India is aiming to double its seafood exports to $14 billion by 2025 from the FY22 level, Union minister of state for commerce and industry Anupriya Patel said in Kolkata.
The country exported 1.36 million tonne (MT) of seafoods during 2021-22, earning an all-time record of $7.76 billion. “In two years from now, we plan to achieve a target of $14 billion,” she said after inaugurating the 23rd edition of India International Seafood Show (IISS).
Noting that India is already among the world’s top five seafood-exporting countries,the minister said 17% of the country’s agricultural exports comprises fish and allied products. “We are the world’s third-largest fish producer, second-largest aquaculture producer and fourth-largest seafood exporter,” she pointed out at the start of the three-day event being organised by the Marine Products Export Development Authority (MPEDA) in association with the Seafood Exporters Association of India (SEAI).
The biennial showpiece event in the marine sector is being held amid the government’s attempt to regain buoyancy in seafood exports in the post-pandemic phase.
Noting duty concessions on the import of vital shrimp/fish feed ingredients announced in the Union Budget 2023-24, Patel said he government’s measures towards protection of the interest of the country’s aqua farmers and the sector as a whole. “We slashed the import duty from 15% to 5% for fish meal/krill meal and vitamin premixes, whereas the duty has been halved to 15% for fish lipid oil and algal prime,” she said.