Small country ahead of India in exports - What is the initiative taken by the central government?
India has seen tremendous growth in shrimp farming and export.
China and the US have been competing to import seafood from India.
Exporters were struggling to meet the needs of both of them at one time.
The volume of orders kept increasing.
At the same time, a small country called Ecuador started investing in shrimp farming.
The country, which embarked on international standard shrimp farming and export, saw a growth of 88 percent in a year.
It easily captured the US market due to its proximity and lower cost of production.
China also left India and approached Ecuador because of low prices.
As a result, shrimp exports in India saw a major decline.
Many shrimp farmers suffered losses.
This situation was explained to the central government.
Import duty on shrimp feed has been reduced in the recent budget announced by the central government.
Due to this the cost of production decreased.
Most of the shrimp feed is imported.
Now that the prices have come down, countries like America and China have again started placing orders to India.
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