(MENAFN- KNN India) New Delhi, Oct 14 (KNN) Targeted incentives can play a key role in driving growth and sustainable development in India's deep-sea and offshore fishing industry, according to a new NITI Aayog report titled“India's Blue Economy: Strategy for Harnessing Deep-Sea and Offshore Fisheries.”

Released on Monday by NITI Aayog member Ramesh Chand, the report stresses that subsidies should be minimal, time-bound, and phased out as soon as possible to promote efficiency and long-term sustainability.

The report identifies six major policy areas essential for transforming the sector. These include overhauling policies and regulations, strengthening institutional frameworks and capacity building, modernising fleets and infrastructure, promoting sustainable fisheries management, mobilising financial resources, and enhancing community participation and partnerships.

Recognising the capital-intensive nature of deep-sea fishing, the report emphasises inclusive fleet development through support for fisher cooperatives and cluster-based models.

This approach aims to encourage shared ownership, collective operations, and better access to modern technologies.

It also highlights the need for clear investment priorities and monitoring systems to ensure ecological balance alongside economic progress.

The report provides an indicative costing framework divided into three phases - Phase 1 (2025–28) focuses on laying the foundation and fostering early growth; Phase 2 (2029–32) targets scaling up operations and achieving global competitiveness; and Phase 3 (2033 onwards) aims for global leadership in sustainable deep-sea fisheries.

Building on the strong growth trajectory of India's fisheries sector, the roadmap offers a comprehensive plan to strengthen governance, foster innovation, and empower coastal communities.

Through coordinated efforts in policy reform, infrastructure development, financing, and sustainability, the initiative seeks to position India as a global leader in sustainable deep-sea fisheries, contributing significantly to the nation's Blue Economy vision.

(KNN Bureau)

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