India is seeking to double its income from seafood exports to US$14 billion by 2025 amid a sustained annual growth of 3% in the sector, according to Union Minister of State for Commerce and Industry Smt Anupriya Patel.
The country exported 1.36 million tonnes of seafood during 2021-22, earning an all-time record of $7.76 billion.
“In two years from now, we plan to achieve a target of 14 billion dollars,” Patel said after inaugurating the 23rd edition of India International Seafood Show (IISS) in Kolkota.
Highlighting that India is already among the world’s top five seafood-exporting countries, the minister said 17% of the country’s agricultural exports comprises fish and allied products.
“We are the world’s third-largest fish producer, second-largest aquaculture producer and fourth-largest seafood exporter,” she said at the start of the three-day event being organised by the Marine Products Export Development Authority (MPEDA) in association with the Seafood Exporters Association of India (SEAI).
The biennial showpiece event in the marine sector is being held amid the government’s attempt to boost seafood exports post-pandemic.
While noting duty concessions on the import of vital shrimp/fish feed ingredients announced in the Union Budget 2023-24, she highlighted the government’s measures towards protection of the interest of the country’s aqua farmers and the sector as a whole.
“We slashed the import duty from 15% to 5% for fishmeal/krill meal and vitamin premixes, whereas the duty has been halved to 15% for fish lipid oil and algal prime,” she said.
As for RoDTEP (Remission of Duties and Taxes on Exported Products), the minister said the flagship export promotion scheme has effected a favourable revision in both its rate and cap for a majority of the exportable fishery products.
The government has enhanced the RoDTEP rate and cap for frozen shrimp, which is the country’s principal foreign exchange earner, to 3.1% from 2.5% and Rs 42 from Rs 16, respectively.
She also said the 2020-introduced Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme plays a vital role in bringing about the so-called “blue revolution” through sustainable and responsible development of the fisheries sector in India, and that its investment of Rs 20,050 crore, will increase the country’s marine production capacity, productivity, intensification, diversification and exports.
Also at IISS, Rajesh Agrawal IAS, who is Additional Secretary to the Union Department of Commerce, said India should strive to double its contribution to 10% of the world’s marine seafood basket in a decade’s time.
“Such a vision can generate millions of jobs, raising the livelihood standards of the country’s aqua farmers,” he said.
Additionally, SEAI National President Mr Jagadish Fofandi called upon the government to speed up India’s moves for free trade agreements (FTAs) with countries of the European Union and the UK, as well as strengthening commercial ties with “friendly” countries such as Russia and Saudi Arabia.
