Summary:

India's seafood exports increased by 30.81%, from Rs 46,662.85 crore (US$ 6.62 billion) in 2019-20 to Rs 61,043.68 crore (US$ 7.37 billion) in 2023-24. The government has set a target of $7.86 billion for 2024-25. The Marine Products Export Development Authority (MPEDA) is enhancing industrial infrastructure, establishing testing laboratories, and promoting aquaculture. Recent budget revisions have reduced import levies on fish production components.

The Remission of Duties and Taxes on Export Products (RoDTEP) rate has increased from 2.5% to 3.1%, boosting seafood exports. Additionally, the government is extending the Pradhan Mantri Matsya Sampada Yojana (PMMSY) with a five-year investment of Rs 20,050 crore (US$ 2.42 billion). This initiative aims to enhance fish production, quality, and infrastructure, including cold storage and transportation funding.

Source: IBEF

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