India Likely To Announce Subsidy For Turtle Excluder Devices In Fishing Nets

(MENAFN- KNN India) New Delhi, Mar 19 (KNN) The Union government is expected to introduce a subsidy scheme soon for installing turtle excluder devices (TEDs) in fishing nets.

This initiative aims to boost India's seafood industry, which suffered a significant setback when the US imposed a ban on wild-caught shrimp imports six years ago due to concerns over accidental turtle netting.

Sources within the seafood industry revealed on Tuesday (March 18) at a fisheries business meet organised by the Central Institute of Fisheries technology (CIFT) that the Union Ministry has strongly indicated support for the subsidy. The move is anticipated to encourage widespread adoption of TEDs among fishermen.

Under the scheme, the subsidy will be shared between the Union and State governments in a 60:40 ratio.

The financial support will assist in purchasing and installing TEDs, which were developed by CIFT two years ago and have received approval from US agencies. Each device costs around Rs 25,000.

The US ban on Indian wild-caught shrimp has led to an estimated loss of US$300 million annually for the country's seafood industry. Although wild-caught shrimp constitutes a smaller fraction of India's shrimp exports, it remains a premium product in international markets.

India's seafood exports stood at 17,81,602 tonnes in 2023-24, valued at US$7.38 billion (Rs 60,523.89 crore). Frozen shrimp was the dominant export, accounting for 40.19 per cent of the total quantity and 66.12 per cent of the US dollar earnings.

Speaking at the event, K. N. Raghavan, Secretary General of the Seafood Exporters Association of India, emphasized the need for India to enhance value addition in seafood processing.

He also called for an additional quarantine center in the country to reduce dependence on the single existing facility.

The subsidy scheme is expected to bolster India's seafood trade while addressing environmental concerns, paving the way for a more sustainable fishing industry.

(KNN Bureau)

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