India’s seafood exports exceed Rs 60,000 crore in FY25, poised for record growth
text_fieldsIndia's seafood export industry is on track for a new record, having crossed the Rs 60,000 crore mark in the current fiscal year (FY25),
According to recent data from the government, frozen shrimp, which makes up more than two-thirds of the total seafood exports, continues to drive the growth, with a total seafood export value of Rs 60,523.89 crore in FY24.
The government is now taking steps to further boost this sector, including a proposal to reduce the basic customs duty (BCD) on key inputs used in shrimp and fish feed production. The BCD on broodstock, polychaete worms, and other feed components will be reduced to 5%, with additional exemptions on inputs used to manufacture shrimp and fish feed.
These moves are part of a broader strategy to enhance the competitiveness of India's seafood exports. The Central Board of Indirect Taxes and Customs (CBIC) has already implemented several tax reforms to support aquaculture, including tax cuts on essential feed ingredients such as krill meal, fish lipid oil, and algal products.
In FY24, the United States emerged as the largest importer of Indian seafood, accounting for 34.53% of the country’s total seafood exports, valued at $2.55 billion. The US's preference for frozen shrimp was clear, with these products making up 91.9% of the exports to the country. China followed as the second-largest market, importing 4,51,000 metric tonnes worth $1.38 billion, while Japan, Vietnam, Thailand, Canada, Spain, Belgium, the UAE, and Italy also remained significant buyers.
In a further effort to bolster the seafood industry, the Department of Fisheries recently approved proposals for the development of fisheries in the Andaman & Nicobar Islands under Prime Minister Modi's scheme. This project, valued at Rs 58.91 crore, aims to strengthen infrastructure and facilitate the export of tuna fish from the region.