In January 2024, Prime Minister Narendra Modi’s visit to Lakshadweep sparked renewed interest in the region, primarily from a tourism perspective. However, Lakshadweep’s serene beauty is just one of its many draws. As India’s only coral island chain, with an impressive lagoon area, territorial waters, and a vast Exclusive Economic Zone (EEZ), Lakshadweep holds untapped potential for investment and innovation, particularly in the fisheries sector.
A significant portion of Lakshadweep’s population relies on fisheries for their livelihood. Despite an annual fish production of over 21,016 tonnes, this accounts for only about 21% of the island’s total fishable potential. Introducing deep-tech solutions in the fisheries sector could significantly boost productivity and improve the standard of living for local communities. Rajat Khare, founder of Luxembourg-based Boundary Holding, believes that deep-tech start-ups focused on enhancing fishing, tourism, and transport will revolutionize Lakshadweep, making it a vital economic hub in the Indian Ocean Region (IoR).
Precision fishing, which utilizes technologies like sonar and Artificial Intelligence (AI), is a promising future for the sector. These technologies can create underwater maps, locate fish schools, and estimate their size, enabling fishermen to target specific catches, save time and fuel, and minimize bycatch. “The integration of solar ferries, software analytics, satellite data, cold storage, and precision fishing is set to significantly accelerate island development,” said Mr. Khare. Solar ferries provide eco-friendly transportation, while software analytics offer critical insights for decision-making. Satellite data aids in precise resource mapping and environmental monitoring, and robust cold storage infrastructure ensures food security by preserving and distributing perishable goods efficiently.
The local government supports entrepreneurs through initiatives like the Lakshadweep Startup Support Program (LSSP) and the Lakshadweep Startup Summit, which provide guidance and networking opportunities. Start-ups in the fisheries sector across India are setting up in Lakshadweep, leveraging technologies like InCEve’s IoT-based sonar devices and Odaku Online Services’ affordable SaaS products for navigation and analytics.
Navalt Green Mobility leads the charge with solar-powered electric ships, including India’s first solar ferry, ADITYA. Aquasat, from Aquaconnect, uses AI and satellite remote sensing to enhance the aquaculture value chain. Additionally, Captain Fresh, a B2B fish and seafood tech start-up, recently secured $25 million in funding to further innovation and prevent Illegal, Unreported, and Unregulated (IUU) fishing.
As Lakshadweep opens up to these advancements, the region is poised for a technological transformation in its fisheries sector. The competition among investors and start-ups to establish a presence in this unique locale is heating up, making now the perfect time to invest in Lakshadweep’s promising future.
Source-India Today
