Page 73 - IACC Newsletter January 2013 Issue no. 8 HD

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Kumar, an IIT graduate, was Delhi-based president and CEO of GE Transportation for South Asia. Before joining GE in
2003, Kumar founded a biotech start-up in Boston. He began his career as a McKinsey and Company management
consultant in its Atlanta and Delhi offices.
“As the company’s senior in-country leader, Kumar known as ‘Prat’ is responsible for leading the development and
implementation of the Boeing India strategy,” the statement said. He will coordinate business activities, align priorities,
expand the Boeing presence and develop, maintain and enhance local relationships and in-country partnerships with
India’s business and government stakeholders, it added.
President of Boeing International Shep Hill said, “Prat will focus on growing our business and build on Dinesh Keskar’s
outstanding accomplishments as president of Boeing India.”
US is largest importer of Indian seafood
After a gap of 10 years, the US became the largest importer of Indian seafood items in rupee value terms during the
April-September period (H1) of the current financial year (FY13), pushing the European Union (EU) to the second spot.
The US’s share in India’s seafood export kitty for H1 stood at 24.40 per cent, followed by the EU at 24.18 per cent,
according to the latest data released by the Marine Products Export Development Authority (MPEDA).
However, Indian exports recorded a positive growth in both volume and rupee value terms only to the US. In fact, India
suffered a serious setback in marine product exports in all its traditional markets in H1, except the US. While exports to
the US recorded a growth of 11.42 per cent in volume and 9.33 per cent in rupee value terms, shipments to the EU
dipped 11.27 per cent in volume, and Japan recorded a dip of 14.26 per cent, according to the MPEDA data. Among the
most serious drop was shipments to Japan, where exports dipped in all parameters — volume, rupee and dollar value.
Exports to China also recorded a setback as shipments dropped 33.09 per cent drop in volume terms. Total exports to
China during H1 FY13 stood at 21,488 tons, valued at Rs 435.41 crore against 32,116 tons valued at Rs 486.40 crore
during the same period last year.
On the quantity front, south East Asia became the biggest importer with 31 per cent of the total volume of exports,
followed by Europe with 20 per cent, the US 13 per cent and Japan with 10 per cent. This is mainly due to the bulk
export of low-value items, such as mackerel and Red fin broom to the south East Asian market.
Detection of ethoxyquin, an anti-oxidant used in shrimp feed above the permitted level had stalled shrimp exports to
Japan for weeks together in June and July that caused huge loss to exporters in Odisha and West Bengal. The issue is not
settled and India has sought intervention of the World Trade Organization (WTO) in sorting out it.
Global economic recession, especially in the Euro zone, is also a major reason for this set back. Implementation of new
import regulations and certification systems in markets such as China and Japan has also hurt exports.
US supports India's key role in maintaining regional stability
The US has said it supports India's "critical" role as a leader in maintaining regional stability and both have a common
interest in promoting global security and the free flow of global trade and commerce. "We have a shared interest in
promoting global security, stability, and economic prosperity through trade, investment and connectivity," the State
Department said in a background note on India released yesterday.
"The United States and India have a common interest in the free flow of global trade and commerce, including through
the vital sea lanes of the Indian Ocean," it said. "The US supports India's critical role as a leader in maintaining regional
stability. Security ties are robust and growing with bilateral defense and counter-terrorism cooperation reaching