India’s seafood exports have increased from Rs. 46,662.85 Crore in 2019-20 to Rs. 61043.68 Crore in 2023-24 registering a growth of 30.81%.
The total production and total export of marine products in the past five years, year-wise, are given in the table below:-
Bullet Points to remember-
- Internal targets are used for monitoring purpose only, and have been fixed at USD 7.86 billion for 2024-25.
- The Government through Marine Products Export Development Authority (MPEDA), a statutory organization under administrative control of Department of Commerce provides assistance for upgrading the infrastructure facilities
- The reduction of import duties include from 15% to Nil on Fish lipid Oil (HS 1504 20) & Algal prime (flour) (HS 2102 2000) , from 5 % to Nil on Krill meal (HS 2301 20), Mineral and Vitamin Premixes (HS 2309 90 90), from 30% to Nil on Crude Fish Oil, from 15% to 5% on Prawn and shrimps feed (2309 90 31) and fish feed (2309 90 39), from 30% to Nil on pre-dust breaded powder.
- The Government has also increased the Remission of Duties and Taxes on Export Products (RoDTEP) from 2.5% to 3.1% for various seafood products and with maximum value cap per kg increased to Rs. 69.00, which will also encourage export of such products.
- Department of Fisheries, Govt. of India is implementing flagship scheme namely Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment of ₹20050 crore in fisheries sector for a period of 5 years i.e. FY 2020-21 to FY 2024-25 with an objective of promoting exports from the fisheries sector.
- Department of Fisheries, Government of India has approved proposals to the tune of Rs. 1283.47 crore for development of cold chain infrastructure under PMMSY which includes construction of 586 cold storages, modernization of 78 cold storages/ice plants and 26588 post-harvest transportation facilities. (Source PIB)
MCQ FOR UPSC, BANK AND SSC EXAMS
Q.1) By how much have India’s seafood exports increased in the last four years?
(a) Over 10 percent (b) Over 20 percent (c) Over 30 percent (d) Over 40 percent
Q.2) Which organization provides assistance for upgrading infrastructure facilities in the seafood sector?
(a) MPEDA (b) FSSAI (c) ICAR (d) NABARD
Q.3) What is the new import duty on Fish lipid Oil (HS 1504 20)?
(a) 15% (b) 10% (c) 5% (d) Nil
Q.4) What is the investment amount for the Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme?
(a) ₹10000 crore (b) ₹15000 crore (c) ₹20050 crore (d) ₹25000 crore
Ans.1(c), Ans.2(a), Ans.3(a), Ans.4(c)
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