INDIA: Seafood exporters are wary that the Greece crisis might have a ripple effect on the European Union market, which accounts for a major share of India’s marine exports.“The EU is already passing through a recessionary phase. If exports to the EU shrink, impact on exporters is inevitable.
The debt crisis in Greece will definitely have a ripple effect on the EU,” said Gorachand Mohanty, president, Seafood Exporters Association of India (SEAI), Odisha region. During the financial year 2014-15, exports from India reached an all time high of $5,511 million. In the same year, exports to the EU have grown 7.64 per cent, 9.56 per cent and 9.22 per cent in terms of quantity, rupee and dollar, respectively, in 2014-15.
Greece last Tuesday had failed to make a scheduled debt repayment of about € 1.5 billion, or $1.7 billion, to the International Monetary Fund.
