July 17, 2006

Indian seafood exporters hope to have more credit for exports

Seafood exporters have urged the Export Credit Guarantee Corporation (ECGC) of India to raise the ceiling on credit guarantee from 75 to 90 percent at an exporters meeting Saturday (Jul 15). 

The increase would help exporters to export more to the US, Seafood Exporters' Association of India vice-president T. Raghunath Reddy said.

Reddy noted that credit guarantee extended by ECGC had enabled the industry to do well in the export market despite anti-dumping duties. Indian shrimp accounted for a third of US shrimp imports last year.

Marine Products Export Development Authority Deputy Director K. Venkatratnam said a turnover of Rs 7,245 crores (US$1.5 billion) for the industry in 2005-06 is expected thanks to various subsidy schemes launched to encourage infrastructure, research and development.