Blue Economy Current Affairs - 2019

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India inks pact with Seychelles to curb black money

India has inked an information exchange agreement on tax matters with Seychelles in order to curb tax evasion and boost its efforts to fight against black money.

The agreement was signed after talks between Prime Minister Narendra Modi and his counterpart Seychelles President James Alix Michel who is on three days visit to India.

This pact will help India to curb tax evasion and also pave way for mutual assistance between the authorities of both nations to take action against suspected tax evaders along with other related matters.

It should be noted that, this Indian Ocean island nation for long time was perceived as one of the preferred offshore havens for routing of funds though the foreign direct investments  (FDIs) were being small at just about 1,100 crore rupees over the last 15 years.

Other 5 MoUs/Agreements signed are

  • Presentation of Navigational chart related to Aldabra Island:  This island is the world’s second largest coral atop which is extremely isolated, making it virtually untouched by human. It is home to the world’s largest population of giant tortoises.
  • Air Services Agreement: It will enable more and easier connections between both nations and help to expand cooperation in space, weather forecasting and disaster management, marine resources and fisheries advisory.
  • MoU to provide one Dornier Maritime Aircraft: India will gift Seychelles one Dornier Maritime Aircraft for maritime security.
  • MoU for Cooperation in agricultural research and education: It was signed between between Indian Council of Agricultural Research (ICAR) and Seychelles Agricultural Agency.
  • Protocol on framework of cooperation in the field of Blue Economy

India’s Seafood exports touch all time high of Rs 33,441 crore

India’s seafood exports touched an all-time high at 33,441 crore rupees during the financial year 2014-15. The data was released by Marine Products Export Development Authority (MPEDA).

As per data the marine product exports from the country have crossed all time high breaking previous records in quantity, rupee value and dollar terms.

The quantity of seafood products exported from India were 10.51 lakh tons during 2014-15. It has increased by 6.86 per cent compared to previous financial year 2013-14.

Of the total seafood exports, frozen shrimps have continued to be the flagship product which accounted for 67 per cent earning of the total value.

Among states, Gujarat was ranked at the first place in terms of quantity, while Andhra Pradesh was ranked at first place in terms of value of exports. Kerala ranked at second place, both in terms of quantity and value of exports.

United States has continued to be the largest market for Indian seafood products accounting 26.46 per cent share of total exports.

About Marine Products Export Development Authority (MPEDA)

  • MPEDA is a state owned company headquartered in Kochi.
  • Established in 1972 under the Marine Products Export Development Authority Act (MPEDA), 1972.
  • It functions under the aegis of Union Ministry of Commerce and Industry as a nodal coordinating agency with different Central and State Government establishments engaged in fishery production and allied activities.
  • Role of MPEDA: increasing exports of sea food including fisheries of all kinds, specifying standards, marketing, processing, extension and training in various aspects.