Fisheries & Aquaculture

Snapshot

Fisheries & Aquaculture

Fueling the Future of Global Protein Demand

India recorded the highest-ever export of 1.73 MMT worth $8.09 Bn in FY 2022-23 of fisheries and fisheries products. The fisheries and aquaculture sector shall play a vital role in addressing the rising global demand for an affordable quality source of protein.

India is the third largest fish-producing country in the world accounting for 8.92% of global production and contributing about 1.07% and over 6.86% to the country’s GVA and agricultural GVA respectively. India is the 4th largest exporter of fish and fisheries products with a growth in exports of 26.73% for marine products in FY 2022-23. In terms of employment, the sunrise sector supports the livelihood of over 28 Mn people in India.

The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying has implemented a flagship scheme “Pradhan Mantri Matsya Sampada Yojana (PMMSY)- to bring about Blue Revolution through sustainable and responsible development of the fisheries sector in India” with the highest ever investment of INR 20,050 Cr for a period of five years effective from FY 2020-21 till FY 2024-25 in all States/Union Territories (UTs).

India’s top 5 export destinations for fish and fish products are USA, China, European Union, Southeast Asia, Japan and the Middle East.

The fisheries sector in India has shown a sustained annual average growth rate of 6.7% over the last five years.
74.7% of fish production was contributed by inland fisheries and the rest 24.3% was contributed by marine fisheries in FY 2022-2023.
India has seen more than 22X increase in fish production from 0.75 MMT in 1950-51 to 17.44 MMT in FY 2023-24.
Per capita consumption of fish is 6.31 kg per capita.

100% FDI is allowed under the automatic route in pisciculture and aquaculture sector in India.

For further details, please refer FDI Policy

%
Increase in marine product exports during 2022-23
%
Growth rate (Constant Price) during the year 2020- 21 to 2021-22
%
Average annual growth rate of the fisheries sector in last 5 years

1st in inland capture fish production

2nd in aquaculture fish production

3rd in overall Fish production

Industry Scenario

FOREIGN INVESTMENT

INDUSTRY TRENDS

POLICIES & SCHEMES

Industry Scenario

India's seafood exports touched all-time high by volume in FY 2023-24, shipping 18.27 MT of seafood worth $7.86 Bn.

With the rising population, stress on existing resources is increasing tremendously to meet the growing demand for nutritional diet. Fisheries and Aquaculture sector plays a vital role in meeting this growing demand for protein.

India Specific Key Facts:

13.13 MMT Inland Fisheries production during FY 2022-23.
Top exporting destination for Ornamental Fisheries: Thailand; UAE; Singapore; Hong Kong; China; Jordan; Taiwan.
The potential states identified for the development of Ornamental Fisheries are West Bengal, Tamil Nadu, Maharashtra, Kerala, Odisha, Gujarat, Karnataka, Assam and Manipur.
1,547 notified landing centers and 193 fish landing centres have been commissioned.
682 cold storages with 466,973.27 MT of capacity.
44 Chilled Storages with 23,654.80 MT of capacity.
88 Dry Fish Storages with 38,895.92 MT of capacity.
622 processing plants with 35,830.63 MT of capacity.
67 minor fishing harbours, 7 major fishing harbours have been commissioned.

Union Budget 2024 Highlights

A total budgetary allocation of INR 2,616.44 Cr has been made for the fisheries sector for the year 2024-25, an increase of ~54% from the last year.
Financial support for setting up a network of Nucleus Breeding Centre (NBC) for shrimp brood stocks to ensure availability of quality brood for quality seed.
Import duty reductions on key inputs; Basic Customs Duty (BCD) on shrimp broodstock (Litopenaeus vannamei and Black Tiger/ Penaeus monodon) will be reduced from 10% to 5%, on polychaete worms from 30% to 5% and on shrimp and fish feed from 15% to 5.
Import duties on value-added fish processing ingredients - pre-dust breading powder duty has also been removed.

GROWTH DRIVERS

Demand-side drivers
Fish is an affordable and rich source of protein, minerals and vitamins Changing lifestyle and food habits towards animal-based diet. Increasing demand for protein due to rising population.
Supply-side drivers
Rich and diverse set of water resources implying diverse fisheries resources. 10 % of the global biodiversity in terms of fish and shellfish species found in India. 2.02 Mn sq.km EEZ & underutilized inland waters offer a huge potential.
Policy support
Fisheries and Aquaculture Infrastructure Development Fund (FIDF)- INR 7522.48 Cr. Pradhan Mantri Matsya Sampada Yojana (PMMSY)- INR 20,050 Cr. Production Linked Incentive Scheme for Food Processing Industry- INR 10,900 Cr. FDI Policy- 100% FDI allowed through automatic route in Pisciculture and Aquaculture Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) a new sub-scheme under PMMSY, announced with targeted investment of INR 6,000 crore to further enhance the livelihood of the stakeholders engaged in the fisheries sector.