India's seafood exports exceed Rs 60,000 crore in FY25, poised for record achievement
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Synopsis
India's seafood exports have achieved over Rs 60,000 crore in FY24-25, driven primarily by frozen shrimp. The government aims to enhance sector competitiveness by reducing customs duties on key inputs, supporting aquaculture with tax reforms, and strengthening infrastructure for tuna fish exports.
Key Takeaways
- India's seafood exports exceeded Rs 60,000 crore.
- Frozen shrimp represents over two-thirds of exports.
- Government proposes customs duty reduction to 5%.
- US is the largest importer of Indian seafood.
- Department of Fisheries approves Rs 58.91 crore for fisheries development.
New Delhi, Jan 18 (NationPress) India's seafood exports have surpassed the Rs 60,000 crore threshold in FY24-25 thus far, as indicated by the latest government statistics.
As per the Finance Ministry, frozen shrimp constituted over two-thirds of the overall exports.
During FY24, the total seafood export volume reached 1.78 million metric tonnes, valued at Rs 60,523.89 crore.
To bolster India's seafood export sector, the government has suggested lowering the basic customs duty (BCD) on essential inputs for shrimp and fish feed production to 5 per cent.
This initiative encompasses reductions in broodstock, polychaete worms, and various feed components. Additional exemptions will be available for inputs utilized in the production of shrimp and fish feed.
The government asserts that the customs duty reduction will enhance the sector's competitiveness.
The Central Board of Indirect Taxes and Customs (CBIC) has introduced several tax reforms to promote aquaculture, including tax reductions on krill meal, fish lipid oil, crude fish oil, algal prime (flour), and algal oil, along with the 5 per cent BCD for crucial feed ingredients.
The US emerged as the largest importer of seafood from India in FY24, accounting for 34.53 per cent or $2.55 billion of the country's total seafood exports. Notably, frozen shrimp made up 91.9 per cent of seafood exports to the US during this timeframe.
China ranked second in India's seafood exports, with 451,000 metric tonnes of seafood valued at $1.38 billion shipped to the country. Following China were Japan, Vietnam, Thailand, Canada, Spain, Belgium, UAE, and Italy.
Last month, the Department of Fisheries approved proposals from the Andaman & Nicobar Administration under Prime Minister Narendra Modi’s scheme, amounting to Rs.58.91 crore, with a central share of Rs. 31.48 crore, aimed at enhancing fisheries development, including strengthening the infrastructure for tuna fish export from the Andaman & Nicobar Islands.
