Finance Minister Nirmala Sitharaman presented the interim budget for 2024 in Parliament on Thursday, unveiling a series of initiatives aimed at bolstering the fisheries sector and generating employment opportunities.
Sitharaman’s announcements included plans to elevate the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to enhance aquaculture productivity, with the ambitious goal of doubling seafood exports to Rs 1 lakh crore.
Highlighting the government’s commitment to supporting the fisheries industry, Sitharaman noted the establishment of a dedicated Department for Fisheries, which has contributed to a significant increase in both inland and aquaculture production.
Inland fish production has surged from 61 lakh tonnes in 2013-14 to 161 lakh tonnes, positioning India as the third-largest fish producer globally, with an 8% contribution to total global fish production.
Under the PMMSY, the government aims to raise aquaculture productivity from 3 to 5 tons per hectare, promising to create 55 lakh employment opportunities in the near future. Additionally, plans are underway to establish five integrated aqua parks to further stimulate growth and development within the sector.
Industry stakeholders have welcomed the budgetary focus on fisheries, expressing optimism about its potential to drive employment growth and economic prosperity. Aditya Dash, Managing Director of Ram’s Assorted Cold Storage Limited, commended the government’s attention to productivity and adaptability, stressing the importance of consulting industry stakeholders during the formulation of detailed schemes.
Pawan Kumar, President of the Seafood Exporters Association of India (SEAI), lauded the government’s intent to enhance aquaculture exports. However, he suggested granting agriculture status to aquaculture for additional support. Kumar also welcomed Sitharaman’s mention of blue economy 2.0, which includes plans to integrate coastal aquaculture and mariculture, promoting climate-resilient activities.
Anand Ramanathan, Partner at Deloitte India, emphasized the budget’s comprehensive approach to fostering growth and productivity in aquaculture. He noted investments in export promotion and infrastructure development, including aqua parks, as key drivers of sectoral expansion.
Overall, stakeholders anticipate significant progress and employment opportunities within the fisheries sector as a result of the budgetary initiatives outlined by Sitharaman. The interim budget, presented ahead of the general elections later this year, signals the government’s commitment to supporting and nurturing India’s vital fisheries industry.
Source: The Economic Times
