India’s seafood exports have surged 30% over four years to Rs. 61,043 crore for 2023-24, thanks to government initiatives and reduced import duties.
India’s seafood exports have experienced a significant increase, rising by over 30% in the past four years. The total export value reached Rs. 61,043.68 crore in 2023-24, up from Rs. 46,662.85 crore in 2019-20, marking a growth of 30.81%.
Export Growth Details:
- 2019-20: Production of 141.64 lakh tonnes; Exports of 13.29 lakh tonnes
- 2020-21: Production of 147.25 lakh tonnes; Exports of 11.68 lakh tonnes
- 2021-22: Production of 162.48 lakh tonnes; Exports of 13.98 lakh tonnes
- 2022-23: Production of 175.45 lakh tonnes; Exports of 17.54 lakh tonnes
- 2023-24 (projected): Production of 182.70 lakh tonnes; Exports of 18.19 lakh tonnes
The increase in exports is attributed to the government’s proactive measures, including infrastructure upgrades and technical assistance facilitated by the Marine Products Export Development Authority (MPEDA). The reduction in import duties on essential feed ingredients announced in the Budget for 2024-25 is expected to enhance the competitiveness of Indian seafood products in international markets.
Additionally, the government has raised the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5% to 3.1%, with an increased cap of Rs. 69 per kg, further promoting exports.
The Pradhan Mantri Matsya Sampada Yojana (PMMSY), with an investment of ₹20,050 crore, aims to address key challenges in the fisheries sector. Since its launch, proposals worth Rs. 1,283.47 crore have been approved for cold chain infrastructure, including the construction and modernisation of storage facilities and transportation.
This announcement was made by Jitin Prasada, Union Minister of State for Commerce and Industry, in a written reply in the Rajya Sabha.
