India’s Seafood Exports
Context:
India’s seafood exports touched an all-time high in volume during the financial year 2023-24 despite various challenges in significant export markets.
More on news:
- valued at ₹60,523.89 crore, marking a 2.67% increase in quantity from 2022-23.
- Frozen shrimp was the top export item, representing 40.19% of the quantity and 66.12% of dollar earnings.
- Frozen fish was the second largest export item.
- The other key export products include frozen squid, Surimi, frozen cuttlefish, and frozen octopus.
- The USA was the major importer, followed by China (excluding Hong Kong and Taiwan), Japan, Vietnam, Thailand, and Canada as the second, third, fourth, fifth, and sixth largest markets, respectively.
India’s Seafood Exports in FY 2022-23: India’s Seafood Exports in FY 2021-22:
Government Initiatives to Promote Seafood Exports:
- Marine Products Export Development Authority (MPEDA):
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- Established in 1972 by an act of Parliament, to promote India’s marine products industry, particularly exports.
- The Department of Fisheries:
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- It was established in February 2019, following the separation of the Fishery Division from the erstwhile Department of Animal Husbandry, Dairying and Fisheries.
- Pradhan Mantri Matsya Sampada Yojana (PMMSY):
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- Launched in FY 2020-21 with an investment of Rs. 20,050 crores, PMMSY aims to revolutionise the fisheries sector in India over five years,
- focusing on sustainable development and fisher welfare.
- Fisheries and Aquaculture Infrastructure Development Fund (FIDF):
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- Launched in 2018-19 with a fund size of Rs. 7,522.48 crore by the Ministry of Fisheries, Animal Husbandry and Dairying,
- It aims to achieve sustainable growth, modernise capture, culture, and marine aquaculture infrastructure, reduce post-harvest losses, and enhance domestic marketing facilities.