India's Fisheries Sector Receives Over Rs 2600 Cr Fund In Budget 2024-25

(MENAFN- KNN India) New Delhi, Jul 24 (KNN) The Indian government has announced a significant increase in budget allocation for the fisheries sector in the Union Budget 2024-25.

This move highlights the sector's growing importance in India's economy and its potential for future growth.

Finance Minister Nirmala Sitharaman revealed a 54 per cent increase in the overall budget for the Department of Fisheries, reaching Rs. 2,616.44 crore for 2024-25.

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme saw a 56 per cent boost, with Rs. 2,352 crore allocated for the upcoming fiscal year.

India, the world's second-largest fish producer, contributes about 8 per cent to global fish production. The sector has shown remarkable growth, averaging 8.9 per cent over the past decade.

Key budget measures include establishing Nucleus Breeding Centres for shrimp brood stocks, facilitating financing through NABARD, providing concessional finance support under the Fisheries Infrastructure Development Fund, and reducing import duties on crucial inputs.

The government's focus on the shrimp industry is notable, given its substantial contribution to seafood exports. Shrimp exports have grown from Rs. 8,175 crore in 2011 to Rs. 40,013 crore in 2023-24.

A National Co-operation Policy was also announced, aimed at empowering fishers and fish farmers by facilitating better organization and market linkages.

These interventions are expected to catalyse the sector's growth, enhance productivity, and strengthen India's position in the global fisheries market.

With over 30 million people dependent on this sector for their livelihoods, these measures are likely to have significant socio-economic impacts.

As India aims for developed nation status by 2047, the fisheries sector is set to play a crucial role in this transformative journey.

(KNN Bureau)

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