India’s seafood exports have crossed Rs 60,000 crore in FY24-25 so far. Frozen shrimp accounts for over 2/3 of the total exports. Total seafood export in FY24 was 1.78 million mt and value was Rs 60,523.89 crore.
To boost India’s seafood exports, the government has proposed to reduce the basic customs duty (BCD) on key inputs for shrimp and fish feed to 5%.
This includes broodstock, polychaete worms and various feed components. Additional inputs used in the manufacture of shrimp and fish feed will also be exempted.
The government said this will make the sector more competitive.
Central Board of Indirect Taxes and Customs (CBIC) has already implemented several tax reforms for aquaculture. This includes tax exemption on krill meal, fish lipid oil, crude fish oil, algal prime (flour) and BCD reduced to 5% for essential feed ingredients.
US was the largest importer of Indian seafood in FY24. Its share in total Indian seafood exports was 34.53% or $2.55 billion. Frozen shrimp accounted for 91.9% of seafood exports to US during this period.
China was second in Indian seafood exports. 4,51,000 mt of seafood worth $1.38 billion was exported to China. Japan was followed by Vietnam, Thailand, Canada, Spain, Belgium, UAE and Italy.
Last month, the Department of Fisheries approved the proposals of the Andaman & Nicobar Administration under Prime Minister Narendra Modi’s scheme at a total cost of Rs. 58.91 crore with a Central share of Rs. 31.48 crore for the development of fisheries including strengthening of infrastructure for export of tuna fish from Andaman & Nicobar Islands.
