India’s Seafood Exports Soar: 30% Growth in 4 Years

by Nitesh Singh

India’s seafood sector is making waves in the global market, with exports skyrocketing by over 30% in just four years. This remarkable growth is a testament to the country’s robust marine product industry and the government’s strategic initiatives to boost the sector.

Impressive Export and Production Figures

The Ministry of Commerce and Industry reports a significant increase in seafood exports:

  • 2019-20: Rs 46,662.85 crore
  • 2023-24: Rs 61,043.68 crore

Marine product production has also seen a substantial rise:

  • 2019-20: 141.64 lakh ton
  • 2023-24 (projected): 182.70 lakh ton

Export volumes have grown steadily:

  • 2019-20: 13.29 lakh ton
  • 2023-24: 18.19 lakh ton

Government Initiatives Driving Growth

The Indian government has implemented several measures to support the seafood industry:

  1. Marine Products Export Development Authority (MPEDA) efforts:
    • Infrastructure enhancement
    • Establishment of testing laboratories
    • Participation in international trade fairs
  2. Increased RoDTEP rates:
    • From 2.5% to 3.1% for various seafood products
    • Maximum value cap per kilogram raised to Rs 69.00
  3. Import duty reductions (2024-25 budget):
    • Cuts on fish lipid oil, algal prime, krill meal
    • Reductions for mineral and vitamin premixes, crude fish oil
    • Lower duties on prawn, shrimp, and fish feed
  4. Pradhan Mantri Matsya Sampada Yojana (PMMSY):
    • Rs 20,050 crore investment over five years
    • Addresses gaps in production, post-harvest infrastructure, and value chain modernization

These initiatives are expected to enhance India’s competitiveness in the global seafood market, making Indian products more attractive to international buyers and potentially leading to further export growth.

The combination of increased production, strategic government support, and improved export incentives positions India’s seafood industry for continued success on the world stage. As the sector evolves, it not only contributes to economic growth but also supports livelihoods in coastal communities and strengthens India’s position as a key player in the global seafood trade.