Budget measures to enhance aquaculture, seafood exports, and marine sector competitiveness.
The Marine Products Export Development Authority (MPEDA) announced on Thursday that budget measures like customs duty rationalisation and new financing facilities will significantly boost India’s aquaculture and seafood exports. The budget includes strategic measures aimed at enhancing marine product competitiveness, focusing particularly on shrimp production and export.
Key inputs for shrimp and fish feed, such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, and algal oil, will now enjoy customs duty exemptions. Additionally, essential aquafarm inputs, including Artemia, Artemia cysts, Vannamei and black tiger broodstock, polychaete worms, and insect meal, will see customs duty reductions to 5 percent.
MPEDA highlighted that the Union Budget 2024-25 will significantly benefit aquaculture and seafood export sectors. The government’s commitment includes substantial financial support for establishing Nucleus Breeding Centres (NBCs) for shrimp broodstocks, aiming to reduce reliance on imported broodstock and potentially saving the industry up to INR 150 crore annually. Hatchery operators are expected to benefit from a 50 percent cost reduction on broodstock, and approximately one lakh farmers will benefit from a 30 percent reduction in shrimp seed costs.
The National Bank for Agriculture and Rural Development (NABARD) will facilitate financing for shrimp farming, processing, and export, covering 80 percent of project costs with up to 3 percent interest subvention. Additionally, 639 export processing units are expected to benefit from improved infrastructure access through NABARD assistance.
DV Swamy, Chairman of MPEDA, stated that these measures will lower production costs, improve quality, and enhance the international competitiveness of Indian marine products. The marine sector, a vital contributor to India’s export earnings, achieved a record seafood export of over INR 60,000 crore last financial year.
Established in 1972 under the Ministry of Commerce, MPEDA focuses on the development and export of marine products.
