In a significant boost to the fisheries sector, Finance Minister Nirmala Sitharaman announced a substantial increase in the budget allocation for the Department of Fisheries during the presentation of the Union Budget 2024-25 in Parliament on Tuesday. The allocation has been raised by 54 %, amounting to Rs 2,616.44 crore, up from Rs 1,701 crore in the Revised Estimates for 2023-24.
A key highlight of the budget is the plan to establish a network of Nucleus Breeding Centres (NBCs) aimed at improving the genetic quality of shrimp brood stocks. This initiative is set to enhance the productivity and quality of aquaculture species while reducing the reliance on imported shrimp broodstock. The establishment of these state-of-the-art facilities is expected to bolster the shrimp industry, which plays a crucial role in seafood exports.
Finance Minister Sitharaman also outlined measures to facilitate financing for shrimp farming, processing, and export through the National Bank for Agriculture and Rural Development (NABARD). This move is anticipated to open new avenues for the production of high-quality shrimp and value-added products, catering to both domestic and global markets.
To further support the shrimp industry, the budget proposes reductions in import duties on several key inputs. The Basic Customs Duty (BCD) on shrimp broodstock (both Litopenaeus vannamei and Black Tiger/Penaeus monodon) will be halved from 10 % to 5 %. Similarly, duties on polychaete worms and shrimp and fish feed will be reduced from 30 % to 5 %, and from 15 % to 5 %, respectively. Additionally, various inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, and crude fish oil will be exempted from customs duties. The removal of import duties on value-added fish processing ingredients, including pre-dust breading powder, is also among the key announcements.
In a broader move to enhance the fisheries sector, the government will introduce a National Cooperation Policy aimed at systematic and orderly development of the co-operative sector. This policy is expected to empower fishers and fish farmers, improve their bargaining power, and strengthen market linkages for better value creation and realization.
These strategic developments in the Union Budget 2024-25 are poised to significantly impact India’s fisheries sector, promoting growth, sustainability, and global competitiveness.
