(MENAFN- KNN India)
New Delhi, Aug 3 (KNN)
In a significant boost to India's marine economy, seafood exports have witnessed a substantial growth of 30.81 per cent over the past four years, according to a report presented in the Rajya Sabha by Union Minister of State for Commerce and Industry, Jitin Prasada.
The value of seafood exports has risen from Rs. 46,662.85 Crore in 2019-20 to Rs. 61,043.68 Crore in 2023-24, showcasing the success of various government initiatives aimed at bolstering the sector.
Production and export figures over the last five years reveal a consistent upward trend. In 2019-20, production stood at 141.64 lakh tonnes with exports of 13.29 lakh tonnes.
By 2023-24, production is projected to reach 182.70 lakh tonnes with exports of 18.19 lakh tonnes. This steady growth demonstrates the sector's resilience and potential.
The government has set an internal target of USD 7.86 billion for seafood exports in 2024-25, demonstrating its commitment to further growth in the sector.
Several measures have been implemented to enhance India's competitiveness in the global seafood market. The Marine Products Export Development Authority (MPEDA) is providing assistance for infrastructure upgrades, establishing testing laboratories, and supporting aquaculture production for exports.
Additionally, the Budget 2024-25 announced reductions in import duties on various ingredients used in fish and shrimp feed production, making Indian seafood products more competitive internationally.
To further boost exports, the government has increased the Remission of Duties and Taxes on Export Products (RoDTEP)
from 2.5
per cent to 3.1 per cent for various seafood products, with a higher value cap per kg. This move is expected to encourage the export of such products and improve their global market position.
A cornerstone of the government's strategy is the Pradhan Mantri Matsya Sampada Yojana (PMMSY), a flagship scheme with an investment of Rs 20,050 crore over five years (2020-21 to 2024-25).
This comprehensive program aims to address critical gaps in the fisheries sector and promote exports by focusing on production, quality, infrastructure, and technology infusion.
Since 2020-21, the Department of Fisheries has made significant strides in developing cold chain infrastructure. Proposals worth Rs. 1,283.47 crore have been approved, including the construction of 586 new cold storages, modernisation of 78 existing facilities, and the provision of 26,588 post-harvest transportation units.
(KNN Bureau)
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