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.
The Budget 2025-26 highlights enabling a framework for sustainable harnessing of fisheries from the Exclusive Economic Zone (EEZ) and High Seas with a special focus on Lakshadweep and A&N Islands. This will ensure sustainable harnessing of the untapped potential of the marine fish resources in the Indian EEZ and adjacent High Seas for growth in the marine sector. India has an EEZ of 20 lakh sq. km and a long coastline of 8,118 km with an estimated marine potential of 53 lakh tonnes (2018) and a dependence of 50 lakh people for their livelihoods on the marine fisheries sector. This offers an enormous scope and potential for harnessing highly valued tuna and tuna-like species in the Indian EEZ, especially around the Andaman & Nicobar and Lakshadweep Islands. Government will promote deep-sea fishing with capacity development and support the acquisition of Resource-Specific Fishing Vessels.
Development of fisheries in Andaman & Nicobar Islands will target harnessing of its EEZ area of 6.60 lakh sq. km (1/3rd of Indian EEZ) with marine fisheries potential of 1.48 lakh tonnes including potential of 60,000 tonnes for tuna fisheries. For this purpose, the development of the Tuna Cluster has been notified and activities such as the establishment of on-board processing & freezing facilities in tuna fishing vessels, licensing for deep-sea tuna fishing vessels and single window clearances by the Andaman & Nicobar Administration, harnessing opportunities in sea cage culture, seaweed, ornamental and pearl cultivation have been undertaken. The Development of Fisheries in Lakshadweep Islands will target harnessing of its EEZ area of 4 lakh sq. km (17 per cent of Indian EEZ) and lagoon area of 4200 sq mt with the potential of 1 lakh tonnes including a potential of 4,200 tonnes for tuna fisheries. For this purpose, the development of the Seaweed Cluster has been notified and activities such as island-wise area allocation and leasing policy with end-to-end value chain by Lakshadweep Administration, formation of women Self Help Group (SHGs) and capacity building through ICAR Institution in collaboration with private entrepreneurs and Lakshadweep Administration, harnessing opportunities in tuna fishing and ornamental fish farming have been undertaken.