Union Budget 2025: New framework for sustainable development of fisheries

Union Finance Minister Nirmala Sitharaman announced in the Budget

Union Finance Minister Nirmala Sitharaman emphasized the importance of unlocking the potential of India’s marine sector. She announced that the government will introduce a framework for the sustainable development of fisheries, particularly focusing on the Andaman and Lakshadweep regions. India is the world’s second-largest producer of fish and aquaculture, with seafood exports valued at Rs 60,000 crore. To tap into the untapped potential of the marine sector, the government will create a framework for sustainable fisheries within India’s exclusive economic zone and the high seas, with a special emphasis on the Andaman and Nicobar Islands and Lakshadweep.

To promote exports, the Budget for 2025-26 will facilitate the export of Frozen Fish Paste and will reduce the Basic Customs Duty (BCD) on fish hydrolysate, used for manufacturing fish and shrimp feeds, from 15 per cent to 5 per cent.