Government Allocates ₹3,490 Crore for Fishing Harbours to Boost Exports
Click to start listening
Synopsis
The Indian government has allocated ₹3,490 crore as financial support for the development and modernization of fishing harbours and landing centers to boost seafood exports, which have significantly increased in the last decade. This initiative is part of the PMMSY scheme aimed at enhancing the fisheries sector.
Key Takeaways
- Government allocates ₹3,490 crore for fishing harbours
- Seafood exports have doubled to ₹60,523.89 crore
- Part of the PMMSY scheme focusing on sustainable investments
- Targeting $18 billion in seafood exports by 2030
- Department of Fisheries invests ₹20,050 crore over five years
New Delhi, March 18 (NationPress) The government has earmarked ₹3,490 crore in financial aid for states, Union Territories, and implementing bodies to facilitate the development of fishing harbours, fish landing centers, and the modernization and maintenance dredging of existing fishing harbours. This initiative aims to enhance seafood exports, which have surged to ₹60,523.89 crore over the past decade, as reported to Parliament on Tuesday.
The funds are part of a five-year allocation from 2020-21 to 2024-25 under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, aimed at promoting sustainable investment in infrastructure to boost production, productivity, and exports while addressing critical issues such as reducing post-harvest losses across various stages of the value chain, as highlighted by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal in the Rajya Sabha.
The Marine Products Export Development Authority (MPEDA), functioning under the Ministry of Commerce and Industry, is focused on promoting and regulating marine product exports. Its initiatives to enhance shrimp exports are directed towards improving production and processing.
To fortify the export value chain, the government has approved projects near major ports, including the modernization and upgrading of fishing harbours at Visakhapatnam, Chennai, Paradip, Cochin, and Mumbai. This project has received 100% financial assistance under PMMSY in conjunction with Sagarmala, totaling ₹651.14 crores, according to Sonowal.
In the financial year 2023-24, India witnessed unprecedented seafood exports, reaching a volume of 17,81,602 metric tonnes valued at ₹60,523.89 crore.
The government is now targeting an export turnover of $18 billion (₹1.57 lakh crore) by 2030, as outlined in the Vision Document 2030 for India’s seafood exports developed by MPEDA.
The Department of Fisheries is executing the flagship PMMSY scheme with a total investment of ₹20,050 crore in the fisheries sector over five years from FY 2020-21 to FY 2024-25 across all states and UTs, contributing to the export increase. The scheme aims to elevate marine exports to ₹1.0 lakh crores by 2024-25.
