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Business Standard
33 minutes ago
- Business Standard
India misses Rs 1-trillion marine export target set under PMMSY by FY25
India's marine exports have fallen short of the ambitious target of exporting products worth Rs 1 trillion under the flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) by FY25, owing to a global economic slowdown, compliance issues, infrastructure bottlenecks, policy gaps, and a lack of product diversification, experts said. Experts attribute inflation in major importing nations as one of the reasons for reduced demand for marine products. 'Export volumes were greatly hurt by inflationary pressures and decreased consumer spending, particularly in the United States, European Union, and Japan,' said S S Raju, Principal Scientist at the Central Marine Fisheries Research Institute (CMFRI). Additionally, the stringent quality standards set by importers have hurt the sector. 'Consignment rejections and delays were caused by problems with antibiotic residue, traceability, and certification requirements,' said Raju. Launched in 2020, the Pradhan Mantri Matsya Sampada Yojana aimed to double India's marine export earnings to Rs 1 trillion by FY25 from the 2018–19 baseline, as per the official website of PMMSY. The scheme 'envisages to enhance fisheries exports to Rs 1 lakh crores by 2024–25,' Fisheries Minister Rajiv Ranjan Singh reiterated in a written reply in Parliament in August 2024. The original baseline export figure for 2018–19 was cited as Rs 46,589 crore, which was later revised to Rs 46,613.03 crore by the Marine Products Export Development Authority (MPEDA). In the Union Budget for FY25, the government allocated Rs 2,352 crore towards PMMSY, which was 89.8 per cent of the total allocation (Rs 2,616.44 crore) made for the Department of Fisheries. The shortfall comes at a time when India's fisheries sector is staring at a fresh crisis. The United States (US) — the largest export destination for India's marine products — may impose retaliatory tariffs starting 9 July. India is currently engaged in bilateral trade talks with the US to avert the impending duty hike. If the tariffs come into effect, 'a billion-dollar sector could be upset by this approach since American consumers might cut back on imports or look for other suppliers,' said Raju. Rajamanohar Somasundaram, founder of Aquaconnect, explained the policy gaps in aquaculture. While the Kisan Credit Card (KCC) scheme addresses the working capital needs of traditional agriculture, its credit limits often fall short for aquaculture farmers, whose capital requirements are significantly higher, said Somasundaram. Besides these, infrastructure bottlenecks continue to cripple the sector. In many coastal states, harbours, processing facilities, and cold chain infrastructure are still operating below capacity, said Raju. Exporters also face issues such as high freight costs and a scarcity of containers. 'Shipment delays and higher transportation expenses made it harder to compete in global markets,' he added. Experts and market participants call for both product and export market diversification. Frozen shrimps account for 66 per cent of total marine export value, according to the Ministry of Commerce and Industry. 'Because of this over-reliance, the industry is more vulnerable to changes in the market or disease outbreaks,' said Raju. Echoing a similar sentiment, Somasundaram believes in 'diversifying both our product portfolio and export markets, backed by a value-driven strategy such as promoting high-potential species and deepening our presence in underpenetrated regions like the Middle East and South Korea.' Despite these concerns, marine product exports saw a jump of 20.8 per cent in April 2025. The country exported these products worth Rs 4,981 crore in April 2025, compared to Rs 4,122 crore during the same period a year ago, government data showed. Emails and queries sent to the Ministry of Fisheries and MPEDA did not elicit a response till the time of going to press.
Time of India
34 minutes ago
- Time of India
Want a Canadian degree? Prove you can afford ₹14 lakh, or no entry from September
Indian students must show Rs. 14 lakh in their accounts for living expenses in Canada. Planning to head to Canada for higher studies? You'll need more than just good grades and a college offer. Starting September 1, 2025, international students—including thousands from India—must show they have at least CAN $22,895 (roughly ₹14 lakh) in their bank account just to qualify for a study permit. That's a CAN $2,000 hike from the current requirement. The announcement, made by Immigration, Refugees and Citizenship Canada (IRCC), means that dreaming of a degree in Canada now comes with a serious financial checkpoint. Bigger wallet, stricter rules This change applies to all international students applying to schools outside Quebec. The government says it's simply aligning visa requirements with the actual cost of living in Canada—which, let's face it, hasn't exactly been getting cheaper. So, if you're applying for a study permit on or after September 1, make sure you've got the revised amount in hand. Submitting your application before that? You're still covered under the old rule of CAN $20,635. Bringing family? Bring more money Moving with family? Your proof of funds just got even more expensive. Here's the updated breakdown: 2 people: CAN $28,502 3 people: CAN $35,040 4 people: CAN $42,543 Each additional family member adds another CAN $6,170 to the total. Translation: Canada wants to make sure your entire household can survive the snow and the rent. No vague promises: Canada wants hard proof You can't just say you'll 'figure it out' once you land. IRCC has made it clear: no funds, no visa. Here's what they'll actually accept as proof: A Canadian bank account in your name A Guaranteed Investment Certificate (GIC) An education loan letter from a bank Recent bank statements (last 4 months) A bank draft convertible to Canadian dollars A formal letter from whoever's sponsoring you Proof of scholarship or Canadian government funding In short, your financial paperwork needs to be airtight. Show the money before you show up If you're serious about Canada, get your financial documents ready—especially if you're applying after September 1. The updated rules are non-negotiable. One missing document or shortfall in funds could mean no study permit. This isn't a deterrent, says IRCC. It's a reality check. Canada still wants bright, driven international students—it just wants to make sure they can actually afford to live there once they arrive. So before you book your ticket or dream of sipping Tim Hortons on a snowy campus, ask yourself: Got ₹14 lakh ready to go? Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Time of India
37 minutes ago
- Time of India
Cement demand FY26: Real estate push, PMAY likely to sustain cement demand growth
This is an AI-generated image, used for representational purposes only. Strong real estate activity backed by government housing schemes such as the Pradhan Mantri Awas Yojana (PMAY) is expected to keep cement demand buoyant in FY26, said a report by Axis Securities. The report projects a 7-8 per cent growth in cement demand this fiscal, underpinned by increased infrastructure development and continued construction activity. According to news agency ANI, large-scale construction efforts under various government programmes are expected to fuel sustained demand for building materials, particularly cement, which plays a vital role in housing and infrastructure. 'The projected growth in the real estate market, coupled with the government's major housing initiatives such as PMAY, is expected to sustain the momentum in cement demand,' the report stated. After a slow start in Q1FY25 with just 2-3 per cent year-on-year growth, the cement sector rebounded strongly in the latter half of the fiscal year. Demand picked up in Q3 and Q4FY25, registering high single-digit growth, and this positive momentum is likely to continue into Q1FY26, driven by higher government capital expenditure and a seasonal uptick in real estate activity. Core sector data from the central government supports this trend, showing an 8 per cent year-on-year increase in cement output during April-May 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is your tinnitus getting worse? Do this immediately (Watch) Hearing Magazine Undo Historically, Q4 and Q1 are peak periods for cement consumption due to favourable weather and accelerated construction efforts. Earlier, India's cement industry saw a 9 per cent growth in volumes in May 2025, reaching 39.6 million metric tonnes (MT). Cement dispatches in April and May combined rose 8 per cent year-on-year to 78.7 million MT. ICRA expects full-year volumes to reach 480–485 million MT in FY26, compared to 453 million MT in FY25. Average cement prices rose 8 per cent year-on-year to Rs 360 per 50-kg bag in May, after a 7 per cent price drop last fiscal. This price recovery, combined with a favourable cost environment, is likely to boost profitability. ICRA estimates operating margins for cement firms could rise by 80–150 basis points to 16.3–17.0 per cent in FY26. Cost pressures have also eased. Coal prices in June dropped 19 per cent year-on-year to $100/MT, while petcoke fell 2 per cent to Rs 10,880/MT. Diesel prices have remained steady at Rs 88/litre. While intense competition may limit pricing power, Axis Securities believes cement manufacturers will benefit from strong volume growth, driven by real estate and infrastructure momentum. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
