India to temporarily waive import duties on shrimp broodstock and aquafeed

Published 2022년 2월 3일

Tridge summary

India's finance minister, Nirmala Sitharaman, announced a series of duty reductions to support the country's shrimp aquaculture sector, effective from February 2, 2022, to May 1, 2022. The measures include reduced duties on shrimp broodstock, live feed, and formulated aquafeed, aiming to lower production costs for farmers and enhance export competitiveness. The budget also eliminates import duties on certain feed components, such as larval seeds, artemia, frozen krill, squid, and mussels, to lower the cost of feeding shrimp and improve production efficiency. The suspension of a 5% duty on shrimp aquafeed is expected to further reduce operating expenses for shrimp farmers, although the impact on local feed manufacturers remains to be seen.

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Original content

India’s finance minister Nirmala Sitharaman told reporters in a press briefing that, “duty is being reduced on certain inputs required for shrimp aquaculture so as to promote its exports.’’ The fee reductions are being applied to shrimp broodstock, live feed used in hatcheries and formulated aquafeed used at conventional shrimp farms. The concessions will be in place for a set period – from 2 February 2022 to 1 May 2022. Though this appears to give India’s shrimp sector a boost, local reporting says that industry members are cautious about the impacts of the measures. Sources in the Marine Products Export Development Authority (MPEDA) say that the move should bring down production costs for farmers who have been contending with disease outbreaks, depressed shrimp prices and logistical issues stemming from the Covid-19 pandemic. India’s shrimp industry is reliant on imported larval seeds, artemia and shrimp broodstock. The previous import duty on broodstock of Vannamei and Tiger ...

Source: Thefishsite