India’s Commerce and Industry Minister Piyush Goyal on Wednesday urged a more than threefold rise in the country’s fisheries exports over the next five years, targeting an increase from the current $8.45 billion to over $30 billion.
Addressing the National Workshop on Seafood Exports in Visakhapatnam, Goyal stated that India’s fisheries exports have grown at a much faster pace than global trade over the past decade. He noted that India’s fisheries exports increased by nearly 70%, rising from about $5 billion in FY14 to approximately $8.5 billion at present, while global fisheries trade grew by around 10% over the same period, from $150 billion to $164 billion.
Goyal added that India has the potential to become a global leader in the fisheries sector, while emphasizing the importance of adopting sustainable fishing practices.
Addressing concerns regarding declining fish stocks, Goyal highlighted the need to regulate fishing activities, curb overfishing, and allow fish populations to regenerate in order to prevent environmental degradation. He stated that India’s fishing sector has largely adhered to sustainable practices and noted that the country has not faced any allegations of illegal fishing.
Separately, the Department of Fisheries is considering the introduction of a dedicated Production Linked Incentive (PLI) scheme for MSMEs in the seafood industry. The initiative is designed to enhance export-oriented infrastructure, boost international competitiveness, encourage technology adoption, support research and development, and promote value addition.
The Minister further noted that approval from the European Union for exports from more than 125 Indian fisheries establishments in the last financial year helped mitigate losses incurred due to U.S. tariffs.
LEADERS SPOT | Turkey and Bangladesh to Boost Bilateral Trade to $2 Billion
