India’s seafood exports increased by over 30 percent in last four years, stand at Rs. 61043.68 Crore in 2023-24

As a result of the various efforts made by the Government, India’s seafood exports have increased from Rs. 46,662.85 Crore in 2019-20 to Rs. 61043.68 Crore in 2023-24 registering a growth of 30.81%.

The total production and total export of marine products in the past five years, year-wise, are given in the table below:-

                   Source: DGCIS , and Department of Fisheries, GoI

                  ** Projected

The Government regularly monitors and reviews export performance, including that of marine products, along with export promotion bodies and the Indian missions abroad with the objective of enhancing exports vis-a-vis previous year. Internal targets are used for monitoring purpose only, and have been fixed at USD 7.86 billion for 2024-25.

The Government through Marine Products Export Development Authority (MPEDA), a statutory organization under administrative control of Department of Commerce provides assistance for upgrading the infrastructure facilities for value addition, establishing testing laboratories, participating in international trade fairs, and providing technical assistance for aquaculture production meant for exports, etc.

The reduction in import duties on various ingredients /inputs for manufacture of prawn and shrimp feed/fish feed announced in Budget 2024-25 will make Indian seafood-based value-added products more competitive in international markets and help in increase of exports. The reduction of import duties include from 15% to Nil on Fish lipid Oil (HS 1504 20) & Algal prime (flour) (HS 2102 2000) , from 5 % to Nil on Krill meal (HS 2301 20), Mineral and Vitamin Premixes (HS 2309 90 90), from 30% to Nil on Crude Fish Oil, from 15% to 5% on Prawn and shrimps feed (2309 90 31) and fish feed (2309 90 39), from 30% to Nil on pre-dust breaded powder.

The Government has also increased the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5% to 3.1% for various seafood products and with maximum value cap per kg increased to Rs. 69.00, which will also encourage export of such products.

Furthermore, the Department of Fisheries, Govt. of India is implementing flagship scheme namely Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment of ₹20050 crore in fisheries sector for a period of 5 years i.e. FY 2020-21 to FY 2024-25 with an objective of promoting exports from the fisheries sector. The scheme intends to address critical gaps in fish production and productivity, quality of catch/harvests, technology infusion, post-harvest infrastructure, modernization and strengthening of value chain, reduction of post harvest losses, traceability etc. Since 2020-21, the Department of Fisheries, Government of India has approved proposals to the tune of Rs. 1283.47 crore for development of cold chain infrastructure under PMMSY which includes construction of 586 cold storages, modernization of 78 cold storages/ice plants and 26588 post-harvest transportation facilities.