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%, said Union Minister of State for Commerce and Industry, Jitin Prasada in a reply in Rajya Sabha.

As per the data shared by the MoS, in 2023-24, 182.70 lakh tonne marine products were produced out of which, 18.19 lakh tonnes were exported.

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Internal targets are used for monitoring purpose only, and have been fixed at USD 7.86 billion for 2024-25, he stated.

He highlighted that the reduction in import duties on various ingredients /inputs for 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 increase of exports.

The reduction of import duties include from 15% to Nil on Fish lipid Oil & Algal prime (flour), from 5% to Nil on Krill meal, Mineral and Vitamin Premixes, from 30% to Nil on Crude Fish Oil, from 15% to 5% on Prawn and shrimps feed and fish feed, from 30% 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% to 3.1% for various seafood products and with maximum value cap per kg increased to Rs. 69.00, which will also encourage export of such products.

Since 2020-21, the Department of Fisheries has approved proposals to the tune of Rs 1283.47 crore for development of cold chain infrastructure under Pradhan Mantri Matsya Sampada Yojana (PMMSY) which includes construction of 586 cold storages, modernization of 78 cold storages/ice plants and 26588 post-harvest transportation facilities.