India’s seafood exports increased more than 30 percent between 2019 and 2023, and the country’s government is pushing for further growth.
India’s seafood production totaled 14.2 million metric tons in 2019-2020, but that total increased to 18.3 million MT in 2023-2024, according to India’s Ministry of Commerce and Industry. The country’s seafood exports rose from 1.4 million MT to 1.8 million MT over the same time period.
By value, India’s seafood exports grew from INR 467 billion (USD 6.6 billion, EUR 6 billion) in 2019-2020 to INR 610 billion (USD 7.4 billion, EUR 6.8 billion) in 2023-2024.
Though it is likely to fall short of its ambitious goal of achieving USD 12 billion (EUR 11.1 billion) in annual seafood export value by 2025, the Indian government is still pushing for more growth. It has increased the country’s remission of duties and taxes on export products (RoDTEP) from 2.5 percent to 3.1 percent for a number of seafood products, which will allow Indian exporters to receive partial rebates on taxes and duties they pay to export their wares, with an increased maximum value cap of INR 69 (USD 0.82, EUR 0.74).
“[This provides] an additional incentive for exporters and enhancing the overall export performance,” India’s Ministry of Commerce and Industry said in a press release.
India’s government has also reduced import duties on fish feed and shrimp feed, as well as feed ingredients including fish oil and substitutes like algae oil.
“This move will likely make Indian seafood-based products more attractive in international markets, fostering increased exports,” India Minister of State for Commerce and Industry Jitin Prasada said.
Announced in March 2023 by India’s Department of Fisheries, the Pradhan Mantri Matsya Sampada Yojana (PMMSY) program has outlined a comprehensive strategy to promote the sustainable development of India’s fisheries sector. The strategy notably includes a five-year investment of INR 60.9 billion (USD 725 million, EUR 684.4 million) to promote sustainable and responsible development of India’s fisheries sector, specifically through investments in fish production and post-harvest infrastructure and value-chain modernization.
The PMMSY plan also calls for ...
