India's seafood export industry has experienced remarkable growth, with exports rising from Rs 46,662.85 crore (US$ 6.62 billion) in the fiscal year 2019-20 to Rs 61,043.68 crore (US$ 7.37 billion) in 2023-24. This increase of 30.81% reflects the sector's burgeoning success on the global stage and highlights India's growing significance in the international seafood market.

Government Targets and Support

To sustain this momentum, the government has set an internal target of US$ 7.86 billion for seafood exports in the fiscal year 2024-25. This ambitious goal underscores the government's commitment to further enhancing the sector's global competitiveness. The Marine Products Export Development Authority (MPEDA) plays a crucial role in this endeavor by supporting the industry through various initiatives. MPEDA's efforts include:

Infrastructure Enhancement: Developing and upgrading essential infrastructure to support seafood production and export.

Testing Labs: Establishing state-of-the-art testing laboratories to ensure the quality and safety of seafood products.

Technical Assistance: Providing technical support for aquaculture practices aimed at boosting export potential.

Policy Changes and Economic Incentives

Recent budget adjustments have introduced several policy changes designed to strengthen India's position in the global seafood market:

Reduced Import Duties: Import duties on key ingredients necessary for seafood production have been lowered, making Indian seafood products more competitive internationally.

RoDTEP Increase: The Remission of Duties and Taxes on Export Products (RoDTEP) rate has been increased from 2.5% to 3.1%, providing additional financial incentives for exporters and further enhancing their competitiveness.

Also Read : Government Implements 5% IGST on Aircraft Parts to Boost India's MRO Industry

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

In addition to these measures, the government is actively implementing the Pradhan Mantri Matsya Sampada Yojana (PMMSY). This flagship scheme is a Rs 20,050 crore (US$ 2.42 billion) initiative aimed at transforming the fishery sector over a period of five years. Key components of PMMSY include:

Improvement in Fish Production: Investing in technologies and practices to increase fish production.

Quality and Infrastructure Enhancement: Upgrading infrastructure such as cold storage facilities and improving transportation to reduce post-harvest losses.

Strengthening the Seafood Value Chain: Enhancing various stages of the seafood value chain to ensure better quality and efficiency.

Conclusion: A Bright Future for India's Seafood Exports

The significant growth in India's seafood exports, coupled with targeted government initiatives and supportive policies, positions the country as a key player in the global seafood market. With the government's focus on enhancing infrastructure, reducing duties, and investing in sectoral growth through programs like PMMSY, the future of India's seafood industry looks promising. The continued support and strategic investments are expected to drive further success and help achieve the ambitious export target of US$ 7.86 billion for 2024-25.

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