E-cigarette increasesIndia sets USD 12 billion seafood export target for 2025 the risk of heart failure, research finds

India is looking to grow its seafood exports by USD 4 billion (EUR 3.7 billion), setting a goal of USD 12 billion (EUR 11.1 billion) in annual export value by 2025.

In its April 2022-March 2023 fiscal year, India achieved USD 8 billion (EUR 7.4 billion) in seafood exports, with frozen shrimp accounting for USD 5.6 billion (EUR 5.2 billion), including USD 2.6 billion (EUR 2.4 billion) shipped to the United States.

"The government intends to focus on value addition and supply to high-end markets while creating awareness about good labor and environment practices among exporters," two Indian Commerce Ministry officials told Reuters on condition of anonymity, ahead of a general election beginning later in April.

The officials said the growth strategy will be built around a focus on high-end markets including the United States and Europe. China, Southeast Asia, Japan, and the Middle East countries are secondary targets for exports of shrimp, octopus, and cuttlefish, according to the officials.

The growth target has been set for the 2025 fiscal year despite the fact that  global seafood demand is  likely to  remain weak for the remainder of the current year. The Center for Responsible Seafood will be hosting its second annual Shrimp Summit in Chennai, India, from 27 to 29 June 2024, during which  there will likely  be a  special session to address the alleged labor abuses in Indian processing plants.

“The session will provide a forum that will enable the full range of stakeholders to be heard, including major retailers, media, standards organizations, auditors, and seafood processors,” TCRS President George Chamberlain said in a press release.

“The objective of the session is to discuss the facts, identify any loopholes or gaps that might enable violations, and seek solutions to restore confidence in India’s shrimp exports, certification and auditing systems, and farmed shrimp around the world.”