India’s seafood exports have seen significant growth, rising from Rs 46,662.85 crore (US$ 6.62 billion) in 2019-20 to Rs 61,043.68 crore (US$ 7.37 billion) in 2023-24, an increase of 30.81%. The government actively monitors export performance, setting an internal target of US$ 7.86 billion for 2024-25. The Marine Products Export Development Authority (MPEDA) supports the industry by enhancing infrastructure, establishing testing labs, and providing technical assistance for aquaculture aimed at exports. Recent budget changes have reduced import duties on key ingredients for seafood production, making Indian products more competitive internationally.
Additionally, the Remission of Duties and Taxes on Export Products (RoDTEP) has increased from 2.5% to 3.1%, further promoting seafood exports. The government is also implementing the Pradhan Mantri Matsya Sampada Yojana (PMMSY), investing Rs 20,050 crore (US$ 2.42 billion) over five years to improve fish production, quality, and infrastructure. This includes cold storage facilities and transportation funding to reduce post-harvest losses and strengthen the seafood value chain.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.