Context:
India’s seafood exports have registered a growth of 30.81% from 2019-20 to 2023-24.
More on the news
- India’s seafood exports have increased from Rs. 46,662.85 Crore in 2019-20 to Rs. 61043.68 Crore in 2023-24 registering a growth of 30.81%.
- The country’s maritime production at the same time period from 2019-20 to 2023-24 stands at 809.52 lakh tonne.
- India exported a commendable 74.68 lakh tonnes of marine products over the past five years, with 2023-24 witnessing a projected record high of 18.19 lakh tonnes.
- To capitalize on this momentum, the government has set an ambitious export target of USD 7.86 billion for 2024-25.
- The reduction in import duties on various ingredients/inputs for the manufacture of prawn and shrimp feed/fish feed announced in Budget 2024-25 will make Indian seafood-based value-added products more competitive in international markets and help increase exports.
- The Government has also increased the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5% to 3.1% for various seafood products with a maximum value cap per kg increased to Rs. 69.00, to encourage the export of such products.
- The reduction of import duties includes
- from 15% to Nil on Fish lipid Oil & Algal prime (flour).
- from 5 % to Nil on Krill meal, Mineral and Vitamin Premixes.
- from 30% to Nil on Crude Fish Oil, pre-dust breaded powder
- from 15% to 5% on Prawn and shrimp feed and fish feed.
Government of India’s initiative for Seafood export promotion
Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- Launched in 2020, PMMSY is a comprehensive scheme aimed at addressing critical challenges across the seafood value chain.
- By investing in fish production, post-harvest infrastructure, technology, and quality control, the program seeks to enhance India’s seafood exports.
- For instance, PMMSY has allocated significant funds for developing modern fishing harbors, cold storage facilities, and seafood processing units.
Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
- Established in 2018, FIDF provides financial assistance for infrastructure development in both inland and marine fisheries.
- This includes projects such as construction of fish landing centers, aquaculture farms, and inland fisheries development.
- By improving the infrastructure, the scheme aims to increase fish production and reduce post-harvest losses, thereby enhancing the quality and quantity of seafood exports.
Fisheries Kisan Credit Card (KKC) Scheme
- Extended to the fishing and animal husbandry sectors in 2018-19, the Fisheries Kisan Credit Card Scheme offers credit facilities to fishermen and fish farmers.
- This financial support empowers them to invest in fishing equipment, boats, and aquaculture inputs, ultimately contributing to increased fish production and export potential.