Govt aims at Rs.1 trillion seafood exports by 2029

To help India achieve developed nation status by 2029, the government will focus on reinforcing the fishing sector’s foundation over the next five years. It is also providing one lakh transponders to fishermen for better communication with their families and local authorities while at sea. Currently, India exports seafood worth over Rs 60,000 crore to about 130 countries.

Union Minister Rajiv Ranjan Singh announced the government’s plan to strengthen India’s fishing sector. He stated that the government is aiming to increase annual seafood exports from Rs 60,000 crore to Rs 1 lakh crore (1 trillion) over the next five years.

The fishing industry, which sustains the livelihoods of over 3 crore fishermen and fish farmers, has largely been neglected since independence. However, since 2014, the government has implemented significant initiatives to drive growth, such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY), with a budget exceeding Rs 20,000 crore.

Thanks to these efforts, India’s fish production has seen a significant rise, growing from 95.79 lakh tonnes in 2013-14 to 175.45 lakh tonnes in 2023-24. Singh highlighted the importance of strengthening the sector’s foundation as part of India’s broader goal to become a developed nation by 2029.

Currently, India exports seafood to over 130 countries, generating more than Rs 60,000 crore annually. To reach the Rs 1 lakh crore target, the government is addressing challenges like disease outbreaks that affect production. A committee has been established to provide solutions, and Singh assured that the government would act on its recommendations.

In addition, the government has provided one lakh transponders to fishermen, enabling them to stay in touch with their families and local authorities while fishing in deep-sea areas. These transponders also help fishermen avoid crossing international maritime borders, ensuring their safety.

Since 2014, the government has invested Rs 38,572 crore in the fisheries sector through various schemes. Major initiatives include the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), launched in 2018-19 with a fund size of Rs 7,522.48 crore, and the Blue Revolution program, which ran from 2015-16 to 2019-20 with an investment of Rs 5,000 crore. The PMMSY, launched in 2020, has an investment plan of Rs 20,050 crore, while the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) involves Rs 6,000 crore. 

These initiatives aim to transform the fishing sector and enhance its contribution to India’s economic growth.