India’s seafood exports increase 31% to Rs 61043.68 cr

Internal targets, used for monitoring purposes only, have been fixed at USD 7.86 billion for 2024-25, he said in a written response to the Upper House of parliament.

The minister told Rajya Sabha that the reduction in import duties on various ingredients /inputs for manufacture of prawn and shrimp feed/fish feed announced in Budget 2024-25 will make Indian seafood-based value-added products more competitive in international markets and help in increase of exports.

“The reduction of import duties include from 15% to Nil on Fish lipid Oil (HS 1504 20) & Algal prime (flour) (HS 2102 2000), from 5 % to Nil on Krill meal (HS 2301 20), Mineral and Vitamin Premixes (HS 2309 90 90), from 30% to Nil on Crude Fish Oil, from 15% to 5% on Prawn and shrimps feed (2309 90 31) and fish feed (2309 90 39), from 30% to Nil on pre-dust breaded powder,” he added.

The Centre has also increased the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5% to 3.1% for various seafood products and with maximum value cap per kg increased to Rs. 69.00, which will also encourage export of such products.

Furthermore, Centre’s Department of Fisheries is implementing flagship scheme namely Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment of Rs 20050 crore in fisheries sector for a period of 5 years i.e. FY 2020-21 to FY 2024-25 with an objective of promoting exports from the fisheries sector.

The scheme intends to address critical gaps in fish production and productivity, quality of catch/harvests, technology infusion, post-harvest infrastructure, modernization and strengthening of value chain, reduction of post-harvest losses, traceability etc.

Since 2020-21, the fisheries department has approved proposals to the tune of Rs 1283.47 crore for development of cold chain infrastructure under PMMSY which includes construction of 586 cold storages, modernization of 78 cold storages/ice plants and 26588 post-harvest transportation facilities.