Shares of major shrimp industry players surged following Finance Minister Nirmala Sitharaman’s announcement of significant support for shrimp farming in the Union Budget 2024-25. Presented at the Lok Sabha, the budget outlined the government’s plan to assist the shrimp-farming sector through financing and marketing initiatives spearheaded by the National Bank for Agriculture and Rural Development (NABARD).
Key Announcements:
- Customs Duty Reduction: The basic customs duty on certain brood stocks, shrimps, and fish feed will be reduced to 5%.
- Industry Impact: Following this announcement, shares of leading seafood producers and exporters witnessed substantial gains on the Bombay Stock Exchange (BSE):
- Zeal Aqua: +9.27%
- Kings Infra Ventures: +8.15%
- Coastal Corp: +7.55%
- Apex Frozen Foods: +7.51%
- Waterbase: +5.51%
Record-Breaking Exports: India’s seafood exports reached an all-time high in 2023-24, overcoming challenges in key markets. The country exported 1,781,602 metric tons (MT) of seafood worth ₹60,523.89 crore (US$7.38 billion), with frozen shrimp dominating both in terms of quantity and value. The USA and China were the top importers.
Comparative Performance:
- 2023-24 Export Volume: 1,781,602 MT
- 2023-24 Export Value: ₹60,523.89 crore (US$7.38 billion)
- 2022-23 Export Volume: 1,735,286 MT
- 2022-23 Export Value: ₹63,969.14 crore (US$8.09 billion)
- Year-on-Year Volume Increase: 2.67%
These developments indicate robust growth prospects for India’s shrimp industry, buoyed by favorable government policies and strong international demand
