India’s seafood exports surge over 30 per cent in four years: GOI
The export is expected to reach Rs 61,043.68 Crore in 2023-24
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India has witnessed a remarkable surge in its seafood exports, marking an increase of over 30 per cent in the past four years. According to recent data from the Ministry of Commerce and Industry, exports have risen from Rs 46,662.85 crore in 2019-20 to an impressive Rs 61,043.68 crore in 2023-24. The production of marine products has consistently increased. In 2019-20, production stood at 141.64 lakh tonnes, which rose to a projected 182.70 lakh tonnes in 2023-24. Correspondingly, exports have also shown a steady upward trend, growing from 13.29 lakh tonnes in 2019-20 to 18.19 lakh tonnes in 2023-24.
The Indian government's proactive measures have played a crucial role in this growth. The Marine Products Export Development Authority (MPEDA) has been instrumental in enhancing infrastructure, establishing testing laboratories, and participating in international trade fairs. To further encourage seafood exports, the government has increased the RoDTEP rates from 2.5per cent to 3.1 per cent for various seafood products. The maximum value cap per kilogram has also been raised to Rs 69.00, providing an additional incentive for exporters and enhancing the overall export performance.
Additionally, the reduction in import duties on various ingredients for prawn and shrimp feed announced in the 2024-25 budget is expected to further boost competitiveness. These reductions include significant cuts on fish lipid oil, algal prime, krill meal, mineral and vitamin premixes, crude fish oil, prawn and shrimp feed, and fish feed. This move will likely make Indian seafood-based products more attractive in international markets, fostering increased exports.
The Pradhan Mantri Matsya Sampada Yojana (PMMSY), a flagship scheme of the Department of Fisheries, has been a cornerstone in promoting the fisheries sector. With an investment of Rs 20,050 crore over five years, the scheme addresses critical gaps in fish production, post-harvest infrastructure, and value chain modernisation.
