An estimated $1.8 trillion worth of fish and seafood products are shipped through Indian ports every year.
But there’s still a big question mark over whether it’s working.
Fish therapy, a term used to describe the process of treating fish with chemical treatments, has been around for more than 20 years.
However, it’s largely been a niche product for a few countries like India.
In 2018, the Food and Drug Administration (FDA) proposed regulations that would allow Indian fish and wildlife companies to export the therapy to other countries and to consumers in the U.S.
The proposal has received strong support from the industry, but it remains to be seen whether it will have an impact on the broader seafood market.
India’s fish and marine industry is a relatively small part of the overall seafood market, but the industry has been one of the fastest-growing industries in India since the country gained independence from British rule in 1947.
The industry accounts for about $500 billion of India’s gross domestic product.
A lack of regulations and regulatory gaps mean that many fish therapy products are imported illegally from abroad.
While the FDA’s proposed regulations may change that, it still has a long way to go to be a game changer.
Read more: India’s fish therapy boom comes at a critical time for the industryIt’s not the only industry that’s in need of reformThe FDA’s proposal comes at an opportune time for fish therapy.
In the past year, the fish therapy market in the country has grown dramatically.
In June 2018, India’s largest fish processor, The Fishermen’s Company, said it would invest $150 million in the industry to improve its quality and productivity.
The company’s move helped push the market value of the therapy industry to more than $1 trillion by the end of 2019.
While there’s a lot of uncertainty over the potential regulatory hurdles, the FDA has a proven track record of making progress.
It has issued regulatory filings that have set the stage for regulatory reforms and regulatory reforms have been a major driver of the industry’s growth.
In April 2018, for example, the agency proposed new standards for the use of antibiotics and other biologics in the fish and aquarium trade.
It also introduced an international framework for the international sale of fish therapy in 2020.
“It’s a major step in the right direction for the seafood industry, and there are certainly other countries where it could work,” said Rakesh Bhagat, CEO of the Centre for Sustainable Fisheries.
But the FDA hasn’t always been able to move fast enough.
In November 2018, it approved an application from a pharmaceutical company to produce an artificial anti-inflammatory medication that could be used to treat fish and aquatic mammals.
The FDA said the medication could help prevent infection and help fish to recover faster.
But for now, the process is far from finalized.
The regulatory filings and the approval from the FDA have not made it clear how the medication will be made and how it will be marketed in the United States.
The FDA has taken a cautious approach to regulating the therapy since its inception in the 1970s, according to the World Bank.
In 2009, the government introduced new rules that would give regulators more power to crack down on unscrupulous businesses.
However the drug application that led to the FDA approval remains pending.