India's Seafood Industry Set for Major Growth, Eyes $12 Billion Export Milestone

ENA Sectors 2024-09-24 14:29:17 New Delhi, Sep 24 (KNN) In a bustling shrimp processing shed in Kakinada, Andhra Pradesh, workers peel shrimp at a rapid pace. This scene reflects Indias larger ambition: to increase seafood exports to USD 12 billion (1 trillion rupees) by March next year, a 67 per cent leap from current levels. India is already a key player in the global seafood market, but the government is now accelerating its efforts to transform the industry into a more robust export powerhouse. Prime Minister Narendra Modis administration has allocated 26 billion rupees (USD 310 million) in the current fiscal budget for the fisheries department, representing a 54 per cent increase over the previous year. These funds will primarily support the Blue Revolution initiative, which aims to modernise the fishing sector and increase production. Under this ambitious plan, India hopes to boost its total fish production to 22 million tonnes by March 2025, up from approximately 14 million tonnes five years ago. This reflects an average annual growth rate of about 9 per cent. The seafood industry plays a critical role in India's economy, supporting millions of livelihoods across the coastal regions. Andhra Pradesh, in particular, is a major hub for shrimp production, a key export product for the country. India's seafood exports largely consist of shrimp, which is in high demand in markets like the United States, Japan, and Europe. Despite the industry's promising growth, challenges persist. Issues such as outdated fishing techniques, environmental concerns, and the increasing threat of overfishing require careful management. However, with the infusion of new investment and a focused national strategy, India hopes to mitigate these risks while scaling up operations. By March 2025, India is not only aiming to achieve its seafood export goals but also to solidify its standing as a global leader in sustainable fisheries, aligning with the broader objectives of economic growth and environmental conservation. As the workers in Kakinada continue their labor, they are helping push India toward a bright, seafood-rich future. (KNN Bureau) 39384 https://knnindia.co.in/news/newsdetails/sectors/indias-seafood-industry-set-for-major-growth-eyes-12-billion-export-milestone 2024-09-24 14:29:17 knnindia.co.in India's Seafood Industry Set for Major Growth, Eyes $12 Billion Export Milestone