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Monday, August 1, 2011

With Japanese demand picking up, seafood exports set to increase

Seafood exports are poised to pick up following the slight slowdown during the first couple of months of the current financial year. Even though prices, are, by and large, ruling firm in global markets, Mr.Anwar Hashim, President of the Seafood Exporters Association of India (SEAI), expects the country's seafood exports to get into top gear only when the current trawling ban imposed by some West Coast states is lifted next month.

At present, according to Mr.Hashim, India's seafood exports are being sourced from aquaculture farms and catch from the seas on the East Coast, while the catch from the west coast remains lacklustre due to the trawling ban in force during the monsoon months. Admitting that the crippling tsunami and threat of nuclear leak affecting the sea catch had impacted the Japanese market for nearly two to three months, the SEAI President said it was a thing of the past for the seafood industry now and that the Japanese markets had not only stabilized but demand too had picked up over last year.

Overall, according to trade sources, demand for seafood, which had declined in the US during the depression period had not only picked up, but had also gained strength by the end of 2010 and the early part of 2011. Conceding that the prices in the US markets have been god, they point out that although the anti-dumping duty on shrimp exports from India has not been lifted, the current rates of duty are not prohibitive to have a huge impact on India's seafood exports. With regard to Europe, the season for seafood exports is just about to get underway. Mr.Hashim said that prices and demand for all seafood products, including frozen fish, have been good in the European market this year.

Thursday, January 20, 2011

Further rate hike to impact industrial growth

A week ahead of the RBI reviewing the monetary policy with expectations of a policy rate hike, Commerce and Industry Minister Anand Sharma has cautioned that raising cost of borrowing "may not be suitable" tool to rein in inflation. Making out a strong case for easy finance to the industrial sector, in a letter to Finance Minister Pranab Mukherjee, Sharma said that industrial growth has already to an 18-month low of 2.7 per cent in November 2010.

The high inflation in primary articles, particularly, vegetables is more an account of supply side constraints and monetary policy may not be the most suitable intervention to deal with the situation. When they appreciated concerns on inflation, the minister explain about the Industrial sector clearly needs sustained support to enable compete recovery soon.