Internal targets are used for monitoring purposes only and have been fixed at $7.86 billion for 2024-25
As a result of the various efforts made by the Government, India’s seafood exports have increased from Rs 46,662.85 Crore in 2019-20 to Rs 61043.68 Crore in 2023-24 registering a growth of 30.81 per cent.
The Government regularly monitors and reviews export performance, including that of marine products, along with export promotion bodies and the Indian missions abroad to enhance exports vis-a-vis the previous year. Internal targets are used for monitoring purposes only and have been fixed at $7.86 billion for 2024-25.
The Government through the Marine Products Export Development Authority (MPEDA), a statutory organisation under the administrative control of the Department of Commerce assists in upgrading the infrastructure facilities for value addition, establishing testing laboratories, participating in international trade fairs, and providing technical assistance for aquaculture production meant for exports, etc.
The reduction in import duties on various ingredients /inputs for the manufacture of prawn and shrimp feed/fish feed announced in Budget 2024-25 will make Indian seafood-based value-added products more competitive in international markets and help in the increase of exports. The reduction of import duties includes from 15 per cent to Nil on Fish lipid Oil (HS 1504 20) & Algal prime (flour) (HS 2102 2000), from 5 per cent to Nil on Krill meal (HS 2301 20), Mineral and Vitamin Premixes (HS 2309 90 90), from 30 per cent to Nil on Crude Fish Oil, from 15 per cent to 5 per cent on Prawn and shrimps feed (2309 90 31) and fish feed (2309 90 39), from 30 per cent to Nil on pre-dust breaded powder.
The Government has also increased the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5 per cent to 3.1 per cent for various seafood products and with a maximum value cap per kg increased to Rs 69.00, which will also encourage the export of such products.