India, already a major player in the global seafood industry, has set its sights on becoming an even more significant force in the sector. Anupriya Patel, India’s Minister of State for Commerce and Industry, unveiled an ambitious plan to propel the country’s seafood exports beyond USD 14 billion (EUR 13.2 billion) by 2025.
India, the world’s third-largest fish producer, second-largest in aquaculture, and fourth-largest seafood exporter, has been steadily increasing its seafood exports. Between 2016 and 2021, these exports recorded an impressive compound annual growth rate (CAGR) of 17.2 percent. In the fiscal year 2020-2021, India’s seafood export value more than doubled to USD 6.68 billion (EUR 6.3 billion) from USD 2.9 billion (EUR 2.7 billion) in 2010. For the fiscal year 2022, India is poised to reach USD 8 billion (EUR 7.6 billion) in total seafood exports, despite the global demand dampened by inflation, which has put some strain on the sector.
Minister Patel emphasized a keen focus on the U.S. market, expressing the government’s determination to regain market share there. This ambitious vision is backed by substantial investments and policy measures.
Starting from April 1st, the Indian government is injecting USD 271.7 million (EUR 256.5 million) into its Department of Fisheries, marking a notable 38.4 percent year-on-year increase. Furthermore, the fishery sector will benefit from USD 725 million (EUR 684.4 million) through the newly established Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a sub-scheme of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) program. This program, initiated in 2020, has already allocated USD 2.4 billion (EUR 2.3 billion) to promote sustainable and responsible development within India’s fisheries sector.
In addition to these financial commitments, the Indian government has slashed import duties on aquafeed, reducing taxes on fishmeal and vitamin premixes from 15 percent to 5 percent and taxes on fish oil and algal prime from 30 percent to 15 percent. The extension of the export-promotion scheme, the Remission of Duties and Taxes on Exported Products (RoDTEP), ensures that exporters receive refunds on certain taxes and duties, further incentivizing seafood exports.
To bolster India’s seafood promotion initiatives, a central quarantine facility has been established in Chennai, ensuring that shrimp shipments from the country meet stringent pathogen-free standards. Moreover, the Marine Products Export Development Authority (MPEDA) research unit, the Rajiv Gandhi Centre for Aquaculture, will receive funding for a black tiger shrimp Broodstock multiplication center pilot in Visakhapatnam.
As part of India’s commitment to enhancing seafood trade, a conference focused on harmonizing regulations for seafood trading is set to take place in the latter half of 2023, coinciding with India’s G-20 activities. This conference will bring together ambassadors from the top 20 markets for marine products, fostering discussions on improving trade regulations and export prospects for India’s thriving shrimp industry.
In tandem with these efforts, MPEDA has arranged approximately 40 virtual buyer-seller meetings with key trading partners, including Japan, China, Russia, the U.K., Vietnam, Germany, Malaysia, South Korea, Oman, Singapore, and Spain. These meetings aim to strengthen partnerships and expand India’s footprint in the global seafood market. With such substantial investments, policy adjustments, and strategic initiatives, India’s ambitious goal of becoming a USD 14 billion seafood export powerhouse by 2025 appears well within reach.
