NEW DELHI: Andhra Pradesh chief minister N Chandrababu Naidu has sought a moratorium on loan and interest repayments for aqua sector companies, financial support for exporters, a Rs 100-crore corpus fund, and cold storage facilities to help the sector cushion the blow from the steep rise in US tariffs on Indian imports.
Highlighting the loss from increase in US tariffs, Naidu said India's shrimp exports have taken a hit of about Rs 25,000 crore with about 50% of export orders cancelled.
Further, the tariff burden of Rs 600 crore has impacted 2,000 containers exported.
In letters to finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal, and fisheries minister Rajeev Ranjan Singh, Naidu on Monday made a case for bank support for exporters and aqua companies in the form of a 240-day moratorium on loan and interest repayments, interest subsidies and a temporary waiver of the 5% goods and services tax (GST) on frozen shrimp.
He stressed on diversifying the export market beyond the US, and added that India should execute free trade agreements (FTAs) with the EU, South Korea, Saudi Arabia and Russia to boost exports.
He has also asked the Centre to run dedicated trains for transporting aqua products from southern India to other parts of the country.
To increase domestic demand for seafood, Naidu suggested conducting "awareness campaigns to promote seafood consumption, pointing out that aqua products are rich in protein..."
Seafood consumption in India stands at 12-13 kg every year compared with the global average of 20-30 kg.
Andhra Pradesh has already taken steps to promote domestic consumption of seafood, such as reducing the maximum retail price of aqua feed by Rs 9 per kg. It is also considering subsidising the supply of transformers. The state accounts for 80% of the country's shrimp exports and 34% of marine exports, with shipments valued at about Rs 21,246 crore annually.
Highlighting the loss from increase in US tariffs, Naidu said India's shrimp exports have taken a hit of about Rs 25,000 crore with about 50% of export orders cancelled.
Further, the tariff burden of Rs 600 crore has impacted 2,000 containers exported.
In letters to finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal, and fisheries minister Rajeev Ranjan Singh, Naidu on Monday made a case for bank support for exporters and aqua companies in the form of a 240-day moratorium on loan and interest repayments, interest subsidies and a temporary waiver of the 5% goods and services tax (GST) on frozen shrimp.
He stressed on diversifying the export market beyond the US, and added that India should execute free trade agreements (FTAs) with the EU, South Korea, Saudi Arabia and Russia to boost exports.
He has also asked the Centre to run dedicated trains for transporting aqua products from southern India to other parts of the country.
To increase domestic demand for seafood, Naidu suggested conducting "awareness campaigns to promote seafood consumption, pointing out that aqua products are rich in protein..."
Seafood consumption in India stands at 12-13 kg every year compared with the global average of 20-30 kg.
Andhra Pradesh has already taken steps to promote domestic consumption of seafood, such as reducing the maximum retail price of aqua feed by Rs 9 per kg. It is also considering subsidising the supply of transformers. The state accounts for 80% of the country's shrimp exports and 34% of marine exports, with shipments valued at about Rs 21,246 crore annually.
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