Summary:

The Marine Products Export Development Authority (MPEDA) has praised the Union Budget 2024-25 for its positive impact on India's marine sector. Key measures include reducing customs tariffs and increasing funding for aquaculture and seafood exports. The budget eliminates duties on feed inputs such as krill meal and fish lipid oil, and lowers the Basic Customs Duty (BCD) to 5% on aquafarm inputs like broodstock and fish feed. These changes aim to enhance the competitiveness of India's marine exports.

The government will provide significant financial support to establish Nucleus Breeding Centres (NBCs) for shrimp broodstocks, potentially saving the sector up to US$ 17.9 million (Rs. 150 crore) annually by reducing reliance on imports. Hatchery operators will save 50% on broodstock costs, while one lakh farmers will see a 30% reduction in shrimp seed costs. NABARD will fund 80% of shrimp farming, processing, and export projects, with an interest subvention of up to 3%. Additionally, enhanced infrastructure financing will support 639 export processing units, boosting industry competitiveness.

Source: IBEF

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