India to temporarily lift import duties on shrimp broodstock and feed

Published 2022년 2월 11일

Tridge summary

India has temporarily suspended import duties on shrimp broodstock, aquafeeds, feed ingredients, frozen krill, squid, and mussels until May 1, 2022, in an effort to reduce production costs for shrimp farmers and boost exports. This decision, announced by Finance Minister Nirmala Sitharaman, aims to help the sector recover from challenges such as disease outbreaks, low prices, and logistical issues caused by the Covid-19 pandemic. The suspension of these duties, including a 10% duty on Vannamei and tiger shrimp broodstock and brine shrimp, a 15% duty on imported feed items, and a 5% duty on shrimp farm feed, is expected to increase import volumes and production. However, the impact on local feed companies, due to rising prices of key feed ingredients like soybeans, remains to be seen.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

India to temporarily lift import duties on shrimp broodstock and feed. India has suspended import duties on shrimp broodstock, aquafeeds and feed ingredients, but some in the industry are wary of the measure. Politicians hope that the temporary suspension of import duties will reduce production costs for shrimp farmers. India’s finance minister, Nirmala Sitharaman, told reporters at a press briefing that “tariffs are being reduced on certain inputs needed for shrimp farming to boost their exports.” Benefits will be valid for a set period – from February 2, 2022 to May 1, 2022. While this appears to be giving a boost to India’s shrimp sector, local reports say the industry is wary of the impact of these measures. Marine Products Export Development Authority (MPEDA) sources say the move should lower production costs for farmers struggling with disease outbreaks, low shrimp prices and logistical problems caused by the Covid-19 pandemic. Shrimp production in India depends on imports ...

Source: Fish Focus