Fisheries gets Rs 2,352-crore push in Budget 2024

Budget 2024

Finance Minister Nirmala Sitharaman allocated Rs 2,352 crore in the Interim Budget for “Blue Revolution”, which aims to develop, manage, and promote fisheries to double farmers' income.

The allocation is Rs 852 crore increase from Rs 1,500 crore in the previous year.

"It was our government which set up a separate department for fisheries, realising the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production," Sitharaman said in her budget speech.

Seafood exports had doubled since 2013-14 and the Pradhan Mantri Matsya Sampada Yojana (PMMSY) would be expanded, she said.

The Matsya Sampada Yojna aims to bring Blue Revolution through sustainable and responsible development of the fisheries sector.

It will enhance aquaculture productivity from 3 to 5 tons per hectare and also help in reaching the export target of Rs 1 lakh crore, generating 55 lakh employment opportunities, the minister said.

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Blue revolution

Blue Revolution: Integrated Development and Management of Fisheries is the government's initiative aimed at increasing fisheries production and productivity from aquaculture and fisheries resources, both inland and marine.

Also read: Capex target for FY25 set at new record of Rs 11.11 lakh crore, but FY24 aim missed

In 2023, India achieved an all-time high exports of seafood both in terms of volume and value by shipping 17,35,286 MT of seafood worth Rs 63,969.14 crore (US$ 8.09 billion) despite several challenges in its major export markets like the USA.

Frozen shrimp remain the major export item in terms of both quantity and value, with the US and China emerging as major importers of India’s seafood.

Frozen shrimp, which earned Rs 43,135.58 crore (US$ 5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 percent in quantity and 67.72 percent of the total US$ earnings.

Shrimp exports during the period increased by 1.01  percent in Rupee value.