The Department of Fisheries has received a budgetary allocation of ₹2,616.44 crore for the fiscal year 2024-25.
Pradhan Mantri Matsya Sampada Yojana (PMMSY): ₹2,352 crore has been allocated to this scheme.- Fisheries Infrastructure Development Fund (FIDF): Concessional financial support will be extended to private entrepreneurs and investors for the establishment of shrimp aquaculture facilities.
To bolster India’s shrimp farming industry, the government proposes reductions in import duties on key inputs, aiming to lower production costs and increase profitability. Additionally, import duties on ingredients for value-added fish processing, such as pre-dust breading powder, have been removed.
The Finance Minister announced a forthcoming National Cooperation Policy to facilitate the systematic and comprehensive development of the cooperative sector.
- India’s economic growth remains strong amidst global uncertainties, with the fisheries sector being a significant contributor.
- India is the second-largest fish producer globally, with a production of 174.45 lakh tonnes in 2023-24.
- The fisheries sector supports over 30 million people, primarily from marginalized communities.
- The budget allocation for the Department of Fisheries has increased by 54% compared to 2023-24.
- Funding for PMMSY has risen by 56% compared to the previous year.
- Financial support will be provided to establish a network of Nucleus Breeding Centres (NBC) for shrimp brood stock, enhancing the genetic quality and productivity of aquaculture species.
- NABARD will facilitate financing for shrimp farming, processing, and export, promoting higher productivity and reduced import dependence.
- Concessional finance support under FIDF will improve infrastructure, technology adoption, and fisheries practices.
- Proposed import duty reductions on shrimp broodstock, polychaete worms, and shrimp and fish feed aim to lower production costs.
- Custom duty exemptions for various aquaculture inputs will further reduce costs.
- Removal of import duties on pre-dust breading powder will support India’s position in value-added fish processing.
- The National Cooperation Policy will enhance the development of fisheries cooperatives, empowering fishers and farmers and improving market linkages.
These strategic initiatives in the 2024-25 budget aim to promote inclusive and holistic development in the fisheries sector, enhancing production, productivity, and value addition.
