Piyush Goyal calls for tripling India’s fisheries exports to over $30 billion in five years

Commerce and Industry Minister Piyush Goyal on Friday outlined an ambitious roadmap for India's seafood sector, calling for fisheries exports to more than triple from the current $8.45 billion to over $30 billion within the next five years.

Addressing the National Workshop on Seafood Exports in Visakhapatnam, Goyal said India has significantly outperformed global growth trends in fisheries trade over the past decade. 

The workshop was attended by N. Chandrababu Naidu, Rajiv Ranjan Singh, Chirag Paswan, Kinjarapu Rammohan Naidu and industry stakeholders.

According to Goyal, the country's fisheries exports increased by about 70% from nearly $5 billion in FY14 to around $8.5 billion at present, while global fisheries trade expanded by only about 10% during the same period, rising from $150 billion to $164 billion.

The minister expressed confidence that India could emerge as a global leader in the sector if it continues to focus on sustainable practices and export competitiveness.

Focus on sustainable fishing

Highlighting the importance of responsible resource management, Goyal said India must strike a balance between expanding production and preserving marine ecosystems.

Stating that India can become the world's lighthouse in the fishing sector, he stressed on the need to regulate fishing to meet everyone's needs and prevent overfishing or illegal fishing.

Responding to concerns over declining fish stocks, the minister underscored the importance of allowing juvenile fish populations to regenerate in order to avoid environmental damage. He added that India's fisheries sector has maintained a strong record on sustainability.

“Nobody has been able to cast a single allegation of illegal fishing on India's sustainable fishing practices.”

PLI scheme under consideration

In a boost to the sector, the Department of Fisheries is examining the possibility of introducing a dedicated Production Linked Incentive (PLI) scheme for micro, small and medium enterprises (MSMEs) engaged in seafood processing and exports.

The proposed scheme aims to improve global competitiveness, strengthen export infrastructure, promote technology adoption, support research and development activities, and encourage value addition across the seafood value chain.

The minister also noted that approvals granted by the European Union to more than 125 Indian fisheries establishments during the last financial year helped offset some of the challenges faced by exporters following tariff-related disruptions in the US market.