According to Parshottam Rupala, Minister of Fisheries, Animal Husbandry and Dairy, there is a need for the fishing sector to emphasise domestic market consumption along with exports, using more scientific methods of production.
Comprehending the sector’s potential, the government has committed to a national target to increase fish production to 22 million metric tonnes by 2024–2025, which will have a positive impact on 28 million fishers and fish farmers, almost twice that number along fish-related value chains.
At present, 74% of India’s export is shrimp. However, the share of value-added products is low at 7%. Thus, there is a huge scope to increase value-added exports and, in tandem, increase prices for fishermen. To achieve this, India must focus on strengthening seed quality and availability, smart farming, and food safety standards.
The Indian Fisheries and Aquaculture sector registered an average annual growth of 7.53% during the last 5 years. The country exported 12.89 lakh metric tonnes of fisheries products valued at Rs 46,662 crore (USD 6.68 billion) during 2019-20.
Dr. L Murugan, Minister of State for Fisheries, Animal Husbandry, and Dairy, stated that the technology will allow wastelands to be converted to wetlands, boosting production and opening up new investment opportunities in high-demand segments such as seaweed farming.
The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) has been set up with a fund size of Rs 7,522.48 crore towards the creation of fisheries infrastructure facilities both in the marine and inland fisheries sectors and to augment fish production. Further, the Pradhan Mantri Matsya Sampada Yojana (PMMSY) was launched with an allocation of Rs 20,050 crore, the highest ever investment for the fishing sector.
The PMMSY will be implemented over a period of five years from FY 2020–21 to FY 2024–25 in all states and union territories. As of January 2022, proposals worth Rs 5,234 crore have been sanctioned, impacting around 16 million beneficiaries.