The largest market for Bhubaneswar-based Tara Ranjan Patnaik’s seafood export business also happens to be the country worst affected by Covid-19. The United States has seen 8.9 lakh confirmed cases and over 51,000 deaths. That has resulted in large-scale closures of restaurants, Patnaik’s biggest customers in the US. “Demand has fallen by 50% since last month. The restaurants there still have a lot of stock of seafood,” says Patnaik. What’s adding to his woes are some of his shipments of fish and shrimp lying unclaimed at ports and his payments being delayed. “Around $15-16 million is stuck.” With the easing of restrictions on some commercial activities from April 20, Patnaik has reopened one of his five processing plants across Odisha and West Bengal. He will open two more in early May but will operate them at a quarter of their capacity, one key reason for which is the lack of takers for products. “This year is ruined. We are now thinking how to minimise our losses.” Patnaik’s problems reflect the worries of Indian exporters at large. While the limitations on manufacturing are likely to be gradually lifted in the coming weeks, if the slowing growth of infections in India holds,… Read full this story
- India-US trade deal will happen 'pretty quickly': US
- Commerce Secretary Wilbur Ross says India needs to take 'decisive action' for a trade deal with the US
- Recent Indian e-commerce diktat last straw for Trump, cancels $5.6 billion in trade concessions
- Morning News Call - India, October 3
- Did Vandals Steal Gandhi’s Ashes from an Indian Memorial?
- Can Indian Manufacturing Be the Next Chinese Manufacturing?
- I visited a dog meat market
- Morrison warns against 'negative globalism' in foreign policy speech
- Wal-Mart-owned Sam's Club limits rice purchases amid supply fears
- Voice of the People for Nov. 10, 2010
Trade is off: Why Modi govt's lockdown leeway is poor consolation for India's exporters have 291 words, post on economictimes.indiatimes.com at April 25, 2020. This is cached page on Vietnam Colors. If you want remove this page, please contact us.