail investors were the most supportive, while high networth individuals and qualified institutional buyers have yet to start putting in bids.

• 15 Sep

  Consumer durables output contracts in India, but hopes are high for festive season

  The output of consumer durable goods in India contracted in July, even as industrial growth hit a five-month high. However, hopes are high that the festive season will boost demand.

• 12 Sep

  India’s Industrial Output Grows 5.7% in July, Highest in Five Months

  the industrial output growth in July is a positive sign, but economists will be closely monitoring the manufacturing sector in the coming months to get a better sense of the overall health of the Indian economy.

• 1Auto
• 29Business
• 4Commodity
• 1Companies
• 1Cricket
• 6Currency
• 4Earnings
• 14Economy
• 2Entertainment
• 3Expert Columns
• 14India
• 60IPO
• 92Markets
• 44News All
• 2Opinion
• 6Personal Finance
• 7Politics
• 12Real Estate
• 101Stocks
• 1Technical
• 0Technology
• 0Trends
• 1Weather
• 30World