India’s Seafood Export Industry Booms with Government Support, Records 30.81% Growth

India's seafood industry has experienced remarkable growth, with exports increasing by 30.81% from 2019-20 to 2023-24 due to significant government initiatives. The export value is projected to reach Rs. 61,043.68 crore in 2023-24, reflecting sustained strategic efforts.

India's seafood industry has recorded a notable growth of 30.81% in exports from 2019-20 to 2023-24, driven by concerted government efforts. This has positioned India as a key player in the global seafood market, according to the Ministry of Commerce and Industry.

Production and exports of marine products have steadily increased over the past five years. In 2019-20, production was at 141.64 lakh tonnes and exports at 13.29 lakh tonnes. By 2023-24, production is projected to be 182.70 lakh tonnes, with exports expected to reach 18.19 lakh tonnes, showing resilience amidst the pandemic and beyond.

The export value of Indian seafood has also shown a significant upward trend. From Rs. 46,662.85 crore in 2019-20, it is projected to reach Rs. 61,043.68 crore in 2023-24. Major importers include the USA and China, with the USA accounting for the largest share by value at 34.53%.

The Marine Products Export Development Authority (MPEDA) has played a crucial role by upgrading facilities and participating in international trade fairs. Government initiatives have further enhanced competitiveness by reducing import duties on key ingredients and increasing export incentives under the RoDTEP scheme.

Initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) have modernized the fisheries sector, supporting cold chain infrastructure and reducing post-harvest losses, which indirectly boost exports. These efforts have expanded market reach to 132 countries, underscoring India's growing stature in the global seafood industry. (ANI)

(With inputs from agencies.)