Finance
Odisha is poised to become a major hub for the ‘Blue Economy’ thanks to a new trade agreement between India and the United States. The agreement, which lowers duties on Indian seafood exports, is likely to boost demand for Odisha’s shrimp, fish, and other marine items in the American market, according to Chief Minister Mohan Charan Majhi.
In a social media post, Chief Minister Majhi remarked that the pact will revitalize Odisha’s marine food industry, transforming the state into a significant hub for the ‘Blue industry’.
The agreement is likely to open up new chances for Odisha’s seafood exporters, as the US is one of the main markets for Indian seafood. This move is likely to benefit the state’s coastal region, with fishermen and farmers expected to see an increase in income. The reduction in tariffs will make Indian seafood more competitive in the US market.
Taking to his X handle, CM Majhi wrote: “The new trade agreement between India and America will give a fresh identity to Odisha’s marine food economy. Due to tariff reductions, the demand for Odisha’s shrimp, fish, and marine foods in the American market will increase. Through this, along with an increase in the income of our coastal region’s fishermen and farmers, Odisha will transform into a major hub for the ‘Blue Economy’.
